Income Tax E-Filing

Individuals with total income exceeding the basic exemption limit (₹2.5 lakh for individuals below 60, ₹3 lakh for senior citizens, ₹5 lakh for super senior citizens), companies, firms, LLPs, and those claiming refunds or carrying forward losses must file returns. Certain categories must file even if income is below the limit.

ITR-1 (Sahaj) is for salaried individuals with income up to ₹50 lakh. ITR-2 is for individuals and HUFs with capital gains or foreign assets. ITR-3 is for professionals and business owners. ITR-4 (Sugam) is for presumptive taxation. ITR-5 is for firms and LLPs. ITR-6 is for companies. ITR-7 is for trusts and political parties.

For individuals and non-auditable entities, the due date is July 31 of the assessment year. For companies and entities requiring tax audit, the due date is October 31 (extended to November 30 for transfer pricing cases). Belated returns can be filed by December 31 with late fees.

Non-filing attracts late fees up to ₹10,000 under Section 234F, interest on tax due, inability to carry forward losses, difficulty in obtaining loans or visas, and potential prosecution for willful evasion. The Assessing Officer may also issue notices and initiate best judgment assessments.

Yes, returns can be revised under Section 139(5) if mistakes are discovered after filing. Revised returns must be filed before the end of the relevant assessment year or before completion of assessment, whichever is earlier. Belated returns can also be revised.

Required documents include Form 16/16A (TDS certificates), salary slips, bank statements, interest certificates, capital gains statements, proof of investments (80C, 80D, etc.), home loan interest certificate, rent receipts for HRA, and Aadhaar and PAN details.

Financial Year (FY) is the year in which income is earned (April 1 to March 31). Assessment Year (AY) is the year in which income is assessed and tax is paid (immediately following the FY). For example, income earned in FY 2023-24 is assessed in AY 2024-25.

If excess tax has been paid through TDS or advance tax, the refund is automatically calculated in the ITR. The refund is credited to the bank account mentioned in the return after processing by the CPC. Refund status can be tracked on the income tax e-filing portal.

E-verification is mandatory to complete the return filing process. It can be done through Aadhaar OTP, net banking, bank ATM, bank account number validation, demat account, or by sending a signed physical ITR-V to CPC Bangalore within 120 days of filing.

Resident individuals, HUFs, or partnerships (not LLPs) engaged in business with turnover up to ₹2 crore can opt for presumptive taxation under Section 44AD. Professionals with gross receipts up to ₹50 lakh can opt for Section 44ADA. They must file ITR-4 and declare income at prescribed rates.