ITR filing : Your guide to file Income Tax Return; key forms and last date

Income Tax Return (ITR) filing is an obligation on the taxpayers under the Income Tax Act, 1961. The government in the last few years has made the ITR filing process easier and also reported a substantial rise in the number of tax return filings. But still, the ITR filing process could be confusing for many. Here, we will tell you about the forms and procedures relating to ITR filing.

Under the Income Tax Act, 1961, there are different forms prescribed for different category of taxpayers. Below is the list of forms that different taxpayers require to file based on their income.

ITR – 1 : ITR-1 is also known as SAHAJ. It is applicable to an ordinarily resident individual having salary or pension income or income from one house property (not a case of brought forward loss or loss to be carried forward) or income from other sources (not being lottery winnings and income from race horses and income chargeable to tax at special rates). However, an individual who is a director in a company or has held equity shares of an unlisted company shall not be eligible to use ITR -1.

Further, the ITR-1 shall not be available to a taxpayer in whose case the tax has been deducted on cash withdrawal under Section 194N or tax has been deferred in respect of ESOPs allotted by an eligible startup.

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ITR – 2 : It is applicable to an individual or a Hindu Undivided Family not having income chargeable to income-tax under the head “Profits or gains of business or profession”.

ITR – 3: It is applicable to an individual or a Hindu Undivided Family who has any income chargeable to tax under the head business or Profession.

ITR – 4: This form is also known as SUGAM. It is applicable to individuals or Hindu Undivided Family or partnership firms who have opted for the presumptive taxation scheme of section 44AD/44ADA/44AE.

ITR – 5 : This Form can be used by a person being a firm, Limited Liability Partnership (LLP), an association of persons (AOP), a body of individuals (BOI),artificial juridical person referred to in section 2(31)(vii), cooperative society, local authority Private Discretionary Trust, Society registered under Society Registration Act, 1860, trust other than trusts eligible to file ITR 7, estate of deceased person, estate of an insolvent, business trust and investment fund. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form (i.e., trusts, political parties, institutions, colleges.)

ITR – 6 : It is applicable to a company, other than a company claiming exemption under section 11 (exemption under section 11 can be claimed by charitable/religious trust).

ITR – 7: It is applicable to a person including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) (i.e., trusts, political parties, institutions, colleges.).

ITR – V: It is the acknowledgement of filing the return of income.

ITR filing date :

The last date for ITR filing for FY 2021-22 for salaried people whose accounts are not required to be audited is July 31. The deadline is October 31 for those whose accounts need to be audited. It is advised to file ITR before the deadline to avoid any penalty.