What is ITR?
Any Indian Resident Individual or Hindu Undivided Family whose income, in whole or in part, is either earned through a Business or Profession. Income Tax Return is the form in when assessee files information about his income and tax accordance to Income Tax Department.
According to Income Tax Act 1961, and the Income Tax Rules, 1962, obligates citizens to file returns with the Income Tax Department at the end of every financial year.
There are various forms like ITR1, ITR2, ITR3, ITR4, ITR5, ITR6 and ITR7. If its a belated file return you are not allowed to carry forward certain losses.
Every Income Tax Return Form is applicable to a certain section of the Assessees. These returns should be filed before the specified due dates. There are a lot of people out there who think filing income tax returns is not mandatory and cut it off their to-do list as they find it unnecessary and time-consuming. However, it is very important for you to file your taxes. Filing your taxes is just not a statutory duty but it is one of those moral and social duties that every citizen of a country should take care of rather as a responsibility.
What are the Different Types of ITR Forms?
While there are up to nine types of income return forms that a taxpayer could use to file his returns, only the following forms are to be taken into consideration by individuals when filing returns as per the Central Board of Direct Taxes.
ITR-1
ITR-2
ITR-2A
ITR-3
ITR-4
ITR-4S
The following income tax return forms are only applicable to companies and firms:
ITR-5
ITR-6
ITR-7
Updates: ITR filing for AY 2018-2019 has been extended from 31 July to 31 August 2018.CBDT has extended the due date for ITR Filing, considering practical difficulties and genuine hardships.
The new due date for filing the income tax return ITR for AY2018-19 is 31st of August 2018. This move has been taken for individuals for whom the due date is decided under clause (c) of Explanation 2 of Section 139(1).It may be noted that keeping in view the woes of taxpayers, the direct tax committee of the Institute of Chartered Accountants of India (ICAI) had recently urged the CBDT to extend the ITR filing due date from 31 July to 31 August, at least. Citing genuine hardships and practical difficulties of filing ITR, the institute in a letter had requested the tax department to consider the extension.
Also note, The Finance Act 2018 has introduced Section 234F to charge a fee of Rs 5,000 to Rs 10,000 for late filing of the return. If a person files the return after the due date and before 31st December, the fee of Rs 5,000 is required to be paid. For assessees filing the return after 31st December, the fee of Rs 10,000 is levied. Keeping this in view, “extension of the due date by one month is a welcome move as it will make the lives of taxpayers a little less stressful,” tax experts say.
For further information and help related to late filing feel free to get in touch with Trutax.in
For any inquiry call us +91 98 91 200793 or email us care@trutax.in
