Income Tax: Last day to file ITR, select your form carefully

With the rumors about extension of Income Tax Return filing deadline spreading around, Income Tax Department officials have clarified that the last day for filing ITRs remains July 31. 

“The last date for filing of ITRs remains July 31. There are no plans to extend this deadline. The department has already received over two crore returns electronically. The department requests taxpayers to file their return in time,” the official said.

Considering today is the last day, there are high chances of making mistakes. Moreover, while in hurry, do select the correct ITR form.

Picking up the incorrect ITR form is one of the most common mistakes that almost all taxpayers make at least once in their life. Choosing wrong ITR forms can result in rejection of your returns. 

The simple way to select the ITR form is to read the "brief" carefully given on Income Tax official website. Here's what you need to know about ITR forms:

• To make ITR filing process simpler, the I-T department has reduced the number of ITR forms from nine to seven. 
• The ITR-1 form is also called Sahaj (meaning easy in Hindi), is the Income Tax Return Form for salaried individuals. It can be filed by an individual having income upto Rs 50 lakh and who is receiving income from salary one house property / other income (interest etc.).
• Earlier the form ITR-2 was divided into: ITR-2, ITR-2A and ITR-3. Now, all the three has been clubbed into one ITR-2 form.
• Consequently, form ITR-4 has now renumbered as ITR-3 and form ITR-4S has now become ITR-4 or also known as Sugam. 
• ITR-5 form is meant for firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals). From AY 2013-14 onwards in case an assessee who is required to furnish a report of audit under sections 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10A, 10AA, 12A(1)(b), 44AB, 44DA, 50B, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E, 115JB or 115VW he shall file the report electronically on or before the date of filing the return of income.
• Companies other than companies claiming exemption under section 11 must furnish their income tax must in ITR-6 Form. Companies claiming exemption under section 11 are those whose income from property is held for charitable or religious purposes.
• ITR-7 is filed when persons including companies fall under section 139(4A) or section 139 (4B) or section 139 (4C) or section 139 4(D). No document (including TDS certificate) should be attached with this return form while filing ITR-7. All such documents enclosed with this Return Form will be detached and returned to the person filing the return. Taxpayers are advised to match the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement Form 26AS.

Your Tax Credit Statement / Form 26-AS is an important document for tax filing. Instead of manually downloading your Form-26AS for filing your I-T Returns, you can directly import your 26AS information while filing your Income Tax Returns.

If you fail to file ITR today, be ready to pay penalties upto Rs 5,000. So, file your ITR now. 

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