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