The income tax department has released E-filing utilities of ITR 1, 2, 3, 4, 5 and 7 for AY 2018-19. These are available at for e-Filing. ITR 6 is not yet released and the same is expected to be available in coming few days.

When you should file the income tax return?

This the first question in the mind of the taxpayer that when he should file the ITR. The income tax return forms are already issued by the department. The last date of filing the TDS Return for the fourth quarter of the Financial year 2017-18 is 31st May’2018 and the deductor is liable to issue TDS certificates by the 15th June’2018.

The taxpayer should ideally collect all the Form 16/16A from the respective deductors and reconcile the same with the Form 26AS. Thereafter, he should proceed for the filing of the Income Tax Return.

Forms for Filing of the Income Tax Return

The next question in the mind of the taxpayer is the selection of form for the filing of the Income Tax Return. It is important to determine which type of income tax return form to file before actually filing of return of Income. The form required is entirely dependent on the class of taxpayer and income that the taxpayer earns.

The below table will help you find out which type of income tax return is applicable to you.

ITR Form Description
ITR 1 For individuals being a resident other than not ordinarily resident having Income from Salaries, one house property, other sources (Interest etc.) and having total income up to Rs.50 lakh
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 presumptive income from Business & Profession
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) or 139(4E) or 139(4F)

Avoid Fee by filing ITR timely

Make sure to file the return of income within the prescribed due date. It is important to note that this is the first time there will be a fee leviable for income tax returns filed after the due date which is normally July 31 i.e. ITRs for FY17-18 are due to be filed by July 31, 2018, as per current rules.

Section 234F has been introduced levying the fee for default in furnishing return of income.

Date of Filing Fees Leviable
If the return is furnished after the due date of filing but on or before the 31st day of December. Five thousand rupees
In any other case  Ten thousand rupees
Note: If the total income of the person does not exceed five lakh rupees, the fee payable under this section shall not exceed one thousand rupees.

It is important to file the income tax return well within the prescribed due date else you may end up paying the mandatory fee for delay in filing. It is not only the fees but there are various other adverse consequences of Non-Filing of the Income Tax Return. You can refer my detailed blog on Consequences of Non or Late Filing of the Income Tax Return.

Thus, don’t wait and get your Income Tax Return filed timely to avoid any adverse consequences.

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Member Since: 25 Apr 2017 | Total Posts: 42
A passionate Chartered Accountant having practical exposure of working with the Start-ups and NGOs. I also do have an interest in blogging and teaching. I am active blogger and authored various blogs on Taxation matters, that have been published in the print media and leading newspapers as well as w View Full Profile

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  1. Raman gupta says:

    My system accepts only excel utility and not java. I have to file ITR2 for which only java version has been available. There is no information from CBSE yet if and when excel utility for ITR2 will be released.

  2. venkat says:

    only about 2 months left for submission of IT returns. the excel utility of ITR 2 still not available. The 26AS form is not updated. there will be too much rush.

  3. Ramamurthy says:

    TDS certificates can be available by 15/6 & thereafter only Returns can be filed.There I may be lull in April & May & hective activity in June & July. Even if my other data is ready , l have to wait. This creates difficulties for those who plans to go abroad on long summer visits. Govt. should revise /advance the schedules atleast forvTds made in January / February.

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