The due date for filing the Income Tax Return (ITR) for Assessment Year (AY) 2023-24, which is for the income earned during the financial year 2022-23, is usually July 31, 2023, for most taxpayers.
However, taxpayers who are required to get their accounts audited under the Income Tax Act, such as companies, LLPs, and some individuals, the due date for filing the ITR is usually October 31, 2023.
In India, taxpayers are classified into different types based on their nature of income and the type of entity. The following are the different types of taxpayers in India:
1. Individuals: Any person who earns income in India and falls under the criteria specified in the Income Tax Act, 1961, is considered an individual taxpayer. This includes salaried employees, self-employed individuals, and professionals.
2. Hindu Undivided Family (HUF): An HUF is a separate entity created by Hindu law and is considered a separate taxpayer under the Income Tax Act. The HUF can have its source of income, and its income is taxable separately from the income of its members.
3. Companies: Companies are legal entities registered under the Companies Act, 2013, and are taxed as a separate entity under the Income Tax Act.
4. Partnership firms: Partnership firms are entities registered under the Partnership Act, 1932, and are taxed as a separate entity under the Income Tax Act.
5. Limited Liability Partnership (LLP): LLPs are entities registered under the Limited Liability Partnership Act, 2008, and are taxed as a separate entity under the Income Tax Act.
6. Association of Persons (AOPs) and Body of Individuals (BOIs): AOPs and BOIs are groups of individuals who come together for a common purpose and generate income. They are taxed as a separate entity under the Income Tax Act.
7. Trusts: Trusts are legal entities created for charitable or religious purposes, and their income is taxed separately under the Income Tax Act.
It’s essential to understand the classification of taxpayers, as the tax laws, rules, and regulations applicable to each type of taxpayer may vary.