“Get ready for Income Tax Return filing in FY 2023-24 with the right ITR form. Explore the available forms for individuals, HUFs, companies, and more. Understand due dates and potential penalties for late filing. Stay informed to meet your tax obligations.”

Income tax return filing is due for FY 2023-24. Different Income Tax forms are prescribed for different categories of clients.

Below is the category of forms available for different category:

ITR-1 For individuals being a resident (other than not ordinarily resident) having total income up to Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest, etc.), and agricultural income up to Rs.5 thousand.

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) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA, or 44AE and agricultural income upto Rs.5 thousand.

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) only

Excel utility for ITR-1 and ITR-4 is available now and for the rest of the categories, it will be available soon.

Due dates for ITR filing

# Individual / HUF/ AOP/ BOI   (books of accounts not required to be audited)- Due date is 31st July 2023

# Business on which Audit is applicable – Due date is 31st October 2023

# Businesses requiring transfer pricing reports – Due date is 3oth November 2023

#Revise return due to any changes- 31st December 2023

#Belated/late return- 31st December 2023

Penalty for late filing of ITR

What happens if you miss the ITR filing deadline?

Interest U/s 234A:  If you file your return after the due date, Interest will be applicable

U/s 234 A @1% per month or part of the month.

Late fee U/s 234F: 5,000 will be charged as a late fee under Section 234F will need to be paid. It shall be reduced to Rs.1,000 if the total income is less than Rs.5 lakh.


Author Bio

Qualification: CA in Practice
Company: ANRA & Associates
Location: Delhi, Delhi, India
Member Since: 11 Apr 2019 | Total Posts: 17
ANRA have team of experienced professionals committed to work as your growth partners I am a Partner with the ANRA & Associates practice and is based in New Delhi & Gurgaon. I have working experience in Accounts Management, Direct and Indirect taxation, registrations, Foreign Compliances View Full Profile

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March 2024