File Income Tax Return
Income Tax Return in India
An Income tax return (ITR) is a form used to file information about your income and tax to the Income Tax Department. It contains information about the person's income and the taxes to be paid on it during the year. Tax is levied on your income once it surpasses a certain level. To pay the taxes, you have to file an Income Tax Return. ITR is a form wherein you enter details regarding the income you have earned in the past financial year (1st April-31st march).
Who has to file Income Tax Return
A person (ie. Individual, Firm, LLP, Company, Co-operative Society, Trust, Society, Association of Persons, Body of Individuals, Artificial or Judicial Person and a Local Authority) defined under the Income Tax Act has to file their Income Tax Return during the Assessment Year for the Financial Year. If the Financial Year is 2023-24 and the Assessment Year will be 2024-25. So they have to file their Income Tax Return during the year 2024-25.
As such, individuals with a total taxable salary income of less than Rs. 5 lakh & bank interest up to As. 10,000/-. in the financial year after allowing all deductions, will be exempted from filing income tax returns.
Types of Income Tax Returns & their Due Dates
There are various ITR form available for tax payers to file taxes. Depending on the type/source of income generated, the tax payers are required to file different type of income tax return. The following are the different type of income tax return forms and type of persons to file with the due date to file:
| ITR Form | Who are required to file it | Due Date | Action |
|---|---|---|---|
| ITR-1 | For individuals being a resident (other than not ordinarily resident) having total income up to Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income up to Rs.5 thousand. | 31st July | File Now |
| ITR-2 | For Individuals and HUFs not having income from profits and gains of business or profession (ie. income should be more than Rs.50 lakh) | 31st July | File Now |
| ITR-3 | For individuals and HUFs having income from profits and gains of business or profession. | 31st July (No Audit) 31st Oct (Audit) | File Now |
| ITR-4 | For Individuals, HUFs and Firms (other than LLP) being a resident having total income up to Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE and agricultural income up to Rs.5 thousand. | 31st July | File Now |
| ITR-5 | For persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7 | 31st July (No Audit) 31st Oct (Audit) | File Now |
| ITR-6 | For Companies other than companies claiming exemption under section 11 | 31st Oct | File Now |
| ITR-7 | For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only | 31st Oct | File Now |
Penalties for not filing Income Tax Return
The income tax department levies penalties for late filing of income tax return:
| Particulars | Penalty if total income below Rs.5 lakhs | Penalty if total Income above Rs.5 lakhs |
|---|---|---|
| Return filing before Due Date | No Penalty | No Penalty |
| Return filing after Due Date | Rs.1000 | Rs.5000 |
CompaniesHouse - The MCA:
Filing of Income Tax Return is one of the important aspect of your business. CompaniesHouse has been having combined experience in this domain for over 20 years now and has served several clients in India and abroad. Our team comprises of certified, professional tax consultants who provide the best services in the industry. Our tax consultants and professionals are updated with the changing market scenarios and are skilled to work on emerging tools and technologies. By outsourcing your requirements to us, you can save about 50% of your costs and concentrate more on your core competencies.
We are incredibly passionate about the quality of our service, and we are incredibly proud of our customer feedback, as shown by our excellent reviews and ratings. Time and time again, we are selected for the value and expertise that our team is known for. We have helped shape the industry by providing innovative business services and bundled packages that have evolved alongside the needs of our customers.
Our clients have access to free support from an expert team. We are always on standby to help. If you need assistance at any point before, during, and after the registration of your company, you will be able to reach us by telephone or email.
If you have any kind of Income Tax Return filing requirements, feel free to write to us or talk to one of our representatives and we will get back to you within 24 hours.
Why CompaniesHouse?
No Hidden Charges:
We believe in clear and transparent pricing. The price advertised is the price you pay. There are no additional costs to register your business.
Speedy Service:
In just over 5 minutes you can submit your new company name application, and often in just 3-5 days, your company will be fully registered.
20+ Years of Exp:
We are experts in our field, our team has over 20 years of experience. Take the hassle out of setting up your business, rest assured that you are backed with the support you need to succeed.
Trusted Service:
Today our clients expect outstanding service. That's why we are so proud that 99% of our clients rate us "Great" and "Excellent" on Google.
Simplicity:
The whole process, from ordering to using your company registration license, is made as simple and easy as possible to help you build your business.
Privacy & Security:
Customer privacy and security is paramount. We ensure your payment, company and personal information is protected at the highest level.
What Client Says?
You are truly experienced in Company Registrations. Keep it up!
Ram Kumar Chilukuri Director, Anewa Engineering Pvt Ltd
Thanks for your continuous support. God bless you!
Nrupesh CFO, Blujay Solutions Private Limited
Thank you CompaniesHouse for saving in Income Tax!
Avtar Singh Managing Partner, Chetak Transporters
We are surprised to get our Company registered in one day. Thanks.
Mohammed Fasiuddin Director, Avidus Engineering Pvt Ltd
Thank you for the initial discussion as we choose best business format!
Lakshmi Keerthi Reddy Director, Lavanar Sea Food Farming Private Limited
Thank you CompaniesHouse for reminding on timely statutory compliance!
Rambabu Director, Cybervillage Solutions Pvt ltdLet's Clear Your Doubts
What is Income Tax Return?
An Income tax return (ITR) is a form used to file information about your income and tax to the Income Tax Department. It contains information about the person's income and the taxes to be paid on it during the year. Tax is levied on your income once it surpasses a certain level. To pay the taxes, you have to file an Income Tax Return. ITR is a form wherein you enter details regarding the income you have earned in the past financial year (1st April-31st march).
Who has to file Income Tax Return?
A person (ie. Individual, Firm, LLP, Company, Co-operative Society, Trust, Society, Association of Persons, Body of Individuals, Artificial or Judicial Person and a Local Authority) defined under the Income Tax Act has to file their Income Tax Return during the Assessment Year for the Financial Year. If the Financial Year is 2023-24 and the Assessment Year will be 2024-25. So they have to file their Income Tax Return during the year 2024-25.
As such, individuals with a total taxable salary income of less than Rs. 5 lakh & bank interest up to As. 10,000/-. in the financial year after allowing all deductions, will be exempted from filing income tax returns.
What are the types of Income Tax Returns and their Due Dates?
There are various ITR form available for tax payers to file taxes. Depending on the type/source of income generated, the tax payers are required to file different type of income tax return. The following are the different type of income tax return forms and type of persons to file with the due date to file:
| ITR Form | Who are required to file it | Due Date | Action |
|---|---|---|---|
| ITR-1 | For individuals being a resident (other than not ordinarily resident) having total income up to Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income up to Rs.5 thousand. | 31st July | File Now |
| ITR-2 | For Individuals and HUFs not having income from profits and gains of business or profession (ie. income should be more than Rs.50 lakh) | 31st July | File Now |
| ITR-3 | For individuals and HUFs having income from profits and gains of business or profession. | 31st July (No Audit) 31st Oct (Audit) | File Now |
| ITR-4 | For Individuals, HUFs and Firms (other than LLP) being a resident having total income up to Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE and agricultural income up to Rs.5 thousand. | 31st July | File Now |
| ITR-5 | For persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7 | 31st July (No Audit) 31st Oct (Audit) | File Now |
| ITR-6 | For Companies other than companies claiming exemption under section 11 | 31st Oct | File Now |
| ITR-7 | For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only | 31st Oct | File Now |
What are the penalties for not filing Income Tax Return?
The income tax department levies penalties for late filing of income tax return:
| Particulars | Penalty if total income below Rs.5 lakhs | Penalty if total Income above Rs.5 lakhs |
|---|---|---|
| Return filing before Due Date | No Penalty | No Penalty |
| Return filing after Due Date | Rs.1000 | Rs.5000 |
