Income Tax Department has made mandatory to file income tax returns for Individuals with certain exemptions. If your income is more than the basic exemption limit then depending on your age, it is mandatory to file returns. Income tax return due date has been specified for partnership firms, LLPs, Companies, and other persons.
The process of filing of Income Tax Return has been made available online for the convenience of the taxpayers and to provide more transparency. It is not much easier than it was earlier to file returns. The Income Tax Return can be filed online on https://www.incometaxindiaefiling.gov.in/. Taxpayers have the choice to file the return directly online or upload the XML file generated through utility software.
Income Tax Return due date
The due date for filing income tax return varies as per the business structure and status of taxpayer. from person to person, based on compliances. The Income tax return due date is different for persons who have to get their account audited and if no audit is required.
Income tax return due dates are as follows:
| Category of Taxpayer | Due Date |
| Persons whose books of accounts do not require an audit | |
| Individual/HUF | 31st July of the Assessment Year |
| Association of Persons (AOI)/ Body of Individuals (BOI) | 31st July of the Assessment Year |
| Persons whose books of accounts requires audit under Income Tax Act,1961 or any other law | |
| Company | 30th September of the Assessment Year |
| Individuals/HUF | 30th September of the Assessment Year |
| Firm/LLPs/Others | 30th September of the Assessment Year |
| A person who has entered into an international transaction during the year | |
| Company | 30th November of the Assessment Year |
| Individuals/HUF | 30th November of the Assessment Year |
| Firm/LLPs/Others | 30th November of the Assessment Year |
The Hon’ble Finance Minister of India announced the economic stimulus package of Rs. 20 lakh Crores on 13th May 2020. It is very well named as “AtmaNirbhar Bharat”, which would be and should be the key mantra for survival and growth in times to come. As part of the package, the income tax return due date has been extended by the Government from 31 July & 31 October to 30 November 2020. In addition, there is an extension provided to file returns for FY 18-19 from 31st March 2020 to 30th June 2020
Income Tax Forms:
The following are the income tax forms, in which a person gives details of income earned during the year. The forms which an individual has to use has no correlation with income tax return due dates. The person must select the form as per the type of income earned during the year.
| Form | Who can file |
| ITR-1
|
Individuals who have less than Rs.50 Lakhs of annual income by salary or pension and one house property only |
| ITR-2
|
Individuals who are NRIs, Directors, Shareholders of private companies or having income from Capital Gains. Also, individuals who have Income from foreign sources or have two or more house property and have an income of more than Rs.50 lakhs. |
| ITR-3
|
Individual professionals or HUF who have income from a proprietorship business in India |
| ITR-4
|
Taxpayers enrolled under the presumptive taxation scheme u/s 44AD, 44ADA and 44AE. To be eligible for filing of income under this form taxpayers must have business income or professional income less than Rs.2 crores or Rs.50 lakhs respectively. |
| ITR-5
|
It is a form filed by partnership firms, LLPs, Associations of Individuals and Body of Individuals to report their income and for computation of tax. |
| ITR-6
|
It is filed by companies not eligible to file form ITR-7. |
| ITR-7
|
Filed by entities claiming exemption as charitable/religious trust, political parties, scientific research institutions and colleges or universities. |
Penalty for Late Filing Income Tax Return
If you do not file income tax return by due dates, IT Department levies penalty for late filing of Income Tax Returns and interest on late payment of tax. Penalty for late filing of Income Tax Returns are as follows:
| Time | Penalty (Rs.) |
| Between 1st August and 31st December | 5,000 |
| After 31st December | 10,000 |
Note: Penalty shall be levied at Rs. 1,000 only for taxpayers whose income does not exceed Rs. 5,00,000 in a financial year
FREQUENTLY ASKED QUESTIONS (FAQs)
1. What is the list of attachment that needs to be enclosed with Income tax return?
No, you do not have to attach any documents at the time of filing of the Income Tax Return but must have them handy. The Income Tax department asks for proof later on.
2. What is the address of the income tax portal to file the ITR electronically?
You can file your ITR online on https://www.incometaxindiaefiling.gov.in/.
3. Does the income tax department refund the excess taxes paid?
Yes, if you have paid excess of tax during the year, the department automatically starts the process of refunding the amount
4. I am running a small bakery shop, my sales during the year are no more than Rs. 30 lakhs. Am I liable to furnish return?
Yes, every person who has earned more than a basic exemption limit i.e. Rs 2,50,000 during the year, must file his income tax return. Also, you should adhere to income tax return due date. You may also opt for filing return u/s 44AD to pay lower taxes and if you do not want to maintain extensive books of accounts.
5. What is a salaried income?
Any income received by the person from an organization or a person where the employer-employee relationship exists.
6. What is the need of the PAN to file an income tax return?
Yes, PAN Card is necessary to file ITR.
7. What is the need of TAN to file Income Tax Return?
There is no requirement of the TAN to file an income tax return. It is required to be obtained by the person deduction or collecting tax at the source.
8. I am a salaried person, which income tax return form do I have to file my return in and what is the due date of return?
If your salary income is less than Rs. 50 lakhs should file their return under the form ITR-1. However, if your income during the year is more than Rs. 50 lakhs, you should furnish ITR-2. The income tax return due date in your case is 31 July of the assessment year.
9. Can I file a return myself online?
Yes, an assessee can file his return online. However, it is always recommended to take the help of experts.
10. What is the return of Income?
Return of Income also known as Income Tax Return is a prescribed form in which the particulars of income earned by a person in a financial year and taxes paid on such income are furnished to the Income-tax Department.
11. What are SAHAJ and SUGAM?
ITR-1 is known as SAHAJ, while ITR-4 is known as SUGAM.
12. What is the income tax return due date to file return of a Company, if it does not require a tax audit?
A company must file its return by the 30th of September of the year in which the financial year has ended.
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