​​​​​​​​​​​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:

​​​​​​​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.

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​​​​​​​​​​​​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:—

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​​​​​​​​​​​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?

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

​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.

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)​.​​

​​​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.
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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.