Hindu Undivided Families, Firms, Associations of Persons, Bodies of Individuals, Local Authorities, and Artificial Judicial Persons cannot file the ITR-4 form.
30th September is the last date in a given financial year for filing the income tax to the businesses.
Companies come under the ITR4 norms and also, and they cannot claim any exemption under section 11.
Yes, by the latest government announcement, all taxpayers and business units are required to present their Aadhar numbers when filing their income tax returns. The taxpayers are required to link their PAN numbers with their Aadhar numbers, and they will be considered invalid for filing tax returns without doing so.
If the relevant assessment year has not expired or is not processing by the department, the return can be revised u/s 139(5) before it is processed by the department. By uploading the revised return, the assessee can amend his ITR if he forgot to disclose any income or claim any deduction, or wants to change the particulars of the original return.
There are different income tax slabs for people below 60 years, seniors in their 60s to 80s, and super seniors over 80 years. The rates vary based on these categories. Income up to Rs. 2.5 lacs – NIL Income between Rs. 2.5 – 5 lacs – 5% Income between Rs. 5 – 10 lacs – 20% Income more than Rs. 10 lacs – 30%
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