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Filling Return of Income

Income tax return filing

​ITR stands for Income Tax Return​. For Income tax return filing It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. It also allows carry -forward of loss and claim refund from income tax department.​Different forms of returns of income are prescribed for filing of returns for different Status and Nature of income. These forms can be downloaded from https://www.incometax.gov.in/iec/foportal/downloads/income-tax-returns

FAQs on Income tax return filing

 

What are the forms of Income tax return filling prescribed under the Income-tax Law?

​​​​​​​​​​​Under the I​ncome-tax Law, different forms of returns are prescribed for different classes of taxpayers. The return forms are known as ITR forms (Income Tax Return Forms). The forms of return prescribed under the Income-tax Law for filing of return of income for the assessment year 2024-25 (i.e., financial year 2023-24 ) are as follows:

Return     Forms Brief Description
ITR – 1 Also known as SAHAJ is applicable to an individual having salary or pension income or income from one house property (not a case of brought forward loss) or income from other sources (not being lottery winnings and income from race horses, income taxable under section 115BBDA or income reffered in section 115BBDA or income referred in section 115BBE).And having total income upto Rs.50 lakh
ITR – 2 It is applicable to an individual or an Hindu Undivided Family not having income chargeable to income-tax under the head “Profits or gains of business or profession”
ITR – 3 It is applicable to an individual or a Hindu Undivided Family who has any income chargeable to tax under the head business or profession
ITR – 4 Also known as SUGAM is applicable to individuals or Hindu Undivided Family or partnership firm who have opted for the presumptive taxation scheme of section 44AD/ 44ADA/44AE.​
ITR – 5 This Form can be used by a person being 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 It is applicable to a company, other than a company claiming exemption under section 11 (exemption under section 11 can be claimed by charitable/religious trust).
ITR – 7 It is applicable to a 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 acknow​ledgement of filing the return of income.

Click here INCOME TAX SLABS AND RATES FOR AY 2024-25

What are the different modes of Income tax return filing?

​​​​​​​The Return Form can be filed with the Income-tax Department in any of the following ways,

  (i) by furnishing the return in a paper form;

 (ii) by furnishing the return electronically under digital signature;

(iii) by transmitting the data in the return electronically under electronic verification code;

(iv) by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V;

Note

Where the return of income is filed in the manner given at (iv) without digital signature, then the taxpayer should take two printed copies of Form ITR-V. One copy of ITR-V, duly signed by the taxpayer, is to be sent (within the period specified in this regard, i.e., 120 days) by ordinary post or speed post to “Income-tax Department – CPC, Post Bag No. 1, Electronic City Post Office, Bengalore-560100 (Karnataka). The other copy may be retained by the taxpayer for his record.

Which mode of filing of return is applicable to whom?

​​​​​​​​​​​​The applicable return of income shall be furnished by a person mentioned in column (ii) of the Table below to who​m the conditions specified in column (iii) apply, in the manner specified in column (iv) thereof:—

Sl. Person Condition Manner of furnishing return of income
(i) (ii) (iii) (iv)
1 Individual or Hindu undivided family
(a) Accounts are required to be audited under section 44AB of the Act;
Electronically under digital signature;
(b) A super senior citizen (whose age is 80 years or above at any time during the previous year) who furnishes the return either in ITR-1 or ITR-4
(A) Electronically under digital signature; or
(B) Transmitting the data electronically in the return under electronic verification code; or
(C) Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V; or
(D) Paper form;
(c) In any other case
(A) Electronically under digital signature; or
(B) Transmitting the data electronically in the return under electronic verification code; or
(C) Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V; ]
2 Company In all cases. Electronically under digital signature.
3 A person required to furnish the return in Form ITR-7
(a) In case of a political party;
Electronically under digital signature;
(b) In any other case

 

(A) Electronically under digital signature; or
(B) Transmitting the data in the return electronically under electronic verification code; or
(C) Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V.
4 Firm or limited liability partnership or any person (other than a person mentioned in Sl. 1 to 3 above) who is required to file return in Form ITR-5
(a) Accounts are required to be audited under section 44AB​ of the Act;
Electronically under digital signature;
(b) In any other case.
(A) Electronically under digital signature; or
(B) Transmitting the data in the return electronically under electronic verification code; or
(C) Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V

 

Is it necessary to attach any documents along with the return of income?

​​​​​​​​​​​ITR return forms are attachment less forms and, hence, the taxpayer is not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income (whether filed manually or filed electronically). However, these documents should be retained by the taxpayer and should be produced before the tax authorities when demanded in situations like assessment, inquiry, etc.

How to file the return of income electronically?

​​​​Income-tax Department has established an independent portal for e-filing of return of income. The taxpayers can log on to https://www.incometax.gov.in/iec/foportal for e-filing the return of income.​

Click here to view the step by step procedure to file Income-tax return online.

 

What is e-filing utility provided by the Income-tax Department?

​The Income-tax Department has provided free e-filing utility (i.e., Java & excel) to generate e-return and furnishing of return electronically.
The e-filing utility provided by Department is simple, easy to use and also contains instructions on how to use it.
By using the e-filing utility, the taxpayers can easily file their returns of income. Utility can be downloaded from

What are the due dates for filing returns of income/loss?

​​​​​​​​​​Due date of filing of return of income

Sr. No. Status of the taxpayer Due date
1 Any company other than a company who is required to ​furnish a report in Form No. 3CEB under section 92E (i.e. other than covered in 2 below) October 31 of the assessment year
2 Any person (may be corporate/non-corporate) who is required to furnish a report in Form No. 3CEB under section 92E November 30 of the assessment year
3 Any person (other than a company) whose accounts are to be audited under the Income-tax Law or under any other law October 31 of the assessment year
4 A working partner of a firm whose accounts are required to be audited under this Act or under any other law. October 31 of the assessment year
5 Any other assesse July 31 of the assessment year . ​

 

If I fail to furnish my return within the due date, will I be fined or penalized?

​​As per section 234F, late filing fees of Rs. 5,000 shall be payable if return furnished after due date specified under section 139(1). However amount of late filing fees to be paid shall be Rs.1,000, if the total income of the person does not exceed Rs.5 lakhs.

Can a return be filed after the due date?

​​​​Return of income which has not been furnished on or before the due date specified under section 139(1) is called belated return. Belated return of income is furnished under section 139(4).
Any person who has not furnished a return of income within the time period allowed under section 139(1) or within the time period allowed under a notice issued under section 142(1), may furnish return for any previous year
– at any time 3 months before the end of the relevant assessment year or before completion of the assessment, whichever is earlier.
However, a belated return attracts late filing fees under section 234F.

Can a return of income be filed after the expiry of due date to file belated return?

​The Finance Act 2022, has inserted subsection (8A) in section 139 to enable the filing of an updated return. The section provides that an updated return can be filed by any person irrespective of the fact whether such person has already filed the original, belated or revised return for the relevant assessment year or not (subject to certain conditions).

An updated return can be filed at any time within 24 months from the end of the relevant assessment year.

 

If I have committed any mistake in my original return, am I permitted to file a revised return to correct the mistake?

​A return of income can be revised at any time 3 months before the end of the assessment year or before the assessment whichever is earlier.

How many times can I revise the return?

​​​​If a person after furnishing the return finds any mistake, omission or any wrong statement, then return should be revised within prescribed time limit.

A return can be revised at any time 3 months before the end of the Assessment Year or before the completion of the assessment; whichever is earlier.

If original return has filed in paper format or manually, then technically it cannot be revised by online mode or electronically. ​​​

Revised return can be filed online under section 139(5)​.​​

 

Do I need to file the income-tax return even when I have paid all the taxes in advance?

​​​Filing of Income-tax return for individaul is mandatory for every person whose income (before considering certain exemptions and deductions) exceed maximum exemption limit. With effect from Assessment Year 2020-21, it is mandatory for every person, who is not required to furnish return of income under any other provision of section 139(1)​, to file return of income if during the previous year he:​​

1. Has deposited an amount (or aggregate of amount) in excess of Rs. 1 crore in one or more current account maintained with a bank or a co-operative bank.

2. Has incurred aggregate expenditure in excess of Rs. 2 lakh for himself or any other person for travel to a foreign country.

3. Has incurred aggregate expenditure in excess of Rs. 1 lakh towards payment of electricity bill.

4. ​Fulfils such other conditions as may be prescribed.The CBDT vide notification No. 37/2022, dated 21-04-2022, has notified additional conditions under the seventh proviso to section 139(1)​​ whereby return filing is made mandatory. These additional conditions are as follows:

1) If total sales, turnover or gross receipt of the business exceeds Rs. 60 lakh during the previous year; or

2) If total gross receipt of profession exceeds Rs. 10 lakh during the previous year; or

3) If the total of tax deducted and collected in case of a person during the previous year is Rs. 25,000 or more. The threshold limit shall be Rs. 50,000 in case of a resident individual of the age of 60 years or more; or

4) If the aggregate deposit in one or more savings bank accounts of the person is Rs. 50 lakhs or more during the previous year.

  • Even when the advance taxes have been paid, the same need to be reported to the Department through Income-tax return filing procedure.
  • This completes the self-assessment of income and taxes are computed on the same.
  • Failure to file the income tax return will attract levy of penalty.
  • Form 26AS reflects the taxes which have been reported by the third party to whom the taxes have been deposited or by whom the taxes have been deducted.
  • Income-tax return helps in reconciling the records as submitted by assessee and as per Income-tax department records.​
  • Assessee claims refund.

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