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Income Tax Return Filling
ITR stands for Income Tax Return. It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. It also allows carry-forward of loss and claims a refund from the income tax department.Different forms of returns of income are prescribed for filing of returns for different Status and Nature of income. These forms can be downloaded from www.incometaxindia.gov.in
Assessees required to file a return of income compulsory
(i) Companies and firms (whether having profit or loss or nil income);
(ii) a person, being a resident other than not ordinarily resident, having any asset (including any financial interest in any entity) located outside India held as a beneficial owner or beneficiary or who has signing authority in any account located outside India, whether or not having income chargeable to tax;
(iii) Individuals, HUF, AOPs or Bois and artificial juridical persons whose total income before giving effect to the provisions of Chapter VI-A and sections 54, 54B, 54D, 54EC or 54F exceeds the basic exemption limit.
(iv) Any person who during the previous year –
- has deposited more than Rs 1 crore in one or more current accounts maintained with a banking company or a co-operative bank; or
- has incurred expenditure of more than Rs 2 lakh for himself or any other person for travel to a foreign country; or
- has incurred expenditure of more than Rs 1 lakh towards consumption of electricity; or
- fulfils such other conditions as may be prescribed
Forms of Income-tax return prescribed under the Income-tax Law
Under the Income-tax Law, different forms of returns are prescribed for different classes of taxpayers. The return forms are known as ITR forms (Income Tax Return Forms). The forms of return prescribed under the Income-tax Law for filing of return of income for the assessment year 2022-23 (i.e., the financial year 2021-22) are as follows:
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Return Form | Brief Description |
ITR – 1
| Also known as SAHAJ applies to an individual having salary or pension income or income from one house property (not a case of brought forward loss) or income from other sources (not being lottery winnings and income from racehorses, income taxable under section 115BBDA of income referred in section 115BBDA of income referred in section 115BBE). |
ITR – 2 | It applies to an individual or a Hindu Undivided Family not having income chargeable to income-tax under the head “Profits or gains of business or profession” |
ITR – 3 | It applies to an individual or a Hindu Undivided Family who has any income chargeable to tax under the head of business or profession |
ITR – 4 | Also known as SUGAM applies to individuals or Hindu Undivided Family or partnership firm who have opted for the presumptive taxation scheme of section 44AD/ 44ADA/44AE. |
ITR – 5 | This Form can be used by a person being a firm, LLP, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form (i.e., trusts, political parties, institutions, colleges) |
ITR – 6 | It applies to a company, other than a company claiming exemption under section 11 (exemption under section 11 can be claimed by charitable/religious trust). |
ITR – 7 | It applies to persons including companies who are required to furnish returns under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) (i.e., trusts, political parties, institutions, colleges). |
ITR – 8 | It is the acknowledgement of filing the return of income |
Modes of Filing Income tax Returns
The Return Form can be filed with the Income-tax Department in any of the following ways, –
(i) by furnishing the return in a paper form;
(ii) by furnishing the return electronically under digital signature;
(iii) by transmitting the data in the return electronically under electronic verification code;
(iv) by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V;
Due date of filing of return of income
Sr. No | Status of the taxpayer | Due date |
1 | Any company is other than a company that is required to furnish a report in Form No. 3CEB under section 92E (i.e. other than covered in 2 below) | October 31 of the assessment year |
2 | Any person (maybe corporate/non-corporate) who is required to furnish a report in Form No. 3CEB under section 92E | November 30 of the assessment year |
3 | Any person (other than a company) whose accounts are to be audited under the Income-tax Law or any other law | October 31 of the assessment year |
4 | A working partner of a firm whose accounts are required to be audited under this Act or any other law. | October 31 of the assessment year |
5 | Any other assessee | July 31 of the assessment year |
Precautions while filing Income tax Return
The followings are the important steps/points/precautions to be kept in mind while filing the return of income:
1) The first and foremost precaution is to file the return of income on or before the due date. Taxpayers should avoid the practise of filing belated returns. Following are the consequences of delay in filing the return of income/ Loss (other than house property loss):
- Losses cannot be carried forward.
- Levy of interest under section 234A.
- late filing fees under section 234F is levied for return filed after the due date. A late filing fee of Rs. 5,000 shall be payable if return furnished after the due date. However, the number of late filing fees to be paid shall be Rs. 1,000, if total income does not exceed Rs. 5 Lakh.
- Exemptions under section 10A, section 10B, are not available.
- Deductions under 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID and 80-IE, are not available.
- Deductions under 80 IAC, 80IBA, 80JJA, 80JJAA, 80LA, 80P, 80PA, 80QQB and 80RRB are not available. (From A.Y 2018-19)
2) Taxpayers should download Form 26AS and should confirm the actual TDS/TCS/Tax paid. If any discrepancy is observed then suitable action should be taken to reconcile it.
3) Compile and carefully study the documents to be used while filing the return of income like bank statement/passbook, interest certificate, investment proofs for which deductions are to be claimed, books of account and balance sheet and P & LA/c (if applicable), etc.
4) no documents are to be attached along with the return of income. The taxpayer should identify the correct return form applicable in his case. Carefully provide all the information in the return form. Confirm the calculation of total income, deductions (if any), interest (if any), tax liability/refund, etc.
5) Ensure that other details like PAN, address, e-mail address, bank account details, etc., are correct.
6) After filling all the details in the return of income and after confirmation of all the details, one can proceed with filing the return of income. In case a return is filed electronically without a digital signature and an electronic verification code do not forget to post the acknowledgement of filing the return of income at CPC Bangalore within 120 days of filing the return of income.
7) For details on e-filing please log on to https://www.incometax.gov.in
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