Who has to file ITR?
If your total income (more than Rs 2.5 lakh) is taxable, you must file ITR. How much tax you will have to pay on how much income you have, depends on your age and which tax regime you have chosen. In the budget for the year 2020, the Central Government introduced a new tax regime, and the tax slab rate applicable under it is different from the first tax regime. However, people can decide whether they want to pay tax under the old tax regime or the new one. The applicable tax rates will be the same in whichever tax regime you choose. The table below shows the applicable tax rates in both tax regimes. You can compare and select the best one for you.
Types of ITR Forms
Many forms on the Income Tax Department website are used to file ITR based on other incomes and taxpayers. In the assessment year 2022-23, seven states are available from ITR-1 to ITR-7. Some of these forms may be larger than others and require additional information such as profit and loss statements. That’s why knowing which format is suitable for you is essential.
- ITR-1: This form is also known as ‘SAHAJ.’ This form is to be filed by a person who receives income by way of salary, pension, one house property, interest, or other means (excluding lottery and horse race earnings) and whose total income is up to Rs 50 lakh.
- ITR-2: Individuals or HUF (Hindu Undivided Families) have income but not from any business or profession.
- ITR-3: Individuals or HUF (Hindu Undivided Families) have income from any company or profession.
- ITR-4: This form is for those with presumptive (not fixed) income from business or work.
- ITR-5: This form is for individuals, HUF (Hindu Undivided Families), companies, and all other than individuals filing Form ITR-7.
- ITR-6: This form is for companies not claiming exemption under section 11 of the Income Tax Act.
- ITR-7: This form is for all persons, including those in business, who are required to comply with Section 139(4A), Section 139(4B), Section 139(4C), Section 139(4D), Section 139(4E) or 139(4F) It is necessary to file a tax return under
How to Download ITR Form?
ITR forms can be found on the official website of the Income Tax Department. The way to download the form is given below:
- Go to the website of the Income Tax Department.
- Click on the ‘Form/Downloads’ on the home page.
- Select the ‘Income Tax Returns’ option from the drop-down menu.
- Once you are redirected to the ‘Income Tax Returns’ web page, download the form according to your income and assessment year.
What if I cannot file my income tax return on time?
If you have not filed an income tax return on time, you can file a late return till the end of the assessment year. For the assessment year 2021-22, you may have to pay different fees depending on your annual income and how long you have filed your tax return if your taxable income is Rs.5 lakhs. Or, more than any person who files ITR after the due date will have to pay a late fee of Rs 5,000, and the penalty is Rs 1,000 if the taxable income is less than Rs 5,00,000.
