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Questions and Answers
Questions and Answers
Who is obligated by law to file Income Tax Returns?
Who is obligated by law to file Income Tax Returns?
- Individuals with gross total income over ₹5 lakh
- Individuals with gross total income over ₹2.5 lakh (correct)
- Individuals with gross total income over ₹3 lakh
- Individuals with gross total income over ₹1 lakh
Which form is applicable to companies or firms, regardless of income or loss?
Which form is applicable to companies or firms, regardless of income or loss?
- ITR 2
- ITR 6 (correct)
- ITR 3
- ITR 4
Who can file a belated return and still carry forward certain losses?
Who can file a belated return and still carry forward certain losses?
- Those with gross total income over ₹4 lakh
- Those with gross total income over ₹3 lakh (correct)
- Those with gross total income over ₹5 lakh
- Those with gross total income over ₹2.5 lakh
Which individuals are eligible to claim an income tax refund?
Which individuals are eligible to claim an income tax refund?
Why is it important to know which Income Tax Return Form is appropriate for each case?
Why is it important to know which Income Tax Return Form is appropriate for each case?
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Flashcards
Flashcards
Who must file ITRs?
Who must file ITRs?
Individuals whose gross total income exceeds ₹2.5 lakh are obligated by law to file Income Tax Returns.
Which ITR form for companies?
Which ITR form for companies?
ITR 6 is the specific form applicable to companies or firms, irrespective of whether they have an income or a loss.
Who can file belated ITR and carry forward losses?
Who can file belated ITR and carry forward losses?
Individuals with a gross total income over ₹3 lakh can file a belated return and still carry forward specific losses.
Who can claim an income tax refund?
Who can claim an income tax refund?
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Why is correct ITR form important?
Why is correct ITR form important?
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