Online Income tax Return Filing
An Overview- Income Tax Return Filing
The Income Tax Return is the form used to file income tax with the Department of Income Tax. The income tax is a tax imposed by the government on an earning.
Each citizen is required to file income taxes. The Income Tax Departments checks these income declarations, and if any erroneous payments have been made, the excess is repaid to the assessee's bank account. All entities must file their taxes on time to avoid fines.
The Income Tax Return is a document that details an assessee's income and taxes paid. The Indian Income Tax Department uses the following forms: ITR 1, ITR 2, ITR 3, ITR 4S, ITR 5, ITR 6, and ITR 7.
Income Tax Return forms
Understanding the Different Income Tax Return Forms
Decode the complexities of income tax return forms. Know which ITR form to use based on your income sources and file your returns accurately.
1. ITR-1 :- It is also referred as as SAHAj. It applies to those with a total income of up to Rs. 50 lakhs, a salary/pension income/revenue from one residential property or income from other sources (excluding lottery, horse racing, etc.) and agriculture income of up to Rs. 5000.
2. ITR-2 :- ITR-2 form is suited for individuals and HUFs who do not have taxable income from business or profession profits or gains.
3. ITR-3 :- This form is intended for individuals and HUFs with business or profession-related income.
4. ITR-4 :- For Individuals, HUFs, and Firms (other than LLPs) whose total income does not exceed Rs.50 lakh and whose income from business or profession is computed under sections 44AD, 44ADA, or 44AE.
5. ITR-5 :- This form is applicable to people other than Individual, HUF, Company, and Person filing Form ITR-7, namely firms, LLPs, Association of Persons (AOP), Body of Individual (BOI), artificial juridical person, cooperative society, and municipal authorities.
6. ITR-6 :- This form may be used by any firm with the exception of religious/charitable trusts and companies requesting exemption under section 11.
7. ITR-7 :- It applies to trusts, colleges, institutions, and political parties that are obliged to file a return under sections 139(4A), 139(4B), 139(4C), and 139(4D), including businesses.
Don't Miss the Income Tax Return Due Date
The deadline for submitting income tax returns is the final day to do so without incurring a late filing charge or penalty. In accordance with sections 234A and 234F, taxpayers who file their returns beyond the deadline must pay interest and a penalty.
It is imperative that all taxpayers remember the deadline for filing their income tax returns. The payment date fluctuates based on the taxpayer. For example, salaried individuals are typically expected to file their income tax returns by July 31, whereas audited businesses have until October 31 of the assessment year to complete their filings.
Here is the Income Tax Return due date
Stay informed about the income tax return due date to avoid penalties. File your ITR on time and fulfill your tax obligations seamlessly.
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Category of Taxpayer
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Due Date for Tax Filing –
FY 2023-24
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Individual / HUF/ AOP/ BOI
(books of accounts not required to be audited)
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31st July 2024
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Businesses (Requiring Audit)
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31st October 2024
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Businesses (Requiring TP Report)
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30th November 2024
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