As we all are aware that the return filing season for AY 2020-21 has been started. Now everyone are geared up for filing there Income Tax Return on time. Hence today I am writing this article to mentioned some important points which we all need to keep in mind at the time of filing the returns.
The first step in filing of a tax return is to select the correct Form of return. There are seven Forms of return notified by the tax authorities. Out of these, ITR 1 to 4 are applicable to individuals/HUFs, while ITR 5 is for Partnership Firms and LLP, ITR 6 is for Companies other than those claiming exemptions (See Rule 12) and ITR 7 is for [For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D (Please see rule 12 of the Income-tax Rules). Therefore, correct form needs to be filled in.
Read more on: https://taxguru.in/income-tax/pomits-to-be-kept-in-mind-before-filing-income-tax-return.html
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