ITR-7 is an income tax return form. This form is required to be filed 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).
This form is issued by the employer to the employee, it contains the details of tax deducted form salary income.
If you generate income from business or profession, it is called income from business or profession.
Form 16A is an Income tax form. It is issued by the companies at the end of the year to the persons from whom the company deducts TDS from other than salaries.
31st of July. However, the companies can file their ITR on or before 30th September. Incase of Tax Audit, the due date is 30th September.
If you do not file your IT return on or before due date, panalty will be paid. The penalty is. Rs. 5,000/- till 31st December and there after Rs. 10,000/- and For small tax payer (ie. total income is not more than Rs. 5 lakhs), the penalty is Rs. 1000/- till 31st December and therafter. The last date to file the IT return with penalty is 31st March of next year, beyond this you can not file your ITR.
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