Enquiry form
(i) an individual,
(ii) a Hindu undivided family,
(iii) a company(Domestic or Foreign),
(iv) a firm (partnership or Limited Liability partnership),
(v) an association of persons(AOP) or a body of individuals(BOI), whether incorporated or not,
(vi) a local authority, and
(vii) every artificial juridical person, not falling within any of the preceding sub-clauses.
This return is applicable for a Resident (other than Not Ordinarily Resident) Individual having Total Income from any of the following sources up to 50 lakh
1. Salary/Pension
2. Only One House Porperty
3. Income under head other sources
4. Agriculture Income upto Rs.5000
Note: ITR-1 cannot be used by a person who:
(a) is a Director in a company
(b) has held any unlisted equity shares at any time during the previous year
(c) has any asset (including financial interest in any entity) located outside India
(d) has signing authority in any account located outside India
(e) has income from any source outside India
(f) is a person in whose case tax has been deducted u/s 194N
(g) is a person in whose case payment or deduction of tax has been deferred on ESOP
(h) who has any brought forward loss or loss to be carried forward under any head of income
This return is applicable for Individual and Hindu Undivided Family (HUF) not having Income under the head Business or Profession and he is not eligible for ITR1(SAHAJ)
This return is applicable for Individual and Hindu Undivided Family (HUF) Having Income under the head Profits and Gains of Business or Profession Who is not eligible for filing ITR-1, 2 or 4
This return is applicable for an Individual or Hindu Undivided Family (HUF), who is Resident other than Not Ordinarily Resident or a Firm (other than LLP) which is a Resident having Total Income up to ₹ 50 lakh and having income from Business or Profession which is computed on a presumptive basis (u/s 44AD / 44ADA / 44AE) and income from any of the following sources:
1. Salary/Pension
2. Only One House Property
3. Income under head other sources
4. Agriculture Income upto Rs.5000
Note:ITR-4 cannot be used by a person who –
(a) is a Director in a Company, or
(b) has held any unlisted equity shares at any time during the previous year, or
(c) has any asset (including financial interest in any entity) located outside India, or
(d) has signing authority in any account located outside India, or
(e) has income from any source outside India,
(f) is a person in whose case payment or deduction of tax has been deferred on ESOP
(g) who has any brought forward loss or loss to be carried forward under any head of income
Please note that Form ITR-4 (SUGAM) is not mandatory. It is a simplified return form to be used by an assessee, at his / her option, if he / she is eligible to declare Profits and Gains from Business or Profession on presumptive basis under Section 44AD, 44ADA or 44AE.
This form can be used by a Person being a:
1. Firm
2. Limited Liability Partnership (LLP)
3. Association of Persons (AOP)
4. Body of Individuals (BOI)
5. Artificial Juridical Person (AJP)
6. Local Authority
7. Representative Assessee)
8. Cooperative Society
9. Society registered under Societies Registration Act, 1860 or under any other law of any State
10. Trust other than Trusts eligible to file Form ITR-7
11. Estate of Deceased Person
12. Estate of an Insolvent
13. Business Trust
14. Investments Fund
Applicable for Companies other than those claiming exemption u/s 11.
Company includes: Indian Company, Body corporate incorporated by or under the laws of country outside India , Any institution, association or body, whether incorporated or not and whether Indian or Non-Indian which is declared by general or special order of the Board, to be Company, etc.
Applicable for Persons including Companies who are required to furnish returns u/s 139 (4A) or Section 139 (4B) or Section 139 (4C) or Section 139 (4D)
139(4A) –
Income derived from Property held under Trust wholly / in part for charitable or religious purposes
139(4B) –
Chief Executive Officer of every Political Party
139(4C) –
Various entities like Research Association, News Agency, etc. mentioned in Section 10
139(4D) – University, College or other Institution referred in Section 35
Taxpayer is compulsorily required to file the income tax return in any of the following conditions:
| Taxpayer | Due Date |
|---|---|
| Assessee whose books of accounts are not required to be audited | 31st July |
| Assessee whose books of accounts are required to be audited | 30th September |
| Assessee whose accounts are not required to be audited (not having international/specified domestic transactions) | 31st October |
| Assessee having audited books of accounts and international/specified domestic transactions | 30th November |
Original Return is filed under section 139(1)The return filed within the due date with all prescribed details by any assessee is the original return of Income
belated return filed under section 139(4). If the person fails to file the return of income within the time-limit prescribed in this regard, then as per section 139(4) he can file a belated return. A belated return can be filed at any time before the end of the relevant assessment year or before completion of assessment, whichever is earlier
Revised return filed under section 139(5)any unintentional mistake or error or omission in the return of income filed by the taxpayer can be corrected by filing a revised return. A return can be revised at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. It should be noted that only a return filed under section 139(1) or belated return filed under section 139(4) can be revised.
Section 139(9) provides the list of situations in which the return of income filed by the taxpayer can be treated as defective return. If the Assessing Officer finds the return of income to be defective under section 139(9), then he may intimate such defect to the taxpayer and may give an opportunity to him to rectify such defect. The taxpayer shall rectify such defect in the return of income within a period of 15 days of such intimation or within such further period as the Assessing Officer may allow. If the defect is not rectified within the period of 15 days or the further period so allowed (as the case may be), then, notwithstanding anything contained in any other provision of the Act, the return shall be treated as an invalid return and the provisions of the Act shall apply as if the taxpayer had failed to furnish the return.
Rectified return is filed under section 154(1) when there is an apparent mistake in your Income Tax Return which are already processed in CPC, Bangalore
Now all the Income tax returns are filed online at www.incometaxindiaefiling.gov.in.
To file your IT returns, gather all documents like bank statements, last year’s return and Form 16 Log on to www.incometaxindiaefiling.gov.in.
Mode and process of generating and validating income tax returns through Electronic Verification Code (EVC):
• A return can be revised u/s 139(5) before processing by the department or before the expiry of the relevant assessment year whichever is earlier.
• While uploading original return if assessee forgot to disclose any income or claim any deduction or he wants to change particulars of ITR he can do revision in his ITR by uploading revised return.
if assessee failed to furnish return of income within due date as prescribed in section 139(1) then he is required to pay:-
a) Rs. 5000 if return is furnished on or before 31 December of assessment year.
b) Rs. 10,000 in any other case. However, if total income of the person does not exceeds Rs. 5 lakh then fee payable shall be Rs. 1000.
A taxpayer is required to have a tax audit carried out if the sales, turnover or gross receipts of business exceed Rs 1 crore and Profession exceeds Rs. 50 Lakhs in the financial year. However, the limit of 1 crore has been increased to 10 crores from 1st April 2021 i.e A.Y.2022-23 if he transaction of Cash Payments do not exceed 5% of the Total Payments in the financial year and Cash Receipts do not exceed 5% of the Total Receipts in the financial year of the business. Also, the tax audit is applicable to the taxpayers who shows profit lower than presumptive rate of profit under different sections.
Section 80C allows you deductions up to ₹1.5 lakhs for various types of investments and expenses.
The list of eligible deductions commonly available under Section 80C is as follows -
• Investments made towards the following -
o Life insurance policies
o ELSS schemes
o PPF
o EPF
o Sukanya Samriddhi Yojana
o 5-year bank or post office deposit
o Senior Citizen Saving Scheme
o NSC or KVP
• Expenses incurred on the following -
o Principal repayment of home loan.
o Stamp duty and registration charges on a property.
o Tuition expenses paid for up to 2 children.
• You can download a copy of your Income Tax Return acknowledgement after filing it online. The I-T department sends your ITR-V acknowledgement to your registered e-mail id.
• If you are unable to access it, log into your incometaxindiaefiling.gov.in account and follow these steps:
• Step 1: Click on 'My Account' and go to 'e-Filed Returns/Forms' on the official Income Tax department e-filing website.
• Step2: You will see a list of e-Filed returns. Click on the Acknowledgement Number of the Assessment Year for which you want to download ITR-V.
• Step 3: Under the Download/Status Description, you will find ITR-V/Acknowledgement. Click on the same and the acknowledgment will be downloaded.
• Step 4: The downloaded PDF will be password protected. Unlock it by using your PAN in lower case and date of birth (DoB) in the DD/MM/YYYY format.
• If you have filed ITR physically, you will need to approach Jurisdictional Income Tax Officer and request for a duplicate copy of your acknowledgement.
Delay in filing the return of income i.e belated return may attract certain adverse consequences. Following are the consequences:
Loss (other than loss under the head “Income from house property”) cannot be carried forward. Levy of interest under section 234A.
Levy of fee under section 234F*
Exemptions under sections 10A, 10B, are not available.
Deduction under Part-C of Chapter VI-A shall not be available.
Capital Asset is defined under Section 2(14) of the Income Tax Act, 1961 to include:
• Any kind of property held by an assessee, whether or not connected with business or profession of the assessee.
• Any securities held by a FII which has invested in such securities in accordance with the Regulations made under the SEBI Act, 1992 (subject to certain exclusions).
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