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India's Income Tax Act mandates various compliance requirements that companies must follow to avoid penalties, litigation, and ensure smooth operations. This guide summarizes key obligations across monthly, quarterly, and annual timelines. Monthly compliances include TDS/TCS deposits, while quarterly duties cover advance tax payments, TDS/TCS returns, and certificate issuance. Annual requirements include filing income tax returns, tax audits, and transfer pricing documentation, with specific due dates and applicability thresholds. The article also explains the different Income Tax Return forms—ITR-1 through ITR-4—prescribed for various assessees and income sources, from salaried individuals to businesses and firms, helping taxpayers identify the correct form based on their income category and residential status.
Income Tax Act of India prescribes many compliance requirements, which a company need to ensure to avoid penal provision of the tax, possible litigations and ensure smooth functioning of business. We have summarized herewith, broad compliances required under Income tax for ready reference of readers:
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Income Tax Return Forms in India
Under Income Tax provision different type of forms for filing returns have been prescribed for different types of assessee and for different sources of income. The types of forms has been summarized below:
| Form | Category | Description |
| ITR-1 | Individual | For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income upto Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest etc.), and Agricultural Income upto Rs.5 thousand (Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares) |
| ITR-2 | Individual/HUF | For Individuals and HUFs not having income from profits and gains of business or profession |
| ITR-3 | Individual/HUF | For individuals and HUFs having income from profits and gains of business or profession |
| ITR-4 | Individual/HUF/firm (other than LLP) | For Individuals, HUFs and Firms (other than LLP) being a Resident having Total Income upto Rs.50 lakhs and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE (Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares) |
| ITR-5 | Firms/LLP | For persons other than:- (i) Individual, (ii) HUF, (iii) Company and (iv) Charitable trust/Educational institutes/Business trusts/Investment funds |
| ITR-6 | Company | For Companies other trusts |
| ITR-7 | Charitable trust/Educational institutes/Business trusts/Investment funds | Charitable trust/Educational institutes/Business trusts/Investment funds |