Income tax return filing is a nightmare for many, but its a task that needs to be done by any person liable to pay tax/claim refund. There are certain things which you need to know when you file your ITR, more importantly if you are a first timer. It is not just a penalty and interest that is imposed on you that you need to be mindful about, but there are other consequences as well. Here are some insights on filing your IT return, late filing and related consequences;
Any Person with Gross Total Income exceeding 2.5 lacs (before allowing any deductions ) . However the limit is 3 lacs for senior citizens (aged >60 years but less than 80 years) and 5 lacs for super senior citizens ( aged 80 years and above) OR if a person wants to claim income tax refund .
Every individual has to file ITR before the due date without any late fee or penalty . Tax Payers filing their return beyond such due date will have to pay interest under Section 234A. The due date varies between tax payers . For instance , 31st July is the due date for assesses who are not required to get their books audited .
The ITR Form and corresponding incomes are listed below :
ITR 1 – Salary Income , House Propery Income and Income From Other Sources ( Interest income , Winnings from lottery etc)
ITR 2 – Salary Income, House Property Income (more than one House Property) , Capital Gain Income , Income From Other Sources , Agricultural income upto Rs .5000
ITR 3 – Salary Income, House Property Income (more than one House Property) , Capital Gain Income , Income From Other Sources , Proprietorship Business Income , Professional income , Partnership income and agricultural income more than Rs.5000
ITR 4 S- Individuals opted for the presumptive income scheme as per Section 44AD , Section 44 ADA and Section 44AE of the income tax act .
Note: Every individual shall keep a safe custody of all the documents relating to the deductions claimed to avoid further inconvenience during the proceedings. Such documents include the deductions claimed under Section 80C, Section 80D etc
I hope you have found the information in the article useful. If you would like to discuss any of the points raised, please contact me at [email protected]