Learn about the Income Tax Return (ITR) filing for Assessment Year (AY) 2023-24 in India. Understand the due date, process, and types of ITR forms.
The income tax return (ITR) filing for Assessment Year (AY) 2023-24 usually starts after the end of the financial year, i.e., from 1st April 2023. The due date for filing the ITR for AY 2023-24 is usually 31st July 2023, for taxpayers who are not required to get their accounts audited.
Taxpayers may be able to file their returns for the income made in FY 2023-24 from the last week of April or the first week of May. However, salaried employees may have to wait till mid-June as this is the time by when employers issue Form 16.
What is ITR?
ITR stands for Income Tax Return. It is a form that taxpayers in India use to report their income earned during a financial year (April 1 to March 31). The Income Tax Act, 1961, mandates that individuals, companies, and other entities that meet certain criteria must file an income tax return with the Income Tax Department every year. The purpose of filing an ITR is to declare the total income earned during the year, calculate the tax liability on that income, and pay the applicable taxes.
Who can file ITR?
As per the Income Tax Act, 1961, any individual, Hindu Undivided Family (HUF), company, firm, LLP (Limited Liability Partnership), or any other person who falls under the criteria laid out in the Income Tax Act must file an Income Tax Return (ITR) every year.
Individuals who fall under any of the following categories must file an ITR:
1. Have a total income of more than Rs. 2.5 lakhs in a financial year
2. Earned any income from abroad or have foreign assets
3. Are a resident of India with assets located outside the country
4. Hold any financial interest in an entity located outside India
5. Have deposited more than Rs. 1 crore in one or more bank accounts during the financial year
6. Own a house that has an annual rental value of Rs. 2 lakhs or more
Types of ITR
The following were the types of ITR forms available for different categories of taxpayers:
1. ITR-1 (SAHAJ): Individuals having income up to Rs. 50 lakh from salary, one house property, and other sources like interest income, pension, etc.
- ITR-2: Individuals and HUFs having income from salary, house property, capital gains, and other sources except business or profession.
- ITR-3: Individuals and HUFs having income from business or profession.
- ITR-4 (SUGAM): Individuals, HUFs, and firms (other than LLPs) having a total income of up to Rs. 50 lakh and income from business or profession computed under the presumptive taxation scheme.
- ITR-5: LLPs (Limited Liability Partnerships), AOPs (Association of Persons), BOIs (Body of Individuals), and firms.
- ITR-6: Companies other than those claiming exemption under Section 11 (Income from property held for charitable or religious purposes).
- ITR-7: Persons including companies required to furnish return under Section 139(4A), 139(4B), 139(4C), 139(4D), and 139(4E) of the Income Tax Act.
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The author is an Income Tax and GST Practisioner and can be contacted at 9024915488.
Author Bio
Retired from State Govt. Service in FY 2023-24. Received Salary, Pension, Earned Leave Encashment, Retirement Gratuity, Commuted Value of Pension.
I understand that Salary and Pension are to be shown in Salary u/s 17(1).
How do I show Leave Encashment, Gratuity and CVP in ITR1?
Salary u/s 17(1), 17(2) and 17(3)?