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Income Tax Filing is the process of declaring your income and taxes to the government. It ensures legal compliance, helps claim refunds, and is essential for loans, visas, and financial records. Timely filing avoids penalties and builds financial credibility.
Income tax filing involves reporting income and taxes to the government. Different ITR forms apply based on income type, such as salary, business, or capital gains. Taxes include TDS, advance tax, and self-assessment tax, depending on total income.
ITR Filing & Audit Due Dates
|
Category
|
Compliance Type
|
Due Date
|
|---|---|---|
|
Individuals / HUFs (Non-Audit Cases)
|
ITR Filing
|
31st July
|
|
Businesses / Professionals (Requiring Audit)
|
ITR Filing
|
31st October
|
|
Assessees requiring Transfer Pricing Report (Form 3CEB)
|
ITR Filing
|
30th November
|
|
All entities requiring audit (Companies/Firms/LLPs etc.)
|
Tax Audit Report
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30th September
|
|
Revised or Belated Return (for all taxpayers)
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ITR Filing
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31st December
|
Media
Types of ITR Forms – Eligibility & Description
| ITR Form | Applicable To | Sources of Income | Key Notes |
|---|---|---|---|
|
ITR-1 (Sahaj) |
Individual (Resident only) |
Salary, Pension, One House Property, Interest |
Total income must be below ₹50 lakhs; not for business income
|
|
ITR-2 |
Individuals / HUFs |
Above + Capital Gains, Multiple House Properties, Foreign Income |
Not for business or professional income
|
|
ITR-3 |
Individuals / HUFs |
Business or Profession, Capital Gains, Salary, House Property, Other Sources |
For those running a business or profession
|
|
ITR-4 (Sugam) |
Individuals / HUFs / Firms (non-LLP) |
Presumptive Income under 44AD, 44ADA, 44AE |
For small businesses and professionals; income limit: ₹2 Cr/₹50 Lakhs
|
|
ITR-5 |
Firms, LLPs, AOPs, BOIs, etc. |
All applicable income sources |
Not for individuals or HUFs
|
|
ITR-6 |
Companies |
All income sources |
Not applicable to companies claiming exemption under Section 11
|
|
ITR-7 |
Trusts, NGOs, Educational Institutions, Political Parties |
As per Sections 139(4A) to 139(4D) |
Used by entities eligible for tax exemptions
|
About Income Tax Filing, Types & Applicable Taxes
Income Tax Filing is a mandatory process for individuals, professionals, businesses, and organizations to declare their income, deductions, and tax liabilities to the Income Tax Department of India. Filing your Income Tax Return (ITR) helps you comply with tax laws, claim refunds, carry forward losses, and maintain financial credibility.Income Tax Filing is a mandatory process for individuals, professionals, businesses, and organizations to declare their income, deductions, and tax liabilities to the Income Tax Department of India. Filing your Income Tax Return (ITR) helps you comply with tax laws, claim refunds, carry forward losses, and maintain financial credibility.
What is Income Tax?
Income tax is a direct tax levied by the Government of India on the income earned by individuals and entities during a financial year (1st April to 31st March). The tax is calculated based on income slabs defined under the old or new tax regime.
Types of ITR Forms
The Income Tax Department provides different ITR forms depending on the nature and source of income:
ITR-1 (Sahaj): For salaried individuals with income up to ₹50 lakh, one house property, and other sources like interest.
ITR-2: For individuals/HUFs having capital gains, more than one house property, or foreign income.
ITR-3: For individuals and HUFs having income from business or profession.
ITR-4 (Sugam): For individuals, HUFs, and firms under the presumptive income scheme (Sections 44AD, 44ADA, 44AE).
ITR-5: For partnership firms, LLPs, AOPs, BOIs, etc.
ITR-6: For companies not claiming exemption under Section 11.
ITR-7: For trusts, NGOs, and institutions filing under Sections 139(4A) to 139(4D).
Types of Taxes Applicable
Self-Assessment Tax: Paid before filing ITR if any tax remains unpaid after TDS and advance tax.
Advance Tax: Paid in installments during the year if tax liability exceeds ₹10,000.
Tax Deducted at Source (TDS): Deducted by employers or payers at source of income.
Rebate and Reliefs: Available under various sections (like 87A, 80C, 80D) to reduce tax liability.
Frequently Asked Questions (FAQs) About Income Tax Filing
Who is required to file an Income Tax Return (ITR)?
Anyone whose total income exceeds the basic exemption limit (₹2.5 lakh for individuals below 60 years) must file an ITR.
Which ITR form should I use?
The correct ITR form depends on your income type—salary, business, capital gains, etc. Common forms include ITR-1 (salary) and ITR-3 (business/profession).
What happens if I don’t file my ITR?
Late filing can result in penalties, interest, loss of refund, and inability to carry forward losses.
Is it mandatory to file ITR even if there’s no tax payable?
Yes, if your income exceeds the limit or if you want to claim a refund or carry forward a loss.
What documents are needed to file ITR?
PAN, Aadhaar, Form 16, bank statements, TDS certificates, investment proofs, and business income details (if applicable).
What is Form 26AS?
It's your tax credit statement showing all TDS, TCS, and tax payments made on your PAN.
Can I get a refund if excess tax is paid?
Yes, any excess TDS or tax paid is refunded by the Income Tax Department after return processing.
What is the difference between the old and new tax regimes?
The old regime allows various deductions and exemptions (like 80C, HRA), while the new regime offers lower tax rates but removes most exemptions. You can choose between the two each year.
How do I check my ITR status after filing?
You can check your ITR status by logging into the Income Tax e-Filing Portal and clicking on “View Filed Returns.”
Is it necessary to link PAN with Aadhaar for filing ITR?
Yes, linking PAN with Aadhaar is mandatory. If not linked, your PAN may become inoperative and ITR processing will be delayed or rejected.