Income Tax return allows taxpayer to calculate their annual income, tax liability, schedule tax payments, or request refunds for the over-payment of taxes. This procedure of filing income tax return is referred to as income tax filing. It is required to file under section 139 of Income Tax Act.
ITR acts as a proof of your declaration to the government regarding Income earned by you during the previous year and forms part of your financial directory. ITR filing ensures your credit worthiness in case you wish to apply for loans & credit cards.
In case you have taxes deducted over & above your tax liability, you will need to file your ITR to claim back the refund. Sooner the ITR is filed, sooner your refund is processed. ITR for the last 2 to 3 years also forms a necessary document for visa application for most of the countries.
Filing ITR in time ensures you avoid paying additional interest & a late fee upto Rs 10,000.
Form No. | Particulars | Due date of filing return |
ITR-1 Sahaj | For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand | 31st July of Assessment Year |
ITR-2 | For Individuals and HUFs not having income from profits and gains of business or profession. | 31st July of Assessment Year |
ITR-3 | For individuals and HUFs having income from profits and gains of business or profession | In case of Non- audit-31st July of Assessment Year. In case of Audit- 31st October of Assessment Year. |
ITR-4 | For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE | 31st July of Assessment Year |
ITR-5 | For persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
| In case of Non- audit-31st July of Assessment Year. In case of Audit- 31st October of Assessment Year. |
ITR-6 | For Companies other than companies claiming exemption under section 11 | 31st October of Assessment Year |
ITR-7 | For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only
| In case of Non-Audit- 31st July of Assessment Year. In case of Audit- 31st October of Assessment Year |