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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.


  • 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.


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


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


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