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Income Tax Return filing is an yearly compliance. It must be filed on or before the due date. ITR is basically an income statement, through which the details of income earned by an Individual and businesses in a financial year and taxes paid on such income are reported to the Income tax Department.
Different types of ITR forms are prescribed for filing of income tax returns for different tax payers and Nature of income. The individual pays taxes based on the Income Tax Slabs as prescribed. Income from various Sources are included in return.
Sources of income are Income from salary, Income from house property, Income from business or profession, Income from capital gains, Income from other sources (like interest income).
Income Tax e-Filing Portal
The Official website government of India to facilitate the e-filing of Income Tax Return is Income Tax India e-filing portal. Various Income Tax Return form is prescribed for individual Income Tax Return, company income tax return. Online ITR Filing and online income tax payment system has been simplified over the year, therefore mostly salaried based employees do the self-filing of Income Tax Return Form.
Types of ITR Forms
Types of Income tax return (ITR) forms prescribed under the Income-tax Law
|ITR-1 (SAHAJ)||Applicable for Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh|
|ITR-2||Applicable to an individual or an Hindu Undivided Family (HUF) not having income taxable under the head “Profits or gains of business or profession (PGBP)”|
|ITR-3||ITR-3 is applicable to an individual or a HUF who has income from carrying a business or profession, income as a partner in the partnership firm.|
|ITR-4(SUGAM)||Also known as SUGAM is applicable to individuals or HUF or partnership firm who have opted for the presumptive taxation scheme U/s 44AD/ 44ADA/44AE.|
|ITR-5||This form applicable for 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||ITR-6 is applicable to a company, other than a company claiming exemption U/s 11 (exemption under section 11 can be claimed by charitable/religious trust).|
|ITR-7||ITR-7 applicable for persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) (i.e., trusts, political parties, institutions, colleges).|
|ITR-V||It is the acknowledgement copy issued by Income Tax Department on filing the return of income.|
Documents Required for Income Tax Return (ITR) Filing
- PAN & Aadhar Details
- Form 16
- Bank Statements Copy (of all active saving accounts)
- Interest Income Certificates (FD interest, saving account interest income etc)
- Home Loan Payment Statement (if any)
- Investment Proofs (Tax saving investments only)
- Form 26AS
- TDS Certificates (if any)
- Proof of sale or purchase of investments or assets
- Audited Balance sheet (if applicable)
- Tax Audit Report (if applicable)
Income tax return filing Due Date
Due date of filing income tax return for the FY 2021-22 (AY 2022-23)
An Individual or firm who are not liable for audit : 31st July 2022
A company or other who is liable to audit : 31st October 2022
All individuals and companies filing belated returns: December 31, 2022
ITR Filing Last Date for FY 2021-22 & AY 2022-23
Last date to file Income Tax Return (ITR) for the Financial year 2021-22 & Assessment year 2022-23 is 31st July 2022. After the due date (31st July), ITR late filing fee will be levied.
Due Date for Income Tax Filing extended by CBDT
Income tax return filing Due Date extended for FY 2020-21
In view of COVID-19 pandemic, the Central Board of Direct Taxes (CBDT) has extended the last date for filing ITR for AY 2021-22 (FY 2020-21) from 31st July 2021 to 30th September, 2021 for INDIVIDUAL/ For Tax audit cases it is extended to 30th November 2021.
ITR Late Filing Fee for Belated Return
Penalty for Late filing of ITR
If You file your ITR after the last date, then it is termed as a belated ITR.
In this case, a late filing fee of Rs.5000 or Rs.1000* (as the case may be) will be levied for late filing of tax return (Belated return)-Section 234F of the Income Tax Act.
*Late filing fee for Small taxpayers having total income up to Rs 5 Lacs will be Rs 1,000.
FAQ on Filing of Income Tax Return
Income Tax Return or ITR is a prescribed form through which the details of income earned by a person in a financial year and taxes paid on such income are reported to the Income tax Department. Different types of ITR forms are prescribed for filing of income tax returns for different tax payers and Nature of income.
Under the Income tax Law, different types of ITR forms are prescribed for different classes of taxpayers. List of ITR forms applicable for filing of return of income for the assessment year 2020-21 (i.e., financial year 2019-20) are mentioned above.
ITR forms are attachment less forms. Hence, taxpayer is not required to attach any document like proof of investment, TDS certificates, form16 etc.) along with the return of income (whether filed manually or filed electronically).
The Income-tax Department maintains the database of the total tax paid by the taxpayer (i.e., tax credit in the account of a taxpayer).
Form 26AS is an annual statement maintained under Rule 31AB of the Income tax Rules disclosing the details of tax credit in his account as per the database of Income-tax Department. In other words, Form 26AS will reflect the details of tax credit appearing in the Permanent Account Number of the taxpayer as per the database of the Income-tax Department. The tax credit will cover TDS, TCS and tax paid by the taxpayer in other forms like advance tax, Self-Assessment tax, etc.
Income-tax Department will generally allow a taxpayer to claim the credit of taxes as reflected in his Form 26AS.
Recently, Scope of Form 26AS has been expanded w.e.f. 01-06-2020.
New Form 26AS is divided into two(2) parts. Part A contains certain basic information of the assessee, i.e., Permanent Account Number, Aadhaar number, Name, date of birth/Incorporation, Mobile number, Email address and address. Part B contains the information in respect of the following transaction:
a) Information relating to tax deducted or collected at source;
b) Information relating to Specified Financial Transactions (SFT);
c) Information relating to payment of taxes;
d) Information relating to demand and refund;
e) Information relating to pending proceedings;
f) Information relating to completed proceedings; and
g) Information received from any officer, authority or body performing any functions under any law or information received under an agreement referred under section 90 or section 90A or information received from any other person to the extent it may be deemed fit in the interest of the revenue.