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Important Income Tax Return Forms and its Due Dates
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Important Income Tax Return Forms and its Due Dates
Important Income Tax Return Forms and its Due Dates

The Income Tax Return is the form which is filed by the taxpayers. The taxpayers file the information about his income that has been earned and the tax, which applies to the income tax department. Section 139 of the Income-tax Act 1961 states the provision relating to the filing of an Income tax return.  There are different types of Income Tax Return. They are ITR 1, ITR 2 ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. It is compulsory for every taxpayer to file his ITR on or before the prescribed due date. Following are the conditions where it is compulsory for the taxpayers to file the ITR:

  • If the gross annual income of an individual (who is below 60 years) is more than Rs. 2.5 lakh.
  • If the gross annual income of an individual (who is above 60 years but below 80 years) is more than Rs. 3 lakh.
  • If the gross annual income of an individual (who is above 80 years) is more than Rs. 5 lakh.
  • In case if an individual has more than one source of income.
  • In case if an individual wants to claim an income tax refund from the income tax department.
  • In case if an individual wants to apply for a visa or a loan.
  • In case if an individual has earned from any foreign assets or has invested in it during the particular financial year.
  • In case if the taxpayer is a company/firm.

Income Tax Return Forms 

Following are the different types of Income Tax Return forms:

  • ITR 1 - It is for a resident individual whose total income for the assessment year includes income from salary/pension, income from one house property, income from other sources (it excludes winning from lottery and racehorse) and agricultural income upto Rs. 5000. This ITR form cannot be used in case if the total income exceeds the limit of Rs. 50 lakh. ITR 1 is also known as SAHAJ.
  • ITR 2 - It is for an individual or a Hindu Undivided Family whose total income for the assessment year includes income from salary/pension, income from house property and income from other sources (it includes winning from lottery and racehorse). This ITR form can be used in case if the total income exceeds the limit of Rs. 50 lakh.
  • ITR 3 - It is for an individual or a Hindu Undivided Family who has earned income from the proprietary business or are carrying on profession. It may include income from salary/pension, income from house property and income from other sources.
  • ITR 4 - It is for an individual, Hindu Undivided Family, Partnership firms (excluding limited liability partnership) which are residents and has earned income from the proprietary business or are carrying on profession. ITR form has to be filed if the turnover of the business exceeds the limit of Rs. 2 crores. ITR 4 is also known as Sugam.
  • ITR 5 - It is filed by the Partnership Firms, Limited Liability Partnership, Association of Persons, Body of Individuals, Artificial Juridical Person, Estate of Deceased, Estate of Insolvent, Business trust and investment fund.
  • ITR 6 - It is filed by the Companies electronically. However, it cannot be filed by the companies claiming exemption under section 11. Section 11 states the provision regarding the income from property that is held for charitable/religious purposes.
  • ITR 7 - It is for the persons including companies that are required to furnish return under section 139(4A) (ITR of Charitable and Religious Trusts), 139(4B) (ITR to be furnished by Political Party), 139(4C) and 139(4D) (ITR of the entities that are claiming exemption under section 10), 139(4E) (ITR to be filed by every business trust which is not required to furnish ITR or loss under any other provisions) or 139(4F) (ITR to be filed by any investment fund referred under section 115UB).

Due dates for ITR filing

The due date is the date by which the ITR can be filed without any late fee or penalty. The due date for filing an ITR for an Individual, Body of Individual, Hindu Undivided Family and Association of persons is 31st July 2020. The due date for filing an ITR for the business that requires Audit is 30th September. The due date for filing an ITR for the business that requires Transfer Pricing Report is 30th November. The due date for 1st Installment of Advance tax is 15th June. The due date for 2nd Installment of Advance tax is 15th September. The due date for 3rd Installment of Advance tax is 15th December. The due date for 4th Installment of Advance tax is 15th March.

Penal Provision

Section 234A of the Income-tax Act 1961 states the provision relating to the interest for defaults in furnishing the ITR. In case if the taxpayer has failed to file ITR then a penalty of 1% every month/part of the month on the amount of tax payable. Section 234F of the Income-tax Act 1961 states the provision relating to the payment of the penalty for defaults in furnishing the ITR. If the total income is upto Rs. 5 lakh and the return is filed after the due date, then the taxpayer shall be liable for Rs. 1,000 as a penalty. If the total income is above Rs. 5 lakh and the return is filed on or before 31st December of the Assessment year, but after the due date, then the taxpayer shall be liable for Rs. 5,000 as a penalty. If the total income is above Rs. 5 lakh and the return is filed after 31st December of the Assessment year, then the taxpayer shall be liable for Rs. 10,000 as a penalty

Conclusion

It is mandatory to every taxpayer that he must file the ITR on or before the due date as prescribed above. The taxpayer must always remember the due date of filing ITR. If the taxpayer has failed to file the ITR on or before the due date, then he is liable to pay interest as specified under section 234A and penalty as specified under section 234F.

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