TF-INCOMETAIncome Tax Returns

Income Tax Return (ITR) Filing

By G R Hari3 min read

Quick Answer

Income Tax Return (ITR) Filing India is the process of submitting your income details to the Income Tax Department. Governed by the Income Tax Act, 1961, it is mandatory for individuals and entities whose income exceeds the basic exemption limit.

Income Tax Return (ITR) Filing — detailed explanation below

Governing Act — Income Tax Return (ITR) Filing India

The primary legislation governing Income Tax Return (ITR) Filing India is the Income Tax Act, 1961. This Act prescribes the rules for computation of income, deductions, exemptions, and the procedure for filing returns. The Income Tax Rules, 1962 provide detailed procedures for e-filing and verification.


Government Department & Website for Income Tax Return (ITR) Filing India

The Income Tax Department under the Ministry of Finance, Government of India, administers tax filing. The official e-filing portal is www.incometax.gov.in. All returns must be filed electronically through this portal or through authorized intermediaries.


Income Tax Return (ITR) Filing India Application Process

The process for Income Tax Return (ITR) Filing India involves the following steps:

  1. Gather Documents: Collect Form 16, bank statements, investment proofs, and other income details.
  2. Choose Correct ITR Form: Select the appropriate form (ITR-1 to ITR-7) based on your income sources and status.
  3. Compute Tax Liability: Calculate total income, deductions under Chapter VI-A, and tax payable.
  4. File Return Online: Log in to the e-filing portal, fill the form, and upload it.
  5. Verify Return: Verify the return using Aadhaar OTP, net banking, or by sending a signed ITR-V to CPC Bengaluru.
  6. Acknowledge: After verification, an acknowledgment (ITR-V) is generated for your records.

Key Forms Required for Income Tax Return (ITR) Filing India

The key forms for Income Tax Return (ITR) Filing India are:

  • ITR-1 (Sahaj): For individuals with salary, one house property, and other income up to ₹50 lakh.
  • ITR-2: For individuals and HUFs not having business/profession income.
  • ITR-3: For individuals and HUFs having business/profession income.
  • ITR-4 (Sugam): For presumptive business income under sections 44AD, 44ADA, or 44AE.
  • ITR-5: For firms, LLPs, AOPs, BOIs.
  • ITR-6: For companies.
  • ITR-7: For persons required to file under sections 139(4A), 139(4B), 139(4C), 139(4D).

Eligibility Criteria for Income Tax Return (ITR) Filing India

Any individual, Hindu Undivided Family (HUF), company, firm, LLP, association of persons (AOP), or body of individuals (BOI) whose total income exceeds the basic exemption limit must file an Income Tax Return (ITR) Filing India. The basic exemption limit for individuals below 60 years is ₹2.5 lakh (for FY 2023-24). Filing is also mandatory if you have assets abroad, claim a refund, or have incurred a loss that you wish to carry forward.


Timeline for Income Tax Return (ITR) Filing India

The due date for Income Tax Return (ITR) Filing India varies by taxpayer category. For most individuals, the due date is July 31 of the assessment year. For taxpayers requiring audit, the due date is October 31 or November 30 (for transfer pricing cases). Late filing is permitted but attracts a late fee under section 234F.


Fees for Income Tax Return (ITR) Filing India

The government-prescribed fees for Income Tax Return (ITR) Filing India are as follows:

Fee TypeAmount
Late filing fee (section 234F)₹1,000 (if total income ≤ ₹5 lakh) / ₹5,000 (if total income > ₹5 lakh)
Interest under section 234A1% per month on unpaid tax
Interest under section 234B1% per month on shortfall in advance tax
Interest under section 234C1% per month for deferment of advance tax

Note: No fee is payable for filing on time. The above fees are applicable only for late or incorrect filing.

Frequently Asked Questions

What is the due date for Income Tax Return (ITR) Filing India?

For most individuals, the due date is July 31 of the assessment year. For taxpayers requiring audit, it is October 31 or November 30 for transfer pricing cases.

Which ITR form should I use for Income Tax Return (ITR) Filing India?

The form depends on your income sources. ITR-1 is for salaried individuals with one house property, ITR-2 for those without business income, ITR-3 for business/profession income, and ITR-4 for presumptive income.

Is it mandatory to file Income Tax Return (ITR) Filing India if my income is below the exemption limit?

No, it is not mandatory if your total income is below the basic exemption limit (₹2.5 lakh for individuals below 60). However, filing may be beneficial to claim a refund or carry forward losses.

What documents are needed for Income Tax Return (ITR) Filing India?

You need Form 16, bank statements, investment proofs (e.g., PPF, ELSS), home loan certificate, and details of other income like interest, rent, or capital gains.

Can I file Income Tax Return (ITR) Filing India after the due date?

Yes, you can file a belated return under section 139(4) by December 31 of the assessment year. However, a late fee under section 234F and interest may apply.

What is the penalty for not filing Income Tax Return (ITR) Filing India?

If you fail to file, a late fee of up to ₹5,000 under section 234F may be levied. Additionally, interest under sections 234A, 234B, and 234C may apply.