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CBIC is working on biometric authentication of risky entities under GST as it looks to crack down on fraudsters who are misusing the PAN and Aadhaar of other people to obtain GST registration. CBIC is working on biometric authentication of risky entities under GST as it looks to crack down on fraudsters who are misusing the PAN and Aadhaar of other people to obtain GST registration, CBIC chief Vivek Johri said.

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What is Income Tax Act 1991 ?

The Income Tax Act, 1961, is a comprehensive legislation that governs the tax structure in India. Under this act, every person who earns an income is required to file an income tax return (ITR) with the Income Tax Department.Summary of the different types of ITRs to be filed by different persons and their applicable due dates :

(A) Types of Income Tax Return Forms :

  1. ITR-1: This form is also known as Sahaj and is meant for individuals who have income from salary, one house property, and other sources such as interest income, etc. The due date for filing ITR-1 is July 31st.
    2. ITR-2: This form is meant for individuals and HUFs who have income from salary, house property, capital gains, and other sources. The due date for filing ITR-2 is July 31st.
    3. ITR-3: This form is meant for individuals and HUFs who have income from business or profession. The due date for filing ITR-3 is July 31st.
    4. ITR-4: This form is meant for individuals and HUFs who have income from a presumptive business. The due date for filing ITR-4 is July 31st.
    5. ITR-5: This form is meant for firms, LLPs, AOPs, BOIs, and other associations. The due date for filing ITR-5 is July 31st.
    6. ITR-6: This form is meant for companies other than those claiming exemption under section 11 of the Income Tax Act. The due date for filing ITR-6 is September 30th.
    7. ITR-7: This form is meant for persons including companies who are required to furnish return under section 139(4A), 139(4B), 139(4C), and 139(4D) of the Income Tax Act. The due date for filing ITR-7 is September 30th.
    The due date for filing income tax returns can be extended by the Income Tax Department. However, it is advisable to file the returns on or before the due date to avoid interest and penalties.
(B) TDS Return

Every person who deducts tax at source is required to file a TDS return with the Income Tax Department. The due date for depositing TDS is the 7th of the following month except for the last month of the Financial Year for which it can be deposited by 30th April from the end of the Financial Year. The TDS returns are required to be filed quarterly by the end of the next month after the end of the quarter except for the last quarter of the Financial Year for which it can be filed by the end of 31st May following the end of the Financial Year.

(c) Advance Tax Challans :

Taxpayers who are liable to pay advance tax are required to deposit it from time to time i.e., June 15th, September 15th, December 15th, and March 15th for the undergoing Financial Year.

(D) Audit Reports :

Taxpayers who are required to get their accounts audited are required to file an audit report along with their income tax return. The due date for filing audit reports is September 30th.

In conclusion, the Income Tax Act, 1961, lays down various provisions for filing different types of returns, including income tax returns, TDS returns, audit reports etc. Taxpayers are required to file these returns within the due dates to avoid interest and penalties. It is advisable to seek professional help if you are unsure about the filing process or require any assistance in complying with the provisions of the Income Tax Act.

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