What is ITR?
Income Tax Return (ITR) is a form which a person is supposed to submit to the Income Tax Department of India. It contains information about the person’s income and the taxes to be paid on it during the year. Information filed in ITR should pertain to a particular financial year, i.e. starting on 1st April and ending on 31st March of the next year.
Income can be of various forms such as :
- Income from salary
- Profits and gains from business and profession
- Income from house property
- Income from capital gains
- Income from other sources such as dividend, interest on deposits, royalty income, winning on lottery, etc.
The Income Tax Department has prescribed 7 types of ITR forms - ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 and applicability of the form will depend on the nature and amount of income and the type of taxpayer.
Below is the list of ITR forms which are most commonly applicable:
| Particulars | Applicability |
|---|---|
| ITR-1 (also called as Sahaj) | To be filed by resident individuals having total income upto ₹ 50 lacs from following sources : 1. Salary 2. One house property 3. Other sources excluding winning from lotteries and income from horse races 4. Agricultural income upto ₹ 5,000 |
| ITR-2 | To be filed by Individuals and HUFs who are not eligible to file form ITR-1 and don’t have income from profits and gains from business or profession |
| ITR-3 | To be filed by Individuals and HUFs having income from profits and gains from business or profession |
| ITR-4 (also called as Sugam) | To be filed by resident individuals, HUFs and firms (other than LLP) who are residents having total income upto ₹ 50 lacs and having income from business or profession computed under section 44AD, 44ADA or 44AE |
Individuals have to compulsorily file ITR through online mode.
Following is the due date for filing of ITR:
| Particulars | Due date |
|---|---|
| Person (other than company) not covered under tax audits | 31st July |
| Person covered under tax audits | 30th September |
| Person who has undertaken international transactions and is liable to report under 92E | 30th November |
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