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Income Tax Return (ITR) Filing

Income Tax Return

Income Tax Return (ITR) is a return form in which a taxpayer reports his gross taxable income, tax deductions and declare his tax liability to the income tax authority. We will cover all the aspects regarding Income Tax filing in this article.

 

 

1.  What is Income Tax Return?

Every Person (i.e. Individual, HUF, Firm Company, Local Authority Etc.)who has an income source above the exempted tax slab is required to file income tax returns. There are certain prescribed forms through which the taxpayer can inform to the Income Tax Authority regarding the income earned, these forms are known as ITR forms.

2. Who is required to file ITR?

Here is the list of individual who needs to file an income tax return as per the income tax department of India:

a). Any individual who is below 60 years of age and has an annual income greater than 2.5 Lakh INR.

b). An individual who is between 60 years and 80 years of age and has an annual income greater than 3 Lakh INR.

c). An individual who is above 80 years of age and has a person who is above the age of 80 years and has an annual income greater than 10 Lakh INR.

d). Every registered company/organization is required to file Income Tax Return (ITR) irrespective of the fact that is in loss or profit.

e). Any person who wants to carry forward loss under the Income head

f). Any asset or any financial interest of an individual in an entity located outside Indian Territory.

g). Any income received by an Individual from the property that is held by

  1. Any trust for charitable purposes
  2. Any research association
  3. Medical centre
  4. Trade union
  5. Any non-profit university.

h). If a non-resident Indian is receiving taxable income from India, then, in this case, he/she also needs to file income tax.

3. Types of Income Tax Return (ITR) Forms and Applicability

As per the income tax department below listed are the types of Income Tax Return (ITR) forms:

ITR Form Types Applicability
ITR Form 1 The other name of ITR-1 is SAHAJ and it applies to that person who has income below 50 lakhs from the below-mentioned sources:
Regular salary or pension
Income from one house property
Income from other sources excluding lottery winnings and income from race horses
Less Than 5 Thousand of Agricultural Income
NOT Director in a Company or has invested in unlisted equity shares.
ITR Form 2 ITR-2 Form is applicable to Hindu Undivided Families (HUFs) and individual having income more than 50Lakhs INR (excluding income from business or profession).
ITR Form 3 ITR-3 Form is applicable on Hindu Undivided Families (HUFs) and individuals who have income source from business or profession.
ITR Form 4 This form is applicable to Hindu Undivided Families (HUFs), individuals and Partnership Firms (Less than 2 Crore of Turnover i.e. Gross Receipts) who have presumptive income as per section-44 AD/ADA/AE of Income Tax Act.
ITR Form 5 ITR-5 is required to be furnished by the following persons
LLPs
Firms
BOIs (Body of Individuals)
Less Than 5 Thousand of Agricultural Income
AOPs (Association of Persons)
ITR Form 6 This ITR form is required to be filed by those companies that are not claiming an exemption under section 11 of the Income Tax Act.
ITR Form 7 ITR-7 shall be furnished by those persons or companies who fall under Sections 139(4A), 139 (4D), 139 (4C), 139(4B)
ITR Form V Form ITR-V is an acknowledgement form that shows that ITR has been successfully filed by a person.

4. How to Download Income Tax Return Form

Any person who is willing to download the Income Tax Return (ITR) Form can find the same on the Income Tax Department website. To download Income Tax Return (ITR) forms, follow the below-mentioned steps:

STEP-1: Open official website of Income Tax department website https://www.incometaxindia.gov.in/Pages/tax-services/file-income-tax-return.aspx

Income Tax Return Filing

STEP-2: Then click on the Login option available on the homepage.

Income Tax Return Filing

STEP-3: Then click on the Download option available on the menu bar.

Income Tax Return Filing

STEP-4: You will be redirected to the ITR webpage wherein you can download different ITR Forms.

Income Tax Return Filing

5. Documents Required for ITR Filing

Any person who wants to file Income Tax Return (ITR) required to have the following documents:

  • PAN card
  • Bank statement
  • Banks/post offices interest certificates
  • Tax-saving Investments Proof
  • Form 16 (for salaried individuals)
  • Salary Slips
  • TDS certificate – Form 16A/16B/16C
  • Form 26AS

6. How to Check ITR Status Online?

A person can check the status of filed ITR (Income Tax Return) using the below-mentioned way:

STEP-1: Open Income Tax Return e-filing Portal using https://www.incometaxindia.gov.in/pages/default.aspx

Check ITR Status Online

STEP-2: Log into the portal using valid credentials.

Check ITR Status Online

STEP-3: After logging in select View Returns/Forms option available on the dashboard.

STEP-4: Choose the relevant assessment year (A.Y.) from the drop-down menus and click submit.

STEP-5: After successfully submitting the details, the status of the ITR will show up on the screen.

7. Due Dates for ITR Filing

In order to avoid penalties as per Income Tax Act, it is important for every person to know the due date of Income Tax Return (ITR) filing. So, you can refer the below-mentioned table to know the due date as per taxpayer category.

Taxpayer Category Due Date for Tax Filing
Individual 31st July
Hindu Undivided Family (HUFs) 31st July
Body of Individuals (BOIs) 31st July
Association of Persons (AOPs) 31st July
Persons who’s Accounts to get Audited 30th September
Persons who’s Accounts to get Audited u/s 92E 30th November

 

Note: The due date for filing ITR has been extended to 31st August from 31st July for those assessees and non-corporates who needs not to get their books of accounts audited compulsorily. However, it shall be noted that this new extended due date does not apply to corporates and assessees whose accounts are compulsorily required to be audited.