We know that under the Income Tax Act, every person who earns an income, has to submit the return of Income before the due date. Different types of return of income is to be submitted by different types of persons.

As per Notification No 21/2022 dated 30/03/2022 and Notification No 23/2022 dated 1st April, 2022 by CBDT, following types of return of income is to be submitted by the person mentioned against it.

ITR NO Who has to submit
ITR -1 All resident Tax payers, whose total income does not exceed Rs. 50,00,000 which include Salary, Income from one house and other income like interest etc. and Agriculture income up to Rs. 5,000
ITR – 2 Individual and Hindu Undivided Family, who have no income from Business or Profession
ITR – 3 Individual and Hindu Undivided Family, who have  income from Business or Profession
ITR – 4 All resident Individual, Hindu Undivided Family, Firm (other than LLP), whose income under the head income from business or profession is up to Rs. 50,00,000 and is to be colmputed u/s 44AD, 44ADA or 44AE
ITR – 5 All the persons other than, Individual, Hindu Undivided Family, Company and person filling Form ITR-7
ITR – 6 Companies other than companies claiming exemption under section 11
ITR – 7 For persons including companies required to furnish return u/s 139(4A) or 139(4B) or 139(4C) or 139(4D) only.

Who is responsible for submitting Return of Income?

It is compulsory for the following persons to submit their Return Of Income.

  • Individual, Hindu Undivided Family, Association of Person, Body of Individuals, and Artificial Judicial Person, whose taxable income for the Financial Year 2021-22 is more than 2,50,000( In case of Senior Citizen Rs. 3,00,000 and Super Senior Citizen Rs. 5,00,000)

After getting the deduction u/s 10A, 10B, 10BA or Chapter VIA (80C to 80U) and section 10(38) and section 54, 54B, 54EC, 54F, 54G, 54GA, 54GB if it exceed Rs. 2,50,000 then it is compulsory to submit return of income under proviso (vi)u/s 139(1) of the Act.

In case of Long term capital gain earn on sale of any building or land and the same has been invested for deduction of tax, then also it is compulsory for the person to submit his return of income.

  • All the Non Resident Indians (except section 115AC and 115G NRI) whose taxable income increase Rs. 2,50,000
  • All the societies or Charitable or Religious Trusts who are accepting donation for their purpose, and their income, before getting deduction u/s11 and 12 exceeds Rs. 2,50,000
  • All Partnership Firms, where there is income or no income or loss ( Section 139(1) )
  • All Co operative Committees, Companies or local authorities, whether there is income or not or loss.
  • A Person who has not submitted their return of income, but have received Notice u/s 142(1) or Section 148 have to submit return of income within one month from the receipt of the notice.
  • As per Section 139(1), any person who has deposited in one or more current account with any bank more than Rs, 1,00,00,000
  • Any person, who has spent for himself or for other person more than Rs. 2,00,000 for foreign trip.
  • Any person, who has spent more than Rs, 1,00,000 for consumption of electricity.

Please note that if your taxable income may be less than Rs. 2,50,000 after claiming deduction u/s 80C, then also you have to submit your return of income.

Mr. A’s total income is Rs. 3,00,00 and paid Rs. 60,000 as LIC premium, hence taxable income will be Rs. 2,40,000 i.e. below Rs. 2,50,000, but A has to submit his return of income.

Any property owned outside India.

Any person, who is resident of India, owned any property outside India has to submit his return of Income in India. It does not matter that his income in India is below Rs. 2,50,000.  

Due Dates for filling Return of Income.

Due dates for filling return of income is fixed as under:

01. Regarding international transaction Report u/s 92E is required ( the partners Of the firm and their spouse u/s5A) 30 th November
02. Company assessee 31st October
03. Other than Company:
  • Assessee whose books of accounts are Being audited under any Act
31st October
  • The partners of the firm whose books Of accounts are being audited under any Act
31st October
  • Any other persons mentioned above
31st July
  • Audit report of firm is to be submitted Before
30th September

As per the circular no 639 of CBDT dated 13/11/1992, if the last date of filling return is a public holiday next day is to be considered. Now due to e filling 24X7 this circular will not apply.

Provision for late Fee:

If any person as mentioned above failed to furnished his return of income before due date but before 31st December, 2022, is required to pay late fee of Rs. 5,000 u/s 234F of the Act. If the income of assessee is less than Rs. 5,00,000 is required to pay Rs. 1,000 as late fee.

You cannot file return of income after 31st December, 2022

CBDT have issued Notification on 21st April, 2022 regarding Rule 12AB, though an assessee is not liable to pay tax, under following circumstances, he has to submit return of income, compulsory.

  • During financial year turnover of business, gross receipt exceed Rs. 60,00,000
  • During financial year gross receipts from Profession exceed Rs. 10,00,000
  • During the year in the case of any person TDS and TCS amount is more than Rs. 25,000 (In the case of senior citizen it is Rs.50,000)
  • During the financial year, in any savings bank account deposited Rs. 50,00,000 or more.

Paper Return:

Any person who is aged more than 80 years can file ITR 1 and ITR 4 in paper form.

Use of Digital Signature:

A person, who is liable to get their books of account audited like Trust, Firm, Company or Individual have to submit their return of Income with digital signature.

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