What is Income tax return
ITR stands for income tax return. As the name suggests that it is a declaration of income by person in every financial year to the income tax authority. Income tax authority has prescribed the forms for filing income tax return. A person falling under the mandatory category should file his ITR by paying income tax. Forms for filing income tax return and utility can be downloaded from incometax.gov.in
What are the forms prescribed for filing Income tax returns
ITR 1: For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand.
ITR 2: For Individuals and HUFs not having income from profits and gains of business or profession
ITR 3: For individuals and HUFs having income from profits and gains of business or profession
ITR 4: For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE and agricultural income upto Rs.5 thousand.
ITR 5: For persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
ITR 6: For Companies other than companies claiming exemption under section 11
ITR 7: For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only
What are the different modes of filing the return of income?
The Income tax return can be submitted with income tax department in the following ways:
- by furnishing income tax return electronically using digital signature
- by filing return electronically under electronic verification code.
- by filing the return online and thereafter submitting the verification of the return in Form ITRV
Note
Where the return of income is filed in the manner given at (iv) without digital signature, then the taxpayer should take two printed copies of Form ITR-V. One copy of ITR-V, duly signed by the taxpayer, is to be sent (within the period specified in this regard, i.e., 120 days) by ordinary post or speed post to “Income-tax Department – CPC, Post Bag No. 1, Electronic City Post Office, Bengalore-560100 (Karnataka). The other copy may be retained by the taxpayer for his record.
Which mode of filing of return is applicable to whom?
The applicable return of income shall be furnished by a person mentioned in column (ii) of the Table below to whom the conditions specified in column (iii) apply, in the manner specified in column (iv) thereof:—
| Sl. | Person | Condition | Manner of furnishing return of income |
| (i) | (ii) | (iii) | (iv) |
| 1 | Individual or Hindu undivided family | (a)Accounts are required to be audited under section 44AB of the Act; | Electronically under digital signature; |
| (b)A super senior citizen (whose age is 80 years or above at any time during the previous year) who furnishes the return either in ITR-1 or ITR-4 | (A)Electronically under digital signature; or(B)Transmitting the data electronically in the return under electronic verification code; or(C)Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V; or(D)Paper form; | ||
| (c)In any other case | (A)Electronically under digital signature; or(B)Transmitting the data electronically in the return under electronic verification code; or(C)Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V; ] | ||
| 2 | Company | In all cases. | Electronically under digital signature. |
| 3 | A person required to furnish the return in Form ITR-7 | (a)In case of a political party; | Electronically under digital signature; |
| | (b)In any other case | (A)Electronically under digital signature; or | |
| | | (B)Transmitting the data in the return electronically under electronic verification code; or | |
| (C)Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V. | |||
| 4 | Firm or limited liability partnership or any person (other than a person mentioned in Sl. 1 to 3 above) who is required to file return in Form ITR-5 | (a)Accounts are required to be audited under section 44AB of the Act; | Electronically under digital signature; |
| | (b)In any other case. | (A)Electronically under digital signature; or | |
| | | (B)Transmitting the data in the return electronically under electronic verification code; or | |
| (C)Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V |
Is it necessary to attach the documents with income tax return?
No, There is no requirement to submit documents with income tax authority.
Can a return on income be filed after the due date?
Yes, Income tax return can be filed by resident and Non-resident after the due date under section 139(4). Income tax return filed after the due date is called belated return.
Can I revise my Income tax return?
Yes, You can revise your income tax return provided it is filed with in the due date. If ITR is filed after the due date then it is not allowed to revise. Belated return cannot be revised.
How many times I can revise my Income tax return?
Income tax return is revised under section 139(5). if any person finds any misstatement, Omission or mistake after the original return, then return should be revised with in the prescribed time.
