INCOME TAX RETURN FILING
Income tax is a tax levied and collected by the Central Government on the income of a person. Income-tax is calculated at specified rates on total income of a person and paid directly to the Central Government. Income -tax return is a statement of income and tax thereon, which is to be furnished by a taxpayer to the Income-tax Department in a prescribed form. Every year different forms of returns of income are prescribed by the Income-tax Department for different taxpayers having different income from different sources. In India everyone who is earning more 2.5 lacks per year they need to pay the tax as per slabs applicable.
Category of Taxpayer Due Date for Tax Filing – FY
Individual – August 31st,
A body of Individuals (BOI) – August 31st,
Hindu Undivided Family (HUF) – August 31st,
Association of Persons (AOP) – August 31st,
Businesses (Requiring Audit) – September 30th, (extended to 31st October)
Businesses (Requiring TP Report) – November 30th,
Important Due Dates of Income tax return filing for the year Whenever we talk about income tax, there is various kind of compulsory tax formalities that need to be followed by a person and that too within the specified due dates prescribed, such as filing of income tax returns, paying advance tax on time. Here is the TAX CALENDAR for FINANCIAL YEAR. This has important Tax Due and income tax return filing dates for the year FINANCIAL YEAR.
Due DateTax Due
15th March The fourth installment of Advance Tax due for the FY previous year ii. The due date for the whole amount of Advance Tax for FY previous year for taxpayers covered under the presumptive scheme of Section 44AD and 44ADA.
15th June Due date for the First installment of Advance Tax for the FY
31st August Due date for filing Income tax return for FY previous year for all persons except I. Companies ii. Non-Companies whose books are required to be audited iii. Working partner of a firm whose accounts are required to be audited 15th September Due date for the Second installment of Advance Tax for the FY 30th September (extended to 31st October)Due date for filing of Audit report/Income tax return for the FY PREVIOUS YEAR for the following: I. companies ii. Non-Companies Whose books are required to be audited 30th November
The due date for filing Audit report for the FY PREVIOUS YEAR in case of a person who is required to submit a report pertaining to international or specified domestic transactions under section 92E ii. The due date for the report to be furnished in Form 3CEB in respect of international and specified domestic transactions iii. The due date for filing of Income-tax Return for FY PREVIOUS YEAR for the aforesaid taxpayers 15th December 2018The Due date for the third installment of Advance Tax for the FY
Who can use ITR – 1 (SAHAJ)?
ITR-1, also known as or Sahaj Form, is for people with an income up to Rs. 50 lakhs.
Who can apply ITR-1
- Income from Salary/Pension
- Income from One House Property (excluding cases where a loss is brought forward from previous years)
- Income from Other Sources (excluding winning from Lottery and Income from Race Horses)
In case of clubbed Income Tax Returns, where a spouse or a minor is included, this can be done only if their income to is limited to the above specifications.
Who cannot use ITR – 1 (SAHAJ)?
- Individuals having income above Rs 50 lakhs cannot use this form.
- Residents not ordinarily resident (RNOR) and non-residents cannot file returns using ITR -1
- Also, individuals who have earned Income through the following means are not eligible to file form ITR 1:
- More than one House Property
- Lottery, Racehorses, Legal Gambling etc.
- Taxable capital gains (Short term and Long term)
- Agricultural income exceeding Rs. 5,000
- Business and Profession
- Individual who is a Resident and has assets (including financial interest in any entity) outside India or signing authority in any account located outside India.
- Individual claiming relief of foreign tax paid or double taxation relief under section 90/90A/91.
Who can use ITR – 2?
ITR-2 must be filed by individuals and HUFs who are not eligible to file ITR-1 Sahaj form, because of following reasons:
- Income exceeding Rs. 50 Lakhs
- Having foreign assets / income
- Having agricultural income which is more than Rs. 5,000,
- Having taxable capital gains
- Having income from business or profession as a partner
- Having more than one house property
Who cannot use ITR – 2?
ITR-2 form should not be filed by any individual who has income under the head of Business or Profession from a proprietorship. ITR-2 form can also not be filed by a company or LLP or other types of legal entity.
Who can use ITR – 3?
It is a type of Income Tax Return form to be used by individuals or HUF’s deriving income from proprietary business or profession.
- Assesses with income from profit and gain of any business or profession
- Assesses having income from partnership firm
- Resident assesses having assets outside India
Who cannot use ITR – 3?
As, ITR-3 form is used for business returns, any individual filing his/her personal income tax return, i.e. Salaried employee or filing using ITR 1 form, does not have to file ITR3
Who can use ITR – 4 (SUGAM)?
ITR 4 is an Income Tax Return form that is used by the taxpayers who have opted for taxation under presumptive income scheme under Section 44AD, Section 44ADA and Section 44AE of the IT Act. However, a taxpayer will have to file ITR 3, if the annual turnover of his business exceeds Rs 2 crores.
- An individual of the age of 80 years or more at any time during the previous year; or
- An individual or HUF whose income does not exceed five lakh rupees and no refund is claimed in the return of income. In case of a Firm, an option to file a return in paper form is not applicable.
Who cannot use ITR – 4 (SUGAM)?
- Income from more than one house property or where there is brought forward loss or loss to be carried forward under this head; or
- Income from Winnings from lottery or income from Race horses; or
- Income under the head “Capital Gains”, e.g. Short-term capital gains or long-term capital gains from sale of house, plot, shares etc.; or
- Income taxable under section 115BBDA; or
- Income of the nature referred to in section 115BBE; or
- Agricultural income in excess of ₹5,000; or
- Income from Speculative Business and other special incomes; or
- Income from an agency business or income in the nature of commission or brokerage; or
- Person claiming relief of foreign tax paid under section 90, 90A or 91; or
- Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India; or
- Any resident having income from any source outside India.
Who can use ITR – 5?
The ITR-5 form is to be used by only by the following entities for filing income tax returns:
- Limited Liability Partnerships (LLPs)
- Body of Individuals (BOIs)
- Association of Persons (AOPs)
- Co-operative Societies
- Artificial Judicial Persons
- Local Authorities
Who cannot use ITR – 5?
If a person is required to file tax return u/s 139(4A) or u/s 139(4B) or u/s 139(4C) or u/s 139(4D) or u/s 139(4F), he shall not use form ITR 5.
The form should not be used by people if they are:
- An individual
- And for whom ITR-7 is applicable
Who can use ITR – 6?
All companies have to file ITR 6 as part with their income tax return.
Who cannot use ITR – 6?
For companies that have claimed exemption U/S 11(income from property for a religious/charitable purpose), do not have to file ITR 6.
Who can use ITR – 7?
- ITR 7 is filed by companies who need to file u/s 139 (4A), (4B),(4D),(4E) or (4F) for their income tax returns.
- 139 (4A) – for income from property under a trust or other legal representative for charitable/religious purposes.
- 139 (4B) – political party, whose income exceeds the taxable income tax threshold limit
- 139(4C) – anyone belonging to an association of scientific research, news agency, hospital, medical institute, education institute, university
- 139 (4D) – universities, colleges or institutions who are not required to file their tax return or report any losses under this or any other section.
Who cannot use ITR – 7?
For companies who do not need to file under the above-mentioned sections, they do not need to file ITR 7.