What are the five main categories of income according to the Income Tax Department of India?

Salary, house property, business, capital gains, and other sources

Under Section 139(1), which entities are mandated to file income tax returns?

Individuals, Hindu Undivided Families (HUFs), companies, and firms

Filing an income tax return is crucial for carrying forward losses in which type of business?

Companies and firms that incur losses under 'Profits and Gains of Business and Profession' or 'Capital Gains'

What is the penalty for failing to file a tax return even after the belated return option is available?

5,000 rupees under Section 271F of the IT Act, 1961

What is the purpose of Section 139(5) of the Income Tax Act?

To allow taxpayers to revise their returns if they identify errors after filing

Fill in the blank: Charitable trusts must file tax returns under Section ___ if their gross total income exceeds the non-taxable limit.

139(4A)

True or False: Political parties are exempt from filing income tax returns regardless of their income level.

False. Political parties must file returns if their total income exceeds the tax-exempt limit.

What is required for an income tax return to avoid being classified as defective under Section 139(9)?

Essential documents must be submitted, including a tax calculation statement and supporting evidence.

What are the due dates for filing income tax returns for individuals and business entities?

July 31st for individuals and September 30th for business entities subject to audit

Fill in the blank: Losses in 'House or residential property' can be carried forward even if the tax return is filed ___ the due date.

After

What does Section 139(4C) pertain to regarding tax return filing requirements?

It pertains to institutions required to file tax returns if their income exceeds the maximum exemption limit.

Explain the significance of submitting Form ITR 7 for certain taxpayers.

Form ITR 7 is crucial for entities required to file returns under sections 139(4a), 139(4b), 139(4c), and 139(4d).