ITR – Income Tax Return

The Income Tax Return, or ITR, is a feature that taxpayers use to provide reports to the IRS about their earnings and tax payments. A taxpayer must register his or her ITR on or before the deadline. The ITR method that applies to a taxpayer is determined by the class of taxpayer, such as individuals, HUFs, corporations, and so on, and you choose the ITR based on the existence and type of income as well as overall income.  

Before filing an ITR, each taxpayer can determine the amount of tax due and make payments based on the ITR filing date. If there are losses that need to be taken out and set off, it is necessary to file an ITR. You should also have your form 16 to enable filling in the details of salary and tax-saving deduction claims.

Types of ITR

ITR- 1 Individuals residing in India with a total income of up to Rs 50 lakh are eligible. ITR-1 may be filed by someone who earns money from a job, a home, or other outlets. An NRI is unable to file an ITR-1. ITRs may be filed using Form 16 by salaried taxpayers.
B. ITR-2 Individuals and HUF for revenue from sources other than their enterprise or occupation. Individuals and NRIs who earn money from a job, a home, capital gains, or other sources may file Form ITR-2. ITR-2 may be filed by salaried people who have made profits or damages from stock purchases and sales.
C. ITR-3 Individuals are required to disclose their earnings from a company or occupation. Salaried people who earn money from the intraday stock exchange or futures and options trading should file Form ITR-3. Individuals may use ITR-3 to record revenue from jobs, real estate, capital gains, company or trade (including presumptive income), and other sources.
D. ITR-4 Individuals, HUFs, and partnership companies are subject to a presumptive taxation system on their earnings. ITR-4 is used to report revenue from a company with a turnover of up to Rs 2 crore that is subject to section 44AD taxation. In addition, ITR-4 is for revenue from an occupation with a turnover of up to Rs 50 lakh that is subject to section 44ADA taxation. ITR-4 may be filed by a freelancer who works in a notified occupation.
E. ITR-5 LLP, AOP, and BOI are both acronyms for alliance companies. LLPs, partnership companies, AOPs, and BOIs will file ITR-5s to disclose profits from their businesses and professions, as well as some other source of income.
F. ITR-6 Is a tax return used by businesses to report revenue from industry or occupation, as well as all other forms of income.
G. ITR-7 It is the federal tax return for businesses, partnerships, and trusts that continue to be excluded from paying income tax.

What is the ITR Filing Date?

The due date for filing federal tax returns is the last day to file them without incurring a late charge or extra charge. Taxpayers who file their returns after the due date must incur interest and a levy under section 234A and 234F.

It is important for all taxpayers to keep in mind the deadline for filing their income tax returns. The due date depends on the taxpayer. Salaried entities, for example, are normally expected to file their income tax returns by July 31st, while corporations subject to audit can file their returns by September 31st of the assessment year.

ITR Last Date for AY 2021-2022

Category   Income Tax Return Last Date
Individual / HUF/ AOP/ BOI 31st July 2021
Businesses[audit]   31st October 2021
Businesses[TP Report] 30th November 2021

Consequences of Missed Last Date to File ITR

If you skip the deadline for filing your initial income tax return, you will file a belated tax return for the fiscal year 2019-20 on or before March 31, 2021. The income tax department also specifies the deadline for filing a late return. In comparison to the previous due date at the end of the assessment year, this date has been shortened by three months to the 31st December of the assessment year. As a result, the deadline for filing the belated return for FY 2020-21 is December 31, 2021.

ITR Filing Due Date – FAQs

Q1. How to claim the income tax refund after the due date has crossed?

You will file a late return if you missed the deadline for filing the ITR. A late return should be filed by the end of the appraisal year, whichever comes first. For the appraisal year 2019–20, for example, you can file a late return by the 31st of August 2019 or, at the latest, by the 31st of March 2020. However, a tax of Rs 10,000 will be paid for a late return.

Q2. Under which section does the income tax return file after the due date?

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Section 139(4) permits the filing of a late return, that is, a return filed after the due date. The taxpayer, on the other hand, will be fined a levy of Rs 10,000 for failing to file the return on time.

Q3. How to revise the income tax returns before the due date?

If the taxpayer has to make changes to the initial return, he or she will do so by filing an amended return under section 139. (5). An updated return should be submitted before the appraisal year ends or before the assessment is made, whichever comes first.

Q4. What would happen if the income tax return is not filed before the due date?

If you miss the deadline for filing an income tax return, you will file a belated return. The filing of late returns, though, will result in a tax. As a result, unless there are extraordinary conditions, early reporting of income tax returns is recommended.

Q5. What is the last date to file the ITR?

Individuals have until July 31st and September 30th of the relevant appraisal year to file ITRs, and taxpayers whose accounts are subject to audit have until September 30th to file ITRs. Thanks to the pandemic, this deadline has been postponed for AY 2020-21 to December 31st and January 31st, respectively.