Income Tax Return (ITR)

ITR refers to Income Tax Return which is prescribed form for declaring Income to Income tax department. Every assessee covered under the definition of person under Income tax shall furnish the Income-tax return. There are 7 ITR forms. Based on the type of assessee the due date varies, based on Income and other aspects the ITR form varies.

Due dates for Income Tax Return

For Individual/ HUF/ Cooperative societies who are not liable to tax audit – 31st July of Assessment year.
For Companies and others who are liable for tax audit – 30th September of Assessment year.

Types of ITR forms

1. ITR 1 – For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income up to Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest, etc.), and Agricultural Income up to Rs.5 thousand(Not for an individual who is either Director in a company or has invested in Unlisted Equity Shares)
2. ITR 2 – For Individuals and HUFs not having income from profits and gains of business or profession.
3. ITR 3 – For individuals and HUFs having income from profits and gains of business or profession.
4. ITR 4 – For Individuals, HUFs and Firms (other than LLP) being a Resident having Total Income up to Rs.50 lakhs and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE (Not for an individual who is either Director in a company or has invested in Unlisted Equity Shares)
5. ITR 5 – For persons other than:-
   • Individual,
   • HUF,
   • Company and
   • Person filing Form ITR-7
6. ITR 6 – For Companies other than companies claiming exemption under section 11
7. ITR 7 – For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D).

Return under section 139(4A) is required to be filed by every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes.

Return under section 139(4B) is required to be filed by a political party if the total income without giving effect to the provisions of section 139A exceeds the maximum amount which is not chargeable to income-tax.

Return under section 139(4C) is required to be filed by every

1. Scientific research association ;
2. News agency ;
3. Association or institution referred to in section 10(23A);
4. Institution referred to in section 10(23B);
5. Fund or institution or university or other educational institution or any hospital or other medical institution.
   Return under section 139(4D) is required to be filed by every university, college or other institution, which is not required to furnish return of income or loss under any other provision of this section.

Return under section 139(4E) must be filed by every business trust which is not required to furnish return of income or loss under any other provisions of this section.

Return under section 139(4F) must be filed by any investment fund referred to in section 115UB. It is not required to furnish the return of income or loss under any other provisions of this section.

These utilities were available in Javascript and in excel form. The user can prefill the data using prefilled XML which can be downloaded from user login in income tax filing website. Once the data is filled then the user needs to validate and check for the errors before filing the return. ITR 1 and ITR 4 can be prepared and submitted online.