Income Tax Return (ITR) filing of HUF/ AOP/ BOI/ NRI

Income Tax Return filing HUF/ NRI

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(Income Tax Return filing HUF/ NRI)

What is Income Tax Return (ITR) Filing?

Income tax return is a form in which the taxpayers file information about his income earned with Income Tax Department

Who should file Income Tax Return (ITR) ?

It is mandatory to file Income tax return (ITR) in India if any of the conditions mentioned below is applicable to taxpayer:

1. If your gross Income is more than Rs. 2.50 Lakh
2. If you want to claim Income tax refund
3. If you wish to aply for Visa, Loan or Credit Card
4. For Making Capital
5. If taxpayer is Company or Partnership firm or LLP
6. If you have earned from investment in foreign assets

Penalty for late Income Tax Return (ITR) filing

According to Income tax laws, late filing penalty is Rs 5000/- (for filing before 31.12.2020) or Rs. 10000/- (for filing after 31.12.2020), However, those persons who have to file returns but have income less than 5 Lacs would have to pay a penalty of Rs. 1000/-

What is Income Tax Return filing process?

“All Indian taxation” will help you to file your Income Tax Return (ITR)

Documents Require for Income Tax Return Filing

1. PAN Number
2. Aadhar Number
3. Form 16 (If available)
4. Tax saving details (If any)
5. Income from Other Sources details (If Any)
6. Bank Account Statement
7. Sales & Purchase details

Income Tax Slab for AY 2020-21 for HUF / AOP/ BOI/ NRI
     

Net income range	Income-Tax rate
Up to Rs. 2,50,000	Nil
Rs. 2,50,000- Rs. 5,00,000	5%
Rs. 5,00,000- Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

Plus: -

Surcharge: - 10% of income tax  (If taxable income > Rs. 50 lacs)

15% of income tax  (If taxable income > Rs. 1 crore)
25% of income tax  (If taxable income > Rs. 2 crore)
37% of income tax  (If taxable income > Rs. 5 crore)

Health and Education cess: - 4% of (Income Tax + Surcharge)

Note: - HUF / AOP/ BOI/ NRI is not entitled for any rebate under section 87A 

Read in details about deduction under chapter 6A here

Income Tax Slab for AY 2021-22 for HUF/ AOP/ BOI/ NRI

Option I – pay taxes as per the existing tax rate slab as under: –
    

Net income range	Income-Tax rate
Up to Rs. 2,50,000	Nil
Rs. 2,50,000- Rs. 5,00,000	5%
Rs. 5,00,000- Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

Plus: -

Surcharge: - 10% of income tax  (If taxable income > Rs. 50 lacs)

15% of income tax  (If taxable income > Rs. 1 crore)
25% of income tax  (If taxable income > Rs. 2 crore)
37% of income tax  (If taxable income > Rs. 5 crore)

Health and Education cess: - 4% of (Income Tax + Surcharge)

Note: - HUF / AOP/ BOI/ NRI is not entitled for any rebate under section 87A 

Read in details about deduction under chapter 6A here
 

Option II – Section 115BAC A- new tax regime for Individual and HUF has been proposed by the Finance Bill, 2020 to tax the income of such assessees at lower tax rates if they agree to forego prescribed deductions and exemptions under the Income Tax Act– pay taxes as per the new regime as under: –

Net income range	Income-Tax rate
Up to Rs. 2,50,000*	Nil
Rs. 2,50,001- Rs. 5,00,000	5%
Rs. 5,00,001- Rs. 7,50,000	10%
Rs. 7,50,001- Rs. 10,00,000	15%
Rs. 10,00,001- Rs. 12,50,000	20%
Rs. 12,50,001- Rs. 15,00,000	25%
Above Rs. 15,00,000	30%

Plus: -

Surcharge: - 10% of income tax  (If taxable income > Rs. 50 lacs)

15% of income tax  (If taxable income > Rs. 1 crore)
25% of income tax  (If taxable income > Rs. 2 crore)
37% of income tax  (If taxable income > Rs. 5 crore)

Health and Education cess: - 4% of (Income Tax + Surcharge)


Taxpayer will have to give up following exemptions and deductions while choosing the new tax regime.

1.      LTA Allowance

2.      House Rent Allowance

3.      Conveyance Allowance

4.      Daily expenses in the course of employment

5.      Relocation allowance

6.      Helper allowance

7.      Children education allowance

8.      Other special allowances [Section 10(14)]

9.      Standard deduction

10.  Professional tax

11.  Interest on housing loan (Section 24)

12.  Chapter VI-A deduction (80C,80D, 80E and so on) (Except Section 80CCD(2) and 80JJA)

 

Audit for HUF/ AOP/ BOI/ NRI

Income Tax laws make it mandatory for a HUF/ AOP/ BOI/ NRI to get its books of account audited under the following conditions:

• If the total sales of the HUF/ AOP/ BOI/ NRI exceeds Rs 1 crore during the financial year.
• If the total gross receipts of the professional exceed Rs 50 lakhs during the financial year.
• If the HUF/ AOP/ BOI/NRI had opted for the presumptive scheme and the income claimed is lower than the deemed profits and gains under the scheme.