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What is Income tax return (ITR) ?

Income Tax Return is the form in which assessee files information about his Income and tax thereon to Income Tax Department. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. When you file a belated return, you are not allowed to carry forward certain losses.

The Income Tax Act, 1961, and the Income Tax Rules, 1962, obligates citizens to file returns with the Income Tax Department at the end of every financial year. These returns should be filed before the specified due date. Every Income Tax Return Form is applicable to a certain section of the Assessees. Only those Forms which are filed by the eligible Assessees are processed by the Income Tax Department of India. It is therefore imperative to know which particular form is appropriate in each case. Income Tax Return Forms vary depending on the criteria of the source of income of the Assessee and the category of the Assessee.

Income Tax Returns

Income tax returns must be filed by all persons having a taxable income each year. There are seven different types of income tax return and its applicability differs based on the type of entity and transactions undertaken during the assessment year. ITR-1 and ITR-4 can be prepared and filed online through the Income Tax website directly. All other income returns can be prepared offline using the JAVA utility and uploaded on the income tax website. For assistance filing income tax returns, visit IndiaFilings.com.

ITR Return Type

  • ITR-1 :- ITR-1 form can be used by Individuals who have less than Rs.50 Lakhs of annual income earned by way of salary or pension and have one house property only.
  • ITR-2 :- ITR-2 form must be filed by individuals who are NRIs, Directors of Companies, shareholders of private companies or having capital gains income, income from foreign sources, two or more house property, income of more than Rs.50 lakhs.
  • ITR-3 :- ITR-3 form must be filed by individuals who are professionals or persons who are operating a proprietorship business in India.
  • ITR-4 :- ITR-4 form can be filed by taxpayers enrolled under the presumptive taxation scheme. To be enrolled for the scheme, the taxpayer must have less than Rs.2 crores of business income or less than Rs.50 lakhs of professional income.
  • ITR-5 :- ITR-5 form must be filed by partnership firms, LLPs, associations and body of individuals to report their income and computation of tax.
  • ITR-6 :- ITR-6 form must be filed by companies registered in India
  • ITR-7 :- ITR-7 form must be filed by entities claiming exemption as charitable/religions trust, political parties, scientific research insitutions and colleges or universities.

Penalty for Late Filing Income Tax Return

Taxpayers who do not file their income tax return on time are subject to penalty and charged an interest on the late payment of income tax. Also, the penalty for late filing income tax return on time has been increased recently. The penalty for late filing income tax return is now as follows:

  • Late Filing between 1st August and 31st December - Rs.5000
  • Late Filing After 31st December - Rs.10,000
  • Penalty if taxable income is less than Rs.5 lakhs - Rs.1000

Documents Required for ITR Filing

The documents that are necessary for the filing of income tax returns online are as follows:

  • PAN card
  • Bank statement
  • Interest certificates from banks or post offices
  • Proof of tax-saving investments
  • Form 16 (for salaried individuals)
  • Salary Slips
  • TDS certificate
  • Form 16A/16B/16C
  • Form 26AS

Important Dates to Remember for ITR Filing

The due date for filing Income Tax Returns for any financial year is usually the same, which is 31st July. However, there are a few categories of taxpayers that have a different due date. The following table will help you find due dates for the current financial year:

Category of Taxpayer Due Date for Tax Filing
Individual 31st July
Body of Individuals (BOI) 31st July
Hindu Undivided Family (HUF) 31st July
Association of Persons (AOP) 31st July
Businesses (Requiring Audit) 30th September
Businesses (Requiring TP Report) 30th November

Tax Deducted at Source

Tax Deducted at Source or TDS is a source of collecting tax by Government of India at the time when a transaction takes place. Here, the tax is required to be deducted at the time money is credited to the payee’s account or at the time of payment, whichever is earlier.

Tax Deducted at Source or TDS is a source of collecting tax by Government of India at the time when a transaction takes place. Here, the tax is required to be deducted at the time money is credited to the payee’s account or at the time of payment, whichever is earlier. In case of payment of salary or life insurance policy, tax is deducted at the time of payment. The deductor then deposits this TDS amount to the Income Tax (I-T) department. Through TDS, some portion of your tax is automatically paid to the I-T department. Thus, TDS is considered as a method of reducing tax evasion. Tax is deducted usually over a range of 1% to 10%.

What is TDS Return?

Apart from depositing the tax, the deductor should also file a TDS return. TDS return is a quarterly statement to be given to the I-T department. It is compulsory for deductors to submit a TDS return on time. The details required to file TDS returns are:

  • PAN of the deductor and the deductee
  • Amount of tax paid to the government
  • TDS challan information
  • Others, if any

Eligibility Criteria for TDS Return

TDS return can be filed by employers or organizations who avail a valid Tax Collection and Deduction Account Number (TAN). Any person making specified payments mentioned under the I-T Act are required to deduct tax at source and needs to deposit within the stipulated time for the following payments :

  • Payment of Salary
  • Income by way of “Income on Securities”
  • Income by way of winning lottery, puzzles and others
  • Income from winning horse races
  • Insurance Commission
  • Payment in respect of National Saving Scheme and many others

TDS Return Filing

Due dates of TDS Return FY 2018-19 :

Quarter Quarter Period TDS Return Due Date
1st Quarter 1st April to 30th June 31st August 2018
2nd Quarter 1st July to 30th September 31st October 2018
3rd Quarter 1st October to 31st December 31st January 2019
4th Quarter 1st January to 31st March 31st May 2019

TDS Return Forms

Particulars Form No.
TDS on Salary Form 24Q
TDS where deductee is a non-resident, foreign company Form 27Q
TDS on payment for transfer of immovable property Form 26QB
TDS in any other case Form 26Q

Various forms are used for filing TDS return, depending on the purpose of deduction. These returns have to be in company with a signed verification in Form No. 27A. It is a form that controls the quarterly statements. This has to be filed by deductors together with quarterly statements. It summarizes the control totals of “amount paid” and “income tax deducted at source” which has to match with the totals in TDS return.

TDS Refund

TDS is the tax amount deducted at the time of payment. At the year end, while assessing the total tax liability, there is a difference between the total tax deducted during the year and the actual tax liability. If the tax deducted at the source is less than the actual tax liability, then the difference between the two has to be paid by the assessee. On the other hand, if the tax deducted at source is more than the actual tax liability, it results in TDS refund.

Benefits of TDS

Filing TDS return is mandatory as per I-T Act, 1961. Some of its benefits are:

  • It helps in regular collection of taxes
  • Ensures a flow of regular income to the government
  • Reduces the burden of lump-sum tax payment. It helps in spreading the entire tax payment over a number of months which makes it easier for the taxpayer
  • Offers an easy mode of tax payment to the payer!

ESI Return Filing and Due Date

Employee's State Insurance(ESI) is a self-financing social security and health insurance scheme for Indian workers. ESI Registration is mandatory for employers having 10 or more employee. For all employees earning Rs.15,000 or less per month as wages, the employer must contribute 4.75% and employee must contribute 1.75% towards ESI. The ESI fund is managed by the ESI Corporation (ESI) according to rules and regulations stipulated therein the ESI Act 1948, which oversees the provision of medical and cash benefits to the employees and their family through its large network of branch offices, dispensaries and hospitals throughout India. ESI is an autonomous corporation under Ministry of Labour and Employment, Government of India. IndiaFilings can help you obtain ESI registration for your business.

All employers having 10 ore more employees are required to be registered with Employee State Insurance (ESI) Corporation. Those entities having ESI Registration must then file ESI returns. ESI returns are due half-yearly. IndiaFilings can help file ESI returns for your business. Our ESI experts can also help you computer ESI payments and maintain ESI regulation compliance for your businesss. Use ReminDue to know more about your due dates for ESI return and ESI payment due date.

Documents for ESI Returns

The following documents must be maintained regularly for filing ESI returns.
  • Attendance register
  • Register for Form 6
  • Register of wages
  • Register of any accidents on the premises
  • Inspection book
  • Monthly challans and returns submitted for ESI

ESI payment due date:

ESI contribution has to be deducted every month from the employee and it has to be contributed to the department. So ESI payment due date is monthly, on or before 15th of next month. It is similar to PF in this respect.

ESI return due date:

ESI return is done on a half-yearly basis and the due dates are fixed as 11th of November and May.

ESI interest

An employer who does not pay the contribution within the time limit shall be liable to pay a simple interest at the rate of 12% per annum for each day of the default or delay in payment of contribution.


Provident fund

Provident fund is a social security system that was introduced for the purpose of encouraging savings among employees, so as to benefit them during the course of their retirement. Contributions are made by the employer and the employee on a monthly basis. PF contributions can only be withdrawn by the employee at the time of his/her retirement, barring a few exceptions.

PF due date

PF has two due dates they are payment due date and ECR filing due date.

PF payment due date:

This is the date by which you have to submit the PF which you will deduct from your employees’ salary. This has to be done on or before 15th of next month. i.e., if you want to deposit PF contribution for the month of June, then it has to be done on or before 15th of July.

PF return due date:

With the new ECR in place, filing and payment can be both done at the same time. Hence, the PF return due date is the same as that of payment. I.e., on or before 15th of every month.

  • PF payment :- On or before 15th of every month
  • ECR filing :- On or before 15th of every month
  • PF annual return :- 25th April of every year

PF Delay Payment interest

An employer who does not pay the contribution within the time limit shall be liable to pay a simple interest at the rate of 12% per annum for each day of the default or delay in payment of contribution.

PF penalty

Delayed remittance of PF deposit will incur penal damages. The charges as specified by the EPFO, are as follows:

  • Delay for up to 2 months :- 5% per annum
  • Delay ranging from 2 months to 4 months :- 10% per annum
  • Delay ranging from 4 months to 6 months :- 15% per annum
  • Delay exceeding 6 months :- 25% per annum (It may correspondingly go up to 100%)