Dr. Lalit Setia: ITR

Income Tax Return

Income Tax Return (ITR) is submitted annually, every year up to 31^st July. There are prescribed forms to file the income tax return available on the web portal of the income tax department. In order to carry forward losses or to claim a refund of excess deducted TDS; it is must submit the income tax return within the desired stipulated time i.e. up to 31^st July in the case of the individual.

A Course on e-filing Income Tax Returns (ITR) for Salaried Persons is organized in online mode for specific training for accurately e-filing Income Tax Return specifically ITR-1.

Forms to submit Income Tax Return (ITR):

The most popular ITR form is SAHAJ which is also known as ITR-1; it is used by individuals having income from salary, house property, and other sources. The ITR-2 form is submitted by individuals or HUF with income from sources except for Business or Profession. The ITR-3 form is submitted by individuals or HUF with income from Business or Profession. The ITR-4 form is known as SUGAM and it is used by individuals or HUF or Firm with presumptive income from business or profession. The ITR-5 form is submitted by firms or companies or other organizations except those who claim an exemption under section 11 or who file returns under section 139 (4A… to … 4F). The organizations who require to claim an exemption under section 11, use the ITR-6 form and the organizations who file returns under section 139 (4A… to … 4F) use ITR-7 to submit their return.

During the submission of returns (ITR-1 to ITR-7); there is no need to attach any document or paper with the return. The documentary proof or evidence of the figures stated in the submitted ITR are required to be maintained by the assessee and the same can be demanded at any time by the income tax department. It is required to maintain such evidence for at least six years, in case any legal proceeding is initiated by Income Tax Department during this period; then maintain it till such legal proceeding is not closed.

In case of any query relating to filing of ITR, there is a toll-free number of the income tax department i.e. 18001801961.

Penalty in case of non-filing of Income Tax Return:

In case, the income of an assessee is taxable and the ITR is not filed within the stipulated time frame then the penalty is imposed by the income tax department. In case of individuals, the due date of submitting ITR is 31^st July and in case, it is not submitted then the following late filing fees is applicable under section 234F:

(i) Rs. 1000 (One Thousand) for individuals having income less than Rs. 5 lac

(ii) Rs. 5000 (Five Thousand) or Rs. 10000 (Ten Thousand) for returns submitted up to 31^st December or after 31^st December of the Assessment year respectively.

What to do if inaccurate information is submitted in ITR:

In case of any mistake or omission, an assessee is required to resubmit the ITR known as the revised ITR before the end of the Assessment Year. It can be submitted by both means i.e. on paper or online as per the mode of the original ITR submitted earlier.

What happened if someone files ITR after the stipulated time frame:

There are a number of losses to an assessee if the ITR is not submitted on or before the due date. The ITR submitted after the due date is known as a belated return and in such case, the following things affect negatively:

1. The Assessee is required to pay interest on the due amount of income tax under section 234A.

2. The losses which can be carried forward usually, cannot be forwarded if ITR is not submitted on or before the due date except for the loss from House Property.

3. Late fees on default is charged under section 234F amounting to Rs. 1000 or Rs. 5000 or Rs. 10000.

4. Exemptions under sections 10A and 10B cannot be claimed.

5. A few deductions are also not be claimed like 80-IA to IE.

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