Income Tax Return Income Tax Return is a form filed with tax authorities, which reports all your incomes, expenses, investments and all other tax related data. In India, income tax returns are filed as per the rules defined in Income Tax Act, 1962. Every Individual or other business having income up to a specified limit is required to file income tax return every year within the due date. All the income tax returns filed are regulated by our Income Tax Department (IT Department). Process of ITR filling:

  1. Register yourself on income tax portal
  2. Download the income tax return form
  3. Fill all the income, expenses details and all other mandatory fields
  4. Validate the data in return and generate xml file
  5. Upload the xml on income tax portal
  6. E-verify the return filed
  7. Processing of return by IT Department
Some key points to be kept in mind when filling ITR:
  1. Fill all general information like PAN, Aadhaar, e-mail, mobile number, etc carefully and cross verify again
  2. Give complete disclosure of all your incomes and expenses
  3. Verify bank details filled are correct, as your refund (is any) would be credited to that account
  4. Always verify filled data if you are using pre-filled xml.
Types of ITR Forms:
Form Description
ITR-1 (SAHAJ) For Individuals having Total Income upto Rs.50 lakhs, from Salaries, One House Property, Other Sources (Interest etc.)
ITR-2 For Individuals and HUFs not having income from profits and gains of business or profession
ITR-3 For individuals and HUFs having income from profits and gains of business or profession
ITR-4 For Individuals, HUFs and Firms (other than LLP) having income from Business and Profession computed under sections 44AD, 44ADA or 44AE and total income up to 50 Lakhs
ITR-5 For persons other than:- (i) Individual, (ii) HUF, (iii) Company and (iv) Person filing Form ITR-7
ITR-6 For Companies other than companies claiming exemption under section 11
ITR-7 For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D)
  Income Tax Slabs for Individuals for Assessment Year 2019-20 (Financial Year 2018-19)
Income Tax Slab Rate of Tax Health & Education Cess
Upto 2,50,000 NIL NIL
2,50,001-5,00,000 5% 4%
5,00,001-10,00,000 20% 4%
10,00,001 & Above 30% 4%
  Due Date of filling Income Tax Return:
Category Due Date
Individual, BOI, AOP, HUF 31st July
Businesses (where audit required) 30th September
Businesses (where Transfer pricing required) 30th November
  Penalty for not filling ITR: A taxpayer will have to pay late ITR filing fee of:
  1. 5,000 if return is filed after deadline i.e. 31st July but on or before 31st December of relevant AY
  2. 10,000 if return is filed after 31st December but before the end of assessment year i.e. before March 31
  3. For small tax payers having gross total income not exceeding 5 lakhs, then maximum penalty amount is Rs. 1,000
Article by CA Monika Kalera Can be reached at monikakalera@gmail.com]]>