Filing your Income Tax Return (ITR) in India is an important responsibility for every taxpayer. It involves reporting all your income, deductions, and tax liabilities. The last date to file your ITR for the Financial Year 2024-2025 (Assessment Year 2024-2025) without a late fee is July 31, 2024. Filing early helps avoid mistakes and technical issues. At Vyapaar Registration, we make the ITR e-filing process simple and easy. Our expert support ensures a smooth, fast, and secure filing experience.
Let Vyapaar Registration assist you in fulfilling your tax duties effortlessly.
An Income Tax Return (ITR) is a form used to report your income and taxes paid to the government. There are seven types of ITR forms (ITR 1 to ITR 7), and the one you need depends on your income sources, total earnings, and taxpayer type (like individual, HUF, or company). It’s important to fill out the correct form and submit it on time to follow the tax rules.
If your income after deductions exceeds the exemption limit, you must file your ITR.
All businesses, including private companies and LLPs, must file ITR every year, whether they make a profit or not.
Directors in companies or partners in LLPs must file ITR to report their income from the business.
If you earn income from dividends, such as from mutual funds, bonds, or fixed deposits, you need to file ITR.
Trusts managing charity funds or receiving voluntary contributions must file ITR for transparency.
If you’re eligible for a tax refund, you must file your ITR to claim it.
NRIs and tech professionals must file ITR if their income from India exceeds the exemption limit or involves certain transactions.
In India, you need to file your Income Tax Return (ITR) if your income exceeds certain limits, which vary by age:
Filing your ITR provides an official record of your income and taxes paid, which is helpful for identity verification and income proof when applying for loans or property.
By filing your ITR, you can claim tax deductions and exemptions, lowering the amount of tax you owe.
ITR is necessary for loan and visa applications as it shows proof of income and financial stability.
Filing your ITR on time helps you avoid penalties and fines for late submission or unpaid taxes.
If you have financial losses, filing your ITR allows you to carry them forward and offset against future income.
A consistent tax filing record can speed up the approval process for loans and credit cards by showing your financial reliability.
If you’ve paid more tax than necessary, filing your ITR enables you to claim a refund easily and quickly.
ITR filing is often needed for big transactions, like buying property or purchasing high-value insurance.
The ITR-1 Sahaj Form is a simple way for resident individuals in India to file their income tax returns. It is designed for those with a total income of up to Rs. 50 lakh, coming from salary/pension, a single house
property, or other sources. This form helps eligible individuals easily report their income and fulfill tax obligations.
| Category | Details |
|---|---|
| Who Can File ITR-1 | Eligibility: Resident individuals with total income below Rs. 50 lakh. |
| Income Sources: | |
| - Salary/Pension | |
| - Income from a single house property | |
| - Family pension | |
| - Agricultural income (up to Rs. 5,000) | |
| - Interest income (from savings, deposits, income tax refund, etc.) | |
| Note: Mandatory if income is below exemption limit but meets other criteria like high deposits or significant expenses. | |
| Who Cannot File ITR-1 | Ineligible Individuals: |
| - NRIs or RNORs | |
| - Income exceeding Rs. 50 lakh | |
| - Agricultural income over Rs. 5,000 | |
| - Income from lottery, gambling, or capital gains | |
| - Business/professional income | |
| - Directors of companies | |
| - More than one house property | |
| - Those availing tax deduction under section 194N or owning ESOP from a start-up employer |
The ITR-2 form is meant for individuals and Hindu Undivided Families (HUFs) who do not earn income from business or professional activities. It is used to report income from other sources like salary, property, or capital gains.
| Income Source | Description |
|---|---|
| Salary or Pension | Income from employment or pension. |
| House Property | Income from one or more properties. |
| Capital Gains | Income or losses from selling investments or property. |
| Other Sources | Income like lottery winnings or gambling earnings. |
| Agricultural Income | Receipts over Rs 5,000 from farming activities. |
| Foreign Income/Assets | Income earned abroad or owning foreign assets. |
| RNOR or Non-Resident Status | If you are a Resident Not Ordinarily Resident (RNOR) or Non-Resident (NRI). |
| Director in a Company | If you are a director in a listed or unlisted company. |
The ITR-3 Form is for taxpayers earning income from a business or profession. It helps the Income Tax Department gather detailed financial information to ensure tax compliance.
| Category | Eligibility for ITR-3 | Who Cannot File ITR-3 | Due Date for Filing ITR-3 |
|---|---|---|---|
| Directorship | If the taxpayer is a director of a company or engaged in business. | Partners in partnership firms should file ITR-2 instead of ITR-3. | Non-Audit Cases: July 31, 2023 Audit Cases: October 31, 2023 |
| Residential Status | Applicable to both residents and non-residents. | Dates are subject to change, so stay updated with the income tax authorities. | |
| Pension Income | If the taxpayer receives income from a pension. | ||
| House Property Income | Income from one or more house properties. | ||
| Unlisted Equity Shares | Investments in unlisted equity shares. | ||
| Business or Profession Income | Income from business or profession, including salary, interest, commission, etc. | ||
| Other Income | Includes income from lotteries, legal gambling, short-term and long-term capital gains, and foreign assets. |
The ITR-4 Form, also known as the Sugam form, is for taxpayers who have chosen the presumptive income scheme under Sections 44AD, 44ADA, and 44AE of the Income Tax Act. It's mandatory for eligible taxpayers to use this form. If your business has an annual turnover above Rs. 2 Crores, you must use ITR-3 instead. In some cases, you may need to use ITR-5. Vyappar Registration offers expert help with your ITR 4 income tax filing to ensure a smooth and accurate process.
For Resident Individuals, Hindu Undivided Families (HUFs), and Partnership Firms engaged in specific businesses. Income is calculated on an estimated basis if turnover is below Rs. 2 Crore.
For Resident professionals (like doctors, lawyers, etc.) with gross receipts up to Rs. 50 Lakh. Income is estimated on a presumptive basis.
For businesses involved in goods carriage (up to 10 vehicles), allowing them to estimate income.
| Criteria | Details |
|---|---|
| Total Income | Must not exceed Rs. 50 Lakh. |
| Income Sources |
- Salary - Pension - One House Property - Interest income - Presumptive business income (turnover up to Rs. 2 Crore) - Presumptive income from goods carriage (up to 10 vehicles) - Professional income under Section 44ADA (up to Rs. 50 Lakh). |
| Agricultural Income | Up to Rs. 5,000. |
| Filing Type | Individuals, Hindu Undivided Families (HUFs), or Firms with income from the above sources. |
| Criteria | Details |
|---|---|
| Directors of a Company | Not eligible to file ITR-4. |
| Unlisted Equity Shares | If held at any point during the previous year, cannot use ITR-4. |
| Foreign Assets | Taxpayers with assets or interests in foreign entities/accounts are not eligible. |
| Foreign Income | Individuals with income from foreign sources cannot file ITR-4. |
| Specific Income Types |
- Profits from business/profession not under presumptive scheme - Income from more than one house property - Capital gains - Lottery winnings - Racehorse income - Income under Sections 115BBDA or 115BBE - Agricultural income above Rs. 5,000. |
| Tax Claims | Not eligible if claiming losses, deductions, or tax credits like under Section 57 (except for family pension). |
The ITR-5 Form is designed for entities like firms, Associations of Persons (AOP), and Bodies of Individuals (BOI) that are not structured as companies but still need to file their income tax returns. It helps these entities report their income and taxes to the Income Tax Department.
Vyappar Registration is your trusted partner for smooth and efficient ITR-5 filing. Our platform offers easy-to-use services with expert assistance, making your ITR filing experience seamless and hassle-free.
Individuals must use ITR-1, ITR-2, or other applicable forms based on their income sources.
HUFs must file ITR-2 or other applicable forms based on income.
Companies must use ITR-6, except those claiming exemption under Section 11.
Taxpayers falling under Sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E), or 139(4F) must use ITR-7 (for charitable trusts, political parties, etc.).
| Situation | Due Date |
|---|---|
| When accounts are to be audited under the Income-Tax Act | 31st October of the Assessment Year |
| When a report in Form No. 3CEB is required | 30th November of the Assessment Year |
| When accounts do not need to be audited | 31st July of the Assessment Year |
Filing ITR-6 is essential for companies in India to ensure they meet their annual tax obligations. It helps businesses stay compliant with the Income Tax Act, avoiding penalties and legal issues. If you're ready to complete your company's ITR-6, Vyappar Registration experts are here to assist you every step of the way!
o All companies, except those claiming exemption under Section 11 of the Income Tax Act (charitable or
religious purposes).
o Companies registered under the Companies Act, 1956 or 2013, including:
Private Limited Company
One Person Company
Public Limited Company
o Individuals
o Hindu Undivided Families (HUF)
o Firms
o Associations of Persons (AOP)
o Bodies of Individuals (BOI)
o Local Authorities
o Artificial Judicial Persons
o Companies claiming exemption under Section 11 of the Income Tax Act
o October 31st of the assessment year for companies not involved in transfer pricing.
o November 30th of the assessment year for companies involved in transfer pricing.
The ITR-7 Form is designed for entities claiming exemptions under specific sections of the Income Tax Act. It applies to:
The ITR-7 form applies to:
Charitable or Religious Trusts
Political Parties with income exceeding the non-taxable limit
Scientific research associations, hospitals, educational institutions, universities, and news agencies
Colleges and universities
Business trusts and investment funds
Trusts, companies, firms, local authorities, AOPs, or artificial judicial persons claiming exemptions under the above sections.
Individuals or entities not claiming exemptions under Sections 139(4A), 139(4B), 139(4C), or 139(4D) are not required to file ITR-7.
| ITR Form | Who Should Use It | What It's For |
|---|---|---|
| ITR-1: SAHAJ | Individuals earning salary/pension under Rs. 50 lakh, and owning one house | For people with salary or pension income and one house |
| ITR-2: Beyond Business | NRIs, company directors, private company shareholders, those with capital gains or foreign income | For people with income from investments or foreign sources, or owning multiple properties |
| ITR-3: Professionals and Proprietorships | Professionals like doctors, lawyers, or people running their own business | For professionals or business owners working alone |
| ITR-4: Presumptive Taxation | People with business income less than Rs. 2 crore or professional income less than Rs. 50 lakh | For people with small businesses or freelance work, using a simple tax scheme |
| ITR-5: Partnerships, LLPs, and Others | Partnership firms, LLPs, associations, or bodies of individuals | For businesses and organizations like partnerships or LLPs |
| ITR-6: Companies | Companies registered in India | For companies that are officially registered in India |
| ITR-7: Special Entities | Charitable trusts, political parties, research institutes, and universities | For special organizations like trusts or research institutions |
| Category of Taxpayer | Due Date |
|---|---|
| Individuals/Entities Not Liable for Tax Audit | July 31, 2024 |
| Taxpayers Under Tax Audit (except transfer pricing) | October 31, 2024 |
| Taxpayers Under Transfer Pricing | November 30, 2024 |
| Revised/Belated Return for FY 2023-24 | December 31, 2024 |
| Corporate Returns (Extended Deadline) | November 15, 2024 |
| Penalty Type | Details |
|---|---|
| Interest | 1% interest per month on unpaid tax, under Section 234A. |
| Late Fee | Rs. 5,000 late fee (Rs. 1,000 if income is below Rs. 5 lakh) under Section 234F. |
| Loss Adjustment | Late filing means you lose the benefit of carrying forward losses from investments or business. |
| Section | Documents Needed |
|---|---|
| General Documents |
- PAN (Permanent Account Number): For all financial and tax-related activities. - Aadhaar (Linked to PAN): For tax record verification. - Bank Account Details: Needed for processing refunds or verifying financial details. |
| Income-Related Documents |
- Salary Slips: To confirm your salary income. - Rent Receipts: If you're claiming House Rent Allowance (HRA). - Form 16: Provided by your employer showing the tax deducted from your salary. - Form-16A: For TDS on income other than salary. - Form-16B: For TDS on the sale of property. - Form-16C: For TDS on rent. - Form 26AS: Shows taxes already paid against your PAN. |
| Deductions & Exemptions |
- Interest Certificates: From banks or post offices for savings accounts or fixed deposits. - Home Loan Details: If you're claiming deductions on home loan interest. - Proof of Tax-Saving Investments: Includes life insurance, health insurance, PPF, NSC, ELSS mutual funds, etc. |
| Other Income |
- Capital Gains Documents: For income from the sale of assets like stocks or property. - Rental Income: Lease agreements and rent receipts for rental properties. - Foreign & Dividend Income Proofs: Documents verifying income from foreign sources and dividends. |
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