Income Tax: In India, the income tax is a type of tax levied by the central government on the income earned by individuals and organizations over the course of a financial year. These income tax rules apply to everybody earning an income in India, which also includes non-resident Indians. Basically, the income tax is calculated based on an individual income tax bracket, which is determined by his/her overall income, which can be in the form of salary, a savings account, or even a lottery win.
Taxes are one of the government’s main sources of revenue. The money which is collected as tax is used by the government officials to develop infrastructures, provide healthcare, education, help farmers in agricultural sectors and to initiate other government welfare systems. Generally, there are many types of income tax in India. If you are a novice and paying the income tax for the first time, then read this page to understand everything about how income tax in India is been collected.
- What is Income Tax Act, 1961
- Types of Income Tax in India
- Income Tax Rules in India
- Types of Income Tax Payers in India
- Types of Taxable Income
- What is Income Tax Slab
- Income Tax Slabs for Individuals
- When to Pay Income Tax
- Important Income Tax Due Dates
- Income Tax Calendar 2020-21
- Income Tax Deductions
- Income Tax Saving Schemes
- Section 10
- Who Collects Income Tax
- How Income Tax is Calculated
- Tax Collected at Source – TCS
- Tax Deducted at Source – TDS
- Advance Tax
- Self Assessment Tax
- How Income Tax is Calculated?
- Form 26AS
- Income Tax Calculator
- How to Pay Income Tax
- Challan 280
- Income Tax Return
- Income Tax Form 16
- Income Tax Refund
- How to Claim Income Tax Refund?
- Form 30
- Income Tax Forms Available other than ITR
By definition, income tax is a tax levied by a country on income made by businesses and individuals.
In India, Income tax was introduced in the year 1860. Income tax was used at the time to cover financial losses incurred as a result of the liberation movement. At present, citizens of India are paying taxes to the Income Tax Department of India in compliance with the Income Tax Act of 1961’s rules and regulations. As stated above income tax is the main revenue source to government bodies and the funds collected via income tax is used to support government agencies and infrastructure development.
Generally, there are 2 types of income tax in India – Direct tax and Indirect Tax.
- Direct Income Tax: Direct tax is the tax that is paid to the income tax department without involving any third party. Income tax and corporate tax are two types of direct taxes.
The IT regulations set the rate at which you must pay tax on your taxable income in both cases.
- Indirect Income Tax: Taxes that are paid to the Indian government indirectly known as indirect tax. For example, goods and service tax which you pay while reserving a table in hotel while buying electronics and so on.
The Income Tax Act of 1961 was enacted by the legislature to administer and manage income tax in the country, but the Income Tax Rules of 1962 were formed to aid in the administration and enforcement of the Act’s law. Moreover, all the income tax rules are listed on the income tax department website and any individual can go through the income tax act, 1961 to know the rules of Income-tax.
- Income Tax Rules for Merchant Navy Officers
- Income Tax Rules for Senior Citizens
- Income Tax Rules for Individuals
- Income Tax Rules for Super Senior Citizens
- Income Tax Rules for Pensioners
- Income Tax Rules for NRIs
- Income Tax Rules for Beginners
In India, all the individual are not required to pay the tax. Based on the individual’s age and earnings, the officials will determine if the individual needs to pay the tax or not. An individual must, however, have taxable income that falls within an income tax slab in order to be required to pay tax. The list of entities that are required to pay taxes and file tax returns are given below:
- Artificial Judicial Persons
- Association of Persons (AOPs)
- Body of Individuals (BOIs)
- Corporate firms
- Hindu Undivided Families (HUFs)
- Local Authorities
As specified above, income tax is imposed on individuals based on their age and earnings. The types of income that are taxable are given below:
- Income from Salary: Based on the individual’s salary, the income tax is collected.
- Income from Capital Gains: You must pay capital gain tax when you sell or buy stocks, bonds, gold, land or property, or mutual funds.
- Income from House Property: You will be taxed on any home or business property you own.
Even if your property isn’t rented out, it could be considered rental income, and you’ll have to pay taxes on it.
- Income from Profits and Gains of Business or Profession: Profits earned by self-employed people, businesses, freelancers, or contractors, as well as income generated by professionals such as life insurance brokers, chartered accountants, doctors, and lawyers who have their own practise, and tuition teachers, are all taxable here.
- Income from other sources: Earning money from a savings bank account, a fixed deposit, a recurring deposit, and a Senior Citizen Savings Scheme will fall under this category. Also, any of the tax which is not mentioned in the above 4 points will fall under this category.
The income tax bracket is otherwise known as the Income Tax slab. Any individuals’ earnings will determine which income tax slab they fall into. The lesser the income, the smaller the tax burden, and individuals earning less than Rs.2.5 lakh per year are tax-free. Depending on the age of the taxpayer income tax slab is divided into 3 categories – individual, senior citizen and super senior citizen. And this income tax varies from each category.
- Income Tax Slab for Individual: A taxpayer whose age is less than 60 years
- Income Tax Slab for Senior Citizen: A taxpayer whose age is more than 60 years but less than 80 years
- Income Tax Slab for Super Citizen: A taxpayer whose age is more than 80 years
India’s Finance Minister introduced a new income tax structure in the fiscal year 2020 budget.
The new income tax regime, on the other hand, is optional, and people can choose to submit their taxes under the old or new regime. We have tabulated both new and old tax regime slabs in the table below:
|Annual Income||New Tax Regime||Old Tax Regime|
|Up to Rs.2.5 lakh||Exempt||Exempt|
|Rs.2.5 lakh – Rs.5 lakh||5%||5%|
|Rs.5 lakh – Rs.7.5 lakh||10%||20%|
|Rs.7.5 lakh – Rs.10 lakh||15%||20%|
|Rs.10 lakh – Rs.12.5 lakh||20%||30%|
|Rs.12.5 lakh – Rs.15 lakh||25%||30%|
|Above Rs.15 lakh||30%||30%|
Individuals must file their income tax returns online by July 31st of the assessment year, while all other entities must file their returns by September 30th of the assessment year.
- Financial Year: The financial year is the calendar year in which you earned your money. It begins on April 1st of each calendar year and finishes on March 31st of the following calendar year. The phrase “financial year” is frequently abbreviated as “F.Y.” An assessee must compute and plan taxes for the fiscal year, but the income tax return must be filed the next year, or Assessment Year.
- Assessment Year: The assessment year is the period (from April 1 to March 31) during which you are taxed on the income you generate in a certain financial year. In the applicable assessment year, you must file your income tax return. The year preceeding the Financial Year is known as the Assessment Year.
- What is Assessment Year
- Financial Year in India
- Difference Between Assessment Year and Financial Year, Previous Year, Fiscal Year in World
- Assessment Year and Financial Year in India: Difference btw AY & FY 2021
You must remember a few dates linked to income tax filing at the start of each financial year.
Knowing these dates allows you to file your ITR on time, make investments that qualify for deductions, and verify your income tax data with ease. The table below shows the important dates of income tax bracket for the year (FY 2020-21 & AY 2021-22):
|Important Due Dates||Task To Be Executed|
|Before January 31||All the individuals must submit proof of investment|
|Before March 31||Due date to submit the investments which qualify for income tax deductions under section 80C of the income tax act.|
|Before 31 July||Last date to file the income tax return|
|Between October and November||Time to verify your income tax returns|
The officials of income tax India will notify the important dates with which the income tax should be paid and file the ITR. Any individual who is responsible to pay the income tax must keep an eye on Income Tax Calendar to pay the taxes on time.
The following table explains the important due dates related to income tax. Due to the spread of Covid-19 and Pandemic in the country, the officials have extended the due dates of Income Tax which has been updated in the table below:
|Details of Events and Tasks||Eariler Due Dates||New Due Dates|
|Statement of Financial Transactions u/s 285BA (SFT)||31st May 2021||30th June 2021|
|Statement of Reportable Account under Rule 114G||31st May 2021||30th June 2021|
|Statement of Tax deduction at source for the quarter ending 3151 March 2021||31st May 2021||30th June 2021|
|Issue of TDS certificates in Form 16 for the Financial Year 2020- 21||15th June 2021||15th July 2021|
|TDS/TCS Book adjustment statement in Form 24G for the month of May 2021||15th June 2021||30th June 2021|
|Statement of Deduction of Tax in the case of a superannuation fund for FY 2021||31st May 2021||30th June 2021|
|Statement of Income paid or credited by an investment fund to its unit’s holder in Form 64D for FY 2021||15th June 2021||30th June 2021|
|Statement of Income paid or credited by an investment fund to its unit’s holder in Form 64C for FY 2021||30th June 2021||15th July 2021|
|Income Tax Returns – Normal assessee without audits – FY 2021||31st July 2021||30th September 2021|
|Filing of Audit Reports viz. Tax Audit Reports, Form 67 etc. – FY 2021||30th June 2021||31st October 2021|
|Due date of Furnishing Report from Accountant in respect of International Transactions covered u/s 92E||31st October 2021||30th November 2021|
|Corporate assessee or Firm covered whose accounts required to be audited or Partner of Firm whose accounts are required to be audited or any assessee other than Corporate and Firm whose accounts are required to be audited||31st October 2021||30th November 2021|
|Assessee required to furnish return u/s 92E in respect of international Transactions||30th November 2021||31st December 2021|
|Belated Returns and Revised Returns||31st December 2021||31st January 2022|
One will be able to reduce their taxable income by advantage of available tax deductions that are listed under Section 80 of the income tax act. Income tax deductions lower your net taxable income, lowering your tax liability. When you make specific investments or expenditures, you can claim deductions under a variety of sections of the Income Tax Act. The list of deductions that one can claim under section 80 is given below:
- Section 80C: Individuals and HUF are the only ones who can take advantage of the deductions in this section. This provision exempts certain assets, such as NSCs, and expenditures from taxation up to a limit of Rs.1.5 lakh.
- Section 80CCC: For money deposited in a LIC or other insurer’s annuity plan for a pension from a fund referred to in Section 10 (23AAB)
- Section 80D: This is the place where you can deduct your health insurance premiums from your income tax. Individuals can get an insurance policy to protect themselves, their spouses, dependent children (up to Rs.15,000), and parents (whether dependent or not) for up to Rs.15,000. If the insured is a senior person, an additional deduction of Rs.5,000 is applicable. Any member of a HUF can be insured, and the general deduction is up to Rs.15,000, with an extra Rs.5,000 deduction. Whether the assessee is an individual or a HUF, a total of Rs.2.0 lakh in deductions can be claimed.
- Section 80CCD: Contributions to the New Pension Scheme by the taxpayer and the employer are deducted under this section. The deduction is equal to the donation, but not more than 10% of his annual wage. Sections 80C, 80CCC, and 80CCD provide a total deduction of Rs.1.5 lakh.
- Section 80CCD(1): If he/she contributes to the NPS account, then they can avail of the tax deduction under section.
- Section 80CCD(2): If contributions to NPS account made by the employer.
- Section 80CCD(1B): If interest income from a savings account is added to NPS account
- Section 80 DDB: This section covers medical expenses incurred for the assessee, a family member, or any member of a HUF for the treatment of an illness or affliction as defined in the rules (11DD).
- Section 80E: The deductions for interest paid on education loans for an education in India are discussed in this section.
- Section 80EE: This section discusses the tax benefits available to first-time homeowners.
Individuals whose first home is valued at less than Rs.40 lakh and for which a loan of less than Rs.25 lakh is accepted.
- Section 80RRB: This section allows you to claim deductions for money earned from royalties or patents. For patents registered under the Patents Act, 1970, income tax savings of up to Rs.3.0 lakh are possible under this section.
- Section 80TTA: This section discusses the tax benefits available on interest received in savings bank accounts, post office savings accounts, and co-operative societies.
Individuals and HUFs can claim a deduction of up to Rs.10,000 on interest income.
- Section 80U: This section discusses the flat income tax deduction available to disabled people who provide their disability certificate. Depending on the degree of the handicap, up to Rs.1.0 lakh can be tax-free.
- Section 24: This section is about tax-free interest on mortgages. In addition to the deductions under Sections 80C, 80CCF, and 80D, an amount of up to Rs.2.0 lakh can be claimed as a deduction per year. This is only applicable to self occupied properties. Tax exemption is available for properties that have been rented out and have received 30% of the rent and have paid municipal taxes.
- Section 80QQB: Royalty for Book
- Form 12BB for Claiming Income Tax Deductions by Employees
- How to Claim Deductions not Accounted by the Employer?
- Maximum Tax Deduction Under 80C
Some of the income tax saving schemes which helps you to save the tax under section 80C are given below:
- PPF – Public Provident Fund: This tax-free retirement savings programme allows you to deposit as little as Rs 500 per year. Although partial withdrawals are allowed after five years, the investment is locked in for 15 years.
- National Pension Scheme – NPS: This is a long-term savings plan that matures after you reach the retirement age of 60 years. NPS allows an additional deduction of Rs 50,000 under Section 80CCD in addition to the Section 80C deduction (1b).
- Equity-Linked Savings Scheme – ELSS: This scheme offers substantial returns and a three-year lock-in period. The growth option (returns are reinvested in the plan) and the dividend option are available to investors.
- Sukanya Samriddhi Yojana -SSY: An SSY account can be opened for up to two daughters under the age of ten. The return rate is roughly 8%, though it fluctuates periodically. Interest profits are tax-free, and there is a Rs 1,000 minimum annual investment.
- Fixed Deposits – FDs: Five-year tax-saving FDs are among the most convenient ways to save money on taxes. Although the interest profits are taxable, the returns are assured.
- Life Insurance – LIC: Traditional life insurance policies are not investments, but they do protect your family’s future. The payment paid is tax-deductible under Section 80C, but you must commit to the plan for at least two years.
- ULIP – Unit-Linked Insurance Plan: This product combines life insurance and investment, and the earnings are tax-free at maturity. You must stay locked in for five years to receive the tax benefit under Section 80C.
- Senior Citizens’ Savings Scheme – SCSS: This is a government-backed savings plan that is safe, pays interest every quarter, and has a five-year lock-in period. Up to Rs 50,000 in interest profits is tax-free. The maximum amount you can invest is Rs 15 lakh.
- National Savings Certificate – NSC: Similar to a fixed deposit, NSCs provide guaranteed returns (FD). You don’t have to keep paying into an NSC year after year once you’ve invested. However, interest income is taxable.
- Tax Saving Options
- NPS Tax Benefits and Sections
- How To Save Income Tax?
- How To Save Income Tax other than 80C?
- How To Save Tax on Salary?
- How To Claim LTA?
When determining the tax for an individual, Section 10 of the Income Tax Act of 1961 covers those incomes that do not form part of the total income. As a result, these earnings are excluded from the calculation and are referred to as exempted earnings. The main objective of Section 10 is to reduce the tax burden of paid individuals by providing exemptions.
|Section Name||Type of Income|
|Section 10 (1)||Income from agriculture|
|Section 10 (10)||Gratuity received by a government employee on retirement or death|
|Section 10 (10A)||Commuted pension received from the government or statutory body|
|Section 10 (10AA)||Leave encashment for state and central government employees|
|Section 10 (10B)||Compensation received by employees for retrenchment|
|Section 10 (10d)||Income from life insurance policy|
|Section 10 (11)||Income from EPF|
|Section 10 (12)||Amount received from recognised provident funds to the extent provided in rule 8 of Part A of 4th schedule|
|Section 10 (16)||Scholarship to meet the cost of education|
|Section 10 (17A)||Approved awards, rewards from state or central government|
|Section 10 (18)||Pension|
|Section 10 (19)||Pension received by the family of armed forces personnel|
|Section 10 (2)||Share from income of Hindu Undivided Family (HUF)|
|Section 10 (23D)||Income from tax-free mutual funds|
|Section 10 (26)||Income earned in the states of the North East or Ladakh by members of scheduled tribes|
|Section 10 (26A)||Income earned by a resident or Ladakh in Ladakh or outside India|
|Section 10 (2A)||Profit from a firm if it files separate income returns|
|Section 10 (3)||Income up to Rs. 5,000 received casually. For income through horse race, should not exceed Rs. 2,500|
|Section 10 (30)||Subsidy from the Tea Board|
|Section 10 (31)||Replantation subsidy approved by a board|
|Section 10 (32)||Up to Rs 1500 in income of a minor when clubbed with an adult’s income|
|Section 10 (34A)||Income from buyback of shares (under 115QA)|
|Section 10 (35)||Income or dividends from UTI and MFs|
|Section 10 (37)||Income from the acquisition of agricultural land by the government|
|Section 10 (38)||Income from sale or transfer of shares on which STT has been paid|
|Section 10 (4)||Interest from notified bonds or NRE account|
|Section 10 (6)||Income of foreign citizens such as diplomats and ambassadors of foreign countries|
|Section 10 (7)||Perks received while serving the Indian government abroad|
|Section 10 (8)||Payments received from foreign governments for duties in India provided it is under cooperative technical assistance programmes. The exemption also applies to income from outside India provided tax on that income is paid by the government|
|Section 10 (A)||10 years of profits of companies operating in free trade zones and electronic, software or technology park|
|Section 10 (B)||Profits from the export of manufactured products or software for 10 years|
|Section 10 (C)||Profits from new undertakings in IIDC or IGC in the North East for 10 years|
|Section 10(15)(i)(iib)(iic)||Interests, premiums, redemptions or any other payments from notified securities, bonds, capital investment bonds, relief bonds, etc.|
|Section 10(15)(iv)(h)||Interest paid on bonds, debentures by public sector company|
|Section 10(15)(iv)(i)||Interest paid by the government on deposits made by employees of central and state government or public sector employees for retirement under notified schemes.|
|Section 10(15)(vi)||Interest received on notified gold deposit bonds|
|Section 10(15)(vii)||Interest received on notified local authorities’ bonds|
|Section 10(18)||Pension received by winners of gallantry awards|
The Income Tax Department (IT Department), which is part of the Ministry of Finance’s Department of Revenue, is in charge of overseeing the collection of Income Tax, Expenditure Tax, and many other Financial Acts that are passed every year in the Union Budget.
The Central Board of Direct Taxes (CBDT) is responsible for tax policy and planning. Through the IT Department, the CBDT is also in charge of enforcing direct tax regulations. In addition to tax collection, the IT department is active in tax avoidance prevention and detection.
The government of income tax department India collects taxes in three different ways and they are:
- Tax Collected at Source (TCS)
- Tax Deducted at Source (TDS)
- Voluntary payments made by taxpayers into designated banks such as Advance Tax or Self-assessment tax.
TCS refers to the tax that a seller must pay and collects from the customer at the time of selling the goods or product. The product on which the seller is required to collect tax from the customers is governed by Section 206C of the Income Tax Act.
TDS is a percentage deducted from various types of income such as salary, commission, rent, interest on dividends, and so on, and the amount deducted is paid to the government bodies by the deductor.
- How To Pay TDS Rent Above 50,000 Using Challan 26C and Form 16C?
- What are Income Tax, TDS, And Form 16
- Forms for TDS,15G, 15H, and EPF Withdrawal Forms 19, 20, 10C, 10D, 51F
- TDS, Form 26AS and TRACE
- TDS on Interest – Section 194A The Complete Guide
- How To Deduct TDS On Contractor With Example
- Section 194C TDS Contractors | TDS On Payments Made To Contractor Or Sub-Contractor
- SMS Alerts for TDS Deduction From Income Tax Department
- TDS On Rent | TDS On Rent By Individual/HUF Section-194IB
- TDS Challan Correction
- TDS on Interest on Loan
- TDS on Sale of Immovable Property, Section 194-IA, Form 26QB
The tax you pay on income acquired from various sources is known as advance tax. Salary, rent, company profits, capital gains, dividends, royalties, interest, and other forms of income are all classified as “income” in India. When your tax liability for a given financial year exceeds Rs.10,000, advance tax comes in. If you are a salaried employee, then you do not need to worry about making advance tax payments. Because your employer deducts tax at source (TDS) from your monthly wage and pays it to the government on behalf of you.
Self-assessment tax is otherwise called the balance tax that an assessee must pay on the income that has been assessed. The self-assessment tax is calculated by subtracting the advance tax and TDS from the assessee’s total tax liability.
Any individual can either manually calculate their income taxes or can also use an online income tax calculator. The amount of tax you must pay is determined by the tax bracket in which you fall. Salary income includes the basic pay, House Rent Allowance (HRA), Transportation Allowance, Special Allowance, and any other allowances for salaried individuals.
Certain aspects of your compensation, such as Leave Travel Allowance (LTA), reimbursement of telephone bills, and so on, are tax-free. If your salary includes HRA and you live in a leased home, you are eligible for an exemption. A standard deduction of up to Rs.50,000 is available in addition to these exemptions.
- How To Calculate Income Tax?
- Examples of Income Tax Calculation
A taxpayer should also consider any credit for TDS, TCS, or any advance tax paid. The taxpayer should total his TDS amount based on the TDS certificates he has received for each of the four quarters of the financial year. Form 26AS provides a summary of TDS and tax paid during the financial year to the taxpayer.
- Income Tax Notice for Inconsistency in Salary Income and Form 26AS
- Understanding Form 26AS Objective, Parts, Format and How To Download?
- How To Download Form 26AS And Password for Opening Form 26AS
- How To Fill Form 26AS?
- What is Form 26AS
The income tax calculator is available at the official website of the Income-tax department India. Any individual can make use of the income tax calculator and calculate their estimated income tax for free.
One can pay the income tax online with the help of an e-payment portal. The income tax e-payment portal allows the user to pay direct taxes online. In order to pay the tax online, the taxpayers must have a net banking account with an authorised bank in order to use the online tax payment service. Also one must either verify their PAN or TAN to pay the tax online.
This challan can be used to make an online tax payment. To pay the tax, the challan can be filled out online or printed and sent.
- Challan 280: Know How To Fill Income Tax Challan 280 Online/Offline
- How to Pay or Reject Outstanding Income Tax Demand Under Section 143(1)
- Payment of Income Tax using Challan 280 Online
- Paying Income Tax offline using Challan 280
- How to Correct Challan 280
- Self Assessment Tax, Pay Tax using Challan 280, Updating ITR
- Reprint Challan 280 or Regenerate Challan 280
ITR Filing – If a person wants to claim an income tax refund, he or she must first file an income tax return. Individuals must submit one of the ITR forms specified below, depending on their income assessment group for claiming the refund.
- Form ITR-1: Individuals with a salary, a single-family home, or other sources of income (Interest etc.)
- Form ITR-2: For Individuals and HUFs not having Income from Business or Profession
- Form ITR-2A: Individuals and HUFs who do not possess foreign assets and do not have income from business or profession
- Form ITR-3: Individuals/HUFs who are partners in a firm but do not conduct business or practise a profession under a sole proprietorship
- Form ITR-4: Presumptive business income tax return for individuals and HUFs with income from a proprietary business or profession
- Form ITR-4S: Presumptive business income tax return
- Form ITR-5: For persons other than individuals, HUFs, companies, and individuals submitting Form ITR-7
- Form ITR-6: Companies that aren’t claiming an exemption under Section 11
- Form ITR-V: The acknowledgement form for filing an income tax return.
- Form ITR-7: For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)
An individual must produce the bank statement, Form 16, and a copy of the previous year’s return in order to file the ITR. To register and file the returns, the individual must go to the Income Tax Department’s website.
- How to File for Revised Income Tax Return
- E-verification of Income Tax Returns and Generating EVC through Aadhaar, Net Banking
- Late Filing of the Income-tax Return
- How to file Income Tax Return Online
Form 16 is a certificate that employers provide to their employees. It certifies that TDS has been deducted and deposited on behalf of the employee with the appropriate government authorities. It provides a full breakdown of the employee’s salary as well as the TDS deducted.
- Understanding Form 16 – Tax on Income
- How To Fill Form 16
- Understanding Form 16 Chapter VI-A Deductions
If there is a mismatch between the tax amount paid and the actual payable amount results in an income tax refund. A refund is initiated if the amount paid exceeds the actual amount due. The same thing can be done using Form 30.
Income Tax refunds are available under income tax and other Direct Tax legislation when the amount of tax paid by a person (or paid on his or her behalf) exceeds the amount on which he or she is legitimately taxable.
- Income Tax Refund: Claiming IT Refund, Schedule, Process, Status
- How To Check Income Tax Refund Status
- Income Refund Schedule
- How To Claim Income Tax Refund
Declaring your investments on Form 16 and submitting the relevant documentation is the simplest way to file for your tax refund. If you haven’t done so and have been paying excess taxes that you believe you might have avoided, you must complete Form 30.
Form 30 is essentially a request that your case be investigated and that any overpayments of tax be returned. You must file your income tax refund claim before the end of the financial year. A return on the form must be submitted with your claim (prescribed under section 139).
- How To Fill Form 30?
- How To Download Form 30?
Tax Audit Reports, transfer Pricing Audit Reports, MAT Computation Reports, Special Audit Reports, and Audit Reports are among the forms that must be provided in order to claim exemptions or deductions under the Income Tax Act of 1961. Some of these forms can be completed offline, while others must be completed online.
|Form Number||Form Description||Mode|
|FORM NO 8||Declaration under section 158A(1) of the Income-tax Act, 1961 to be made by an assessee claiming that identical question of law is pending before the High Court or the Supreme Court – Declaration filed by Assessee to AO or any appellate Authority||Online|
|FORM NO 9||Application for grant of approval or continuance thereof to a fund under section 10(23AAA) of the Income-tax Act, 1961 – Application for notification of a fund established by any person for the welfare of employees or their dependent||Online|
|FORM NO 10CCBC||Audit report under section 80-IA(11B) – Any undertaking claiming deduction u/s 80-IA(1 1 B)||Online|
|FORM NO 10CCC||Certificate under sub-rule (3) of rule 18BBE of the Income-tax Rules, 1962 – For entities doing highway project in which housing is integral part 80-IA(6)||Online|
|FORM NO 10CCE||Certificate under sub-section (2) of section 80RRB for Patentees in receipt of royalty income, etc. – Certificate from payer of Royalty on Patents||Online|
|FORM NO 1 0DA||Report under section 80JJAA of the Income-tax Act, 1961 –
Deduction claimed by company for New Workmen engaged
|FORM NO 10||Notice to the Assessing officer /Prescribed Authority u/s 11(2) of Income Tax Act 1961 – Notice given by the Trustees for the amount un-utilised accumulated during the year.||Online|
|FORM NO 10||Application for grant of approval or continuance thereof to institution or fund under section 80G(5)(vi) of the Income-tax Act, 1961 – Application for notifying charitable institutions or funds to be notified for receiving donation u/s 80G(5)(vi)||Online|
|FORM NO 10A||Application for Registration of a Charitable or religious trust for the purpose of Income Tax Act, 1961 – Form to be filed by Principal Officer /Trustees of the newly formed trust for their registration under Income Tax Act||Online|
|FORM NO 10B||Audit report under section 12A(b) of the Income-tax Act, 1961, in the case of charitable or religious trusts or institutions – Form of Audit report to be obtained by Trust||Offline|
|FORM NO 10BA||Declaration to be filed by the assessee claiming deduction under section 80GG – In case of assessee claiming deduction in case of rent paid to whom HRA is not payable||Online|
|FORM NO 10BB||Audit report under section 10(23C) of the Income-tax Act, 1961, in the case of any fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub clause (vi) or (via) – Audit Report of University or Hospital or Medical Institution or any charitable institution for public purpose||Offline|
|FORM NO 10CC||Report under section 80LA(3) of the Income-tax Act, 1961 – For off shore banking units and international financial service cente||Online|
|FORM NO 10CCB||Audit report under sections 80-I (7)/80-IA(7)/80-I B – Any undertaking claiming deduction u/s 80-I(7)/80-IA(7)/80-IB||Online|
|FORM NO 10CCBBA||Audit report under section 80-IB(14) – Any undertaking claiming deduction u/s 80-IB(14)||Online|
|FORM NO 10CCBD||Audit report under section 80-IB(11C) – Any undertaking claiming deduction u/s 80-IA(11C)||Online|
|FORM NO 10CCD||Certificate under sub-section (3) of section 80QQB for Authors of certain books in receipt of Royalty income, etc. – Certificate from payer of Royalty to the Author||Online|
|FORM NO 10E||Form for furnishing particulars of income u/s 192(2A) for the year ending 31st March,20 for claiming relief u/s 89(1) by a Government servant/an employee in a company, co-operative society, local authority, university, institution, association/body – For claiming Relief u/s 89(1)||Online|
|FORM NO 10H||Certificate of foreign inward remittance – Applicable for person claiming deduction u/s 80R (professor), 80RR(sportsman) , 80RRA (employee rendered service outside India), 80 RRB (patentee), 80QQG(author)||Online|
|FORM NO 29B||Report under Section 115JB of the Income-tax Act, 1961 for computing the book profits of the company – MAT applicable for companies||Offline|
|FORM NO 35||Appeal to the Commissioner of Income-tax (Appeals) – Form for filing appeal by assessee to CIT(A)||Online|
|FORM NO 3AC||Audit report under section 33AB(2) – Amount deposited by Tea or coffee or rubber development Account||Online|
|FORM NO 3AD||Audit Report under section 33ABA(2) – Amount deposited by assessee engaged in prospecting, extraction or production of petroleum or natural gas||Online|
|FORM NO 3AE||Audit report under section 35D(4)/35E(6) of the Income- tax Act, 1961 – Amortisation of Preliminary Expenses 35D(4) / Deduction for expenditure on prospecting for certain minerals||Online|
|FORM NO 3C||Audit report under section 44AB of the Income-tax Act, 1961, in a case where the accounts of the business or profession of a person have been audited under any other law – Certificate of Audit from CA obtained by the assessee whose Income from Business is more than 40 Lakhs or Income from Profession is more than 15 Lakhs for Companies||Offline
with 3CD for
|FORM NO 3CB||Audit report under section 44AB of the Income-tax Act, 1961, in the case of a person referred to in clause (b) of sub-rule (1) of rule 6G – Certificate of Audit from CA obtained by the assesssee whose Income from Business is more than 40 Lakhs or Income from Profession is more than 15 Lakhs for other than companies||Offline
with 3CD for
|FORM NO 3CD||Statement of particulars required to be furnished under section 44AB of the Income-tax Act, 1961 – Annexure Form for audit report u/s 44AB||Offline
with 3CA and
3CB for e‑
|FORM NO 3CE||Audit Report under sub-section (2) of section 44DA of the Income-tax Act, 1961 – Royalty income in case of Non-Resident||Online|
|FORM NO 3CE||Report of an accountant to be furnished by an assessee under subsection (3) of section 50B of the Income -tax Act, 1961 relating to computation of capital gains in case of slump sale – Capital Gain in case of Slump Sale||Online|
|FORM NO 3CEB||Report from an accountant to be furnished under section 92E relating to international transaction(s) – Every person entering International Transaction||Offline|
|FORM NO 3CF-I||Application form for approval under clause (ii) of sub section (1) of section 35 of Income Tax Act , 1961 in the case of scientific research associations – Application for approving scientific research associations for notifying their research programmes under
scientific research programme
|FORM NO 3CF-II||Application form for approval under clause (ii) of sub section (1) of section 35 of Income Tax Act , 1961 in the case of university, college or other institution – Application for approving college or university or other institution for notifying their research
programmes under scientific research programme
|FORM NO 3CF-III||Application form for approval under clause (iia) of sub section (1) of section 35 of Income Tax Act , 1961 in the case of compan||Online|
|FORM NO 40C||Application for recognition – Application filed for recognition of fund created by employer for benefit of its employee or their dependents||Online|
|FORM NO 41||Form for maintaining accounts of subscribers to a recognised provident fund – Recognised Provident Fund account format||Online|
|FORM NO 52A||Statement to be furnished to the Assessing Officer under section 285B of the Income-tax Act, 1961, in respect of production of a cinematograph film – Applied by Producer of film||Online|
|FORM NO 56||Application for Grant of Exemption or continuance thereof under section 10(23C)(iv) and (v) for the year … – Application for notification of any institution or any charitable association or any trust for the benefit of public||Online|
|FORM NO 56D||Application for approval under section 10(23C) of an enterprise wholly engaged in Eligible Business – Application for notification by any university or educational institute or hospital||Online|
|FORM NO 6||Audit report under section 142(2A) of the Income-tax Act, 1961. –
Special Audit Report directed by AO
|FORM NO 6||Statement to be furnished to the Assessing Officer designated under rule 12B of the Income-tax Rules, 1962, in respect of income distributed by the Unit Trust of India – Income distributed by UTI to its Unit Holders u/s 115R||Online|
|FORM NO 6||Application for exercising/renewing option for the tonnage tax scheme under sub-section (1) of section 115VP or sub-section (1) of section 115VR of the Income-tax Act, 1961 – For Renewal of tonnage tax scheme by Shipping Companies||Online|
|FORM NO 62||Certificate from the principal officer of the amalgamated company and duly verified by an accountant regarding achievement of the prescribed level of production and continuance of such level of production in subsequent years –||Online|
|FORM NO 63||Statement to be furnished to the Assessing Officer designated under rule 12B of the Income-tax Rules, 1962, in respect of income distributed by a Mutual Fund – Income distributed by Mutual Fund u/s 115R||Online|
|FORM NO 64||Statement of income distributed by Venture Capital Company or a Venture Capital Fund to be furnished under section 115U of the Income-tax Act, 1961 – Income distributed by Venture Capital Company or Venture Capital Undertaking||Online|
|FORM NO 66||Audit Report under clause (ii) of section 115VW of the Income-tax Act, 1961 – Audit Report of Tonnage Tax company i.e., Shipping companies||Online|