Income Tax Returns & Due Dates

Income tax return (ITR) is a form used to file information about your income and pay tax for the financial year to the Income Tax Department. The income tax return is filed in an assessment year which is the year subsequent to the financial year.

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Income Tax Returns Compulsorily

Persons Required to file Income Tax Returns Compulsorily

The income tax laws mandate certain persons to file income tax return for the year as mentioned below:

  • Individual whose income exceeds the basic exemption limit
  • A Company/Firm/LLP
  • Any person for the purpose of carrying forward the losses
  • Any person to claim income tax refund
  • If a resident individual is having an asset or financial interest in an entity located outside India/having signing authority in a foreign account
  • If you are in the receipt is in receipt of income derived from the property held under a trust for charitable or religious purposes or a political party or a research association or news agency or educational or medical institution or a hospital or an infrastructure debt fund or any authority or body or trust.
  • Foreign companies that enjoy treaty benefits on transactions made in India
  • Following persons not being a company or firm are required to file a return if-
    • Deposited an amount or aggregate of the amounts exceeding one crore rupees in one or more current accounts maintained with a banking company or a co-operative bank; or
    • Incurred expenditure of an amount or aggregate of the amounts exceeding two lakh rupees for himself or any other person for travel to a foreign country; or
    • Incurred expenditure of an amount or aggregate of the amounts exceeding one lakh rupees towards consumption of electricity.
  • Further as per Notification no. 37/2022 dated 21st April, 2022, the following persons are required to file their Income Tax Return-
    • if his total sales, turnover or gross receipts, as the case may be, in the business exceeds Rs. 60 lakhs during the previous year; or
    • if his total gross receipts in profession exceed Rs. 10 lakhs during the previous year; or
    • if the aggregate of tax deducted at source and tax collected at source during the previous year, in the case of the person, is Rs. 25,000 or more (in case of a person whose is 60 years of age or above the limit is Rs. 50,000 or
    • Deposit in one or more savings bank account of the person, in aggregate, is Rs.50 lakh or more during the previous year

Apart from mandate by department, filing ITR helps to avail loans or credit card easily and smoothens the visa process.

ITR Forms

ITR Forms

  • ITR 1 (Sahaj) – For individuals earning income from salaries, one house property, interest income, agriculture, other sources, etc.
  • ITR 2 – For Individuals and HUFs having income other than from profits and gains of business or profession. It may be from capital gain, lottery or foreign assets, etc.
  • ITR 3 – For individuals and HUF with income from profits of a business or profession.
  • ITR 4 (Sugam) – For Individuals, HUFs, and Firms (other than LLP) having presumptive business income tax returns. This is computed under sections 44AD, 44ADA, or 44AE.
  • ITR 5 – Entities other than- (i) individual, (ii) HUF, (iii) company, and (iv) person filing ITR7
  • ITR 6 – All companies except those that claim tax exemption as per Section 11.
  • ITR 7 – Person incl. companies required to furnish returns under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only.

If assessee files return after the due date, it is referred to as a belated return. The due date for filing a belated return is 31st December of the assessment year.

Due Date For Filing Income Tax Return

Following are the due dates for filing ITR for the financial year-

ParticularsDue Date
Due date for filing Income tax return for all assessees except:

  1. Companies
  2. Other than company whose books are required to be audited
  3. Working partner of a firm whose accounts are required to be audited
    		31st July of the following year i.e., 31 July of the Assessment Year (AY).
    Due date for filing Income tax return for the following assessees:

    1. Companies not requiring transfer pricing report
    2. Other than company whose books are required to be audited
      		31st October of the following year i.e., 31st October of the AY
      Due date for filing Income tax return for the following assessees:
      Companies requiring transfer pricing report      		30th November of the following Year i.e., 30 November of the AY

      Consequences for delayed filing of ITR

      • Loss under head capital gain and business and profession will not be allowed to be carried forward
      • The assessee will be liable to pay interest under section 234A depending upon the amount of tax due to @1% per month
      • The income tax officer may levy a penalty under section 271F for late filing of return up to Rs.10,000. However, if taxable income is below 5,00,000 penalty will not exceed 1,000.
      • In case the assessee is eligible for a refund, the tax department pays an interest under Section 244A, a portion of which will be lost due to the late filing of return.

      Setting up business

      Private Limited company
      Proprietorship
      DIN
      PAN
      EPF

      ROC Compliance

      LLP ROC Compliance
      OPC ROC Compliance
      Company ROC Compliance
      Closure of Private company
      Closure of LLP

      Direct tax compliance

      Filing income tax returns
      Chapter VIA deductions
      Capital gains taxation
      Taxation of business
      NRI income

      Indirect tax compliance

      GST returns and due dates
      Input tax credit claim
      GST Refund
      GST TCS
      GST TDS

      Closure of Private companyClosure-Of-CompaniesGST-RETURN-FILING-AND-DUE-DATESGST Returns and Due Dates