INCOME TAX RETURN FILING
Income tax is a tax levied and collected by the Central Government on the income of a person. Income-tax is calculated at specified rates on total income of a person and paid directly to the Central Government. Income -tax return is a statement of income and tax thereon, which is to be furnished by a taxpayer to the Income-tax Department in a prescribed form. Every year different forms of returns of income are prescribed by the Income-tax Department for different taxpayers having different income from different sources. In India everyone who is earning more 2.5 lacks per year they need to pay the tax as per slabs applicable.
Category of Taxpayer Due Date for Tax Filing – FY
Individual – August 31st,
A body of Individuals (BOI) – August 31st,
Hindu Undivided Family (HUF) – August 31st,
Association of Persons (AOP) – August 31st,
Businesses (Requiring Audit) – September 30th, (extended to 31st October)
Businesses (Requiring TP Report) – November 30th,
Important Due Dates of Income tax return filing for the year Whenever we talk about income tax, there is various kind of compulsory tax formalities that need to be followed by a person and that too within the specified due dates prescribed, such as filing of income tax returns, paying advance tax on time. Here is the TAX CALENDAR for FINANCIAL YEAR. This has important Tax Due and income tax return filing dates for the year FINANCIAL YEAR.
Due DateTax Due
15th March The fourth installment of Advance Tax due for the FY previous year ii. The due date for the whole amount of Advance Tax for FY previous year for taxpayers covered under the presumptive scheme of Section 44AD and 44ADA.
15th June Due date for the First installment of Advance Tax for the FY
31st August Due date for filing Income tax return for FY previous year for all persons except I. Companies ii. Non-Companies whose books are required to be audited iii. Working partner of a firm whose accounts are required to be audited 15th September Due date for the Second installment of Advance Tax for the FY 30th September (extended to 31st October)Due date for filing of Audit report/Income tax return for the FY PREVIOUS YEAR for the following: I. companies ii. Non-Companies Whose books are required to be audited 30th November
The due date for filing Audit report for the FY PREVIOUS YEAR in case of a person who is required to submit a report pertaining to international or specified domestic transactions under section 92E ii. The due date for the report to be furnished in Form 3CEB in respect of international and specified domestic transactions iii. The due date for filing of Income-tax Return for FY PREVIOUS YEAR for the aforesaid taxpayers 15th December 2018The Due date for the third installment of Advance Tax for the FY
Who can use ITR – 1 (SAHAJ)?
ITR-1, also known as or Sahaj Form, is for people with an income up to Rs. 50 lakhs.
Who can apply ITR-1
- Income from Salary/Pension
- Income from One House Property (excluding cases where a loss is brought forward from previous years)
- Income from Other Sources (excluding winning from Lottery and Income from Race Horses)
In case of clubbed Income Tax Returns, where a spouse or a minor is included, this can be done only if their income to is limited to the above specifications.
Who cannot use ITR – 1 (SAHAJ)?
- Individuals having income above Rs 50 lakhs cannot use this form.
- Residents not ordinarily resident (RNOR) and non-residents cannot file returns using ITR -1
- Also, individuals who have earned Income through the following means are not eligible to file form ITR 1:
- More than one House Property
- Lottery, Racehorses, Legal Gambling etc.
- Taxable capital gains (Short term and Long term)
- Agricultural income exceeding Rs. 5,000
- Business and Profession
- Individual who is a Resident and has assets (including financial interest in any entity) outside India or signing authority in any account located outside India.
- Individual claiming relief of foreign tax paid or double taxation relief under section 90/90A/91.
Who can use ITR – 2?
ITR-2 must be filed by individuals and HUFs who are not eligible to file ITR-1 Sahaj form, because of following reasons:
- Income exceeding Rs. 50 Lakhs
- Having foreign assets / income
- Having agricultural income which is more than Rs. 5,000,
- Having taxable capital gains
- Having income from business or profession as a partner
- Having more than one house property
Who cannot use ITR – 2?
ITR-2 form should not be filed by any individual who has income under the head of Business or Profession from a proprietorship. ITR-2 form can also not be filed by a company or LLP or other types of legal entity.
Who can use ITR – 3?
It is a type of Income Tax Return form to be used by individuals or HUF’s deriving income from proprietary business or profession.
- Assesses with income from profit and gain of any business or profession
- Assesses having income from partnership firm
- Resident assesses having assets outside India
Who cannot use ITR – 3?
As, ITR-3 form is used for business returns, any individual filing his/her personal income tax return, i.e. Salaried employee or filing using ITR 1 form, does not have to file ITR3
Who can use ITR – 4 (SUGAM)?
ITR 4 is an Income Tax Return form that is used by the taxpayers who have opted for taxation under presumptive income scheme under Section 44AD, Section 44ADA and Section 44AE of the IT Act. However, a taxpayer will have to file ITR 3, if the annual turnover of his business exceeds Rs 2 crores.
- An individual of the age of 80 years or more at any time during the previous year; or
- An individual or HUF whose income does not exceed five lakh rupees and no refund is claimed in the return of income. In case of a Firm, an option to file a return in paper form is not applicable.
Who cannot use ITR – 4 (SUGAM)?
- Income from more than one house property or where there is brought forward loss or loss to be carried forward under this head; or
- Income from Winnings from lottery or income from Race horses; or
- Income under the head “Capital Gains”, e.g. Short-term capital gains or long-term capital gains from sale of house, plot, shares etc.; or
- Income taxable under section 115BBDA; or
- Income of the nature referred to in section 115BBE; or
- Agricultural income in excess of ₹5,000; or
- Income from Speculative Business and other special incomes; or
- Income from an agency business or income in the nature of commission or brokerage; or
- Person claiming relief of foreign tax paid under section 90, 90A or 91; or
- Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India; or
- Any resident having income from any source outside India.
Who can use ITR – 5?
The ITR-5 form is to be used by only by the following entities for filing income tax returns:
- Limited Liability Partnerships (LLPs)
- Body of Individuals (BOIs)
- Association of Persons (AOPs)
- Co-operative Societies
- Artificial Judicial Persons
- Local Authorities
Who cannot use ITR – 5?
If a person is required to file tax return u/s 139(4A) or u/s 139(4B) or u/s 139(4C) or u/s 139(4D) or u/s 139(4F), he shall not use form ITR 5.
The form should not be used by people if they are:
- An individual
- And for whom ITR-7 is applicable
Who can use ITR – 6?
All companies have to file ITR 6 as part with their income tax return.
Who cannot use ITR – 6?
For companies that have claimed exemption U/S 11(income from property for a religious/charitable purpose), do not have to file ITR 6.
Who can use ITR – 7?
- ITR 7 is filed by companies who need to file u/s 139 (4A), (4B),(4D),(4E) or (4F) for their income tax returns.
- 139 (4A) – for income from property under a trust or other legal representative for charitable/religious purposes.
- 139 (4B) – political party, whose income exceeds the taxable income tax threshold limit
- 139(4C) – anyone belonging to an association of scientific research, news agency, hospital, medical institute, education institute, university
- 139 (4D) – universities, colleges or institutions who are not required to file their tax return or report any losses under this or any other section.
Who cannot use ITR – 7?
For companies who do not need to file under the above-mentioned sections, they do not need to file ITR 7.
|SECTION||NATURE OF DEDUCTION||REMARKS|
|80CCC||Payment of premium for annuity plan of LIC or any other insurer Deduction is available upto a maximum of Rs. 1,00,000/-||The premium must be deposited to keep in force a contract for an annuity plan of the LIC or any other insurer for receiving pension from the fund. The Finance Act 2015 has enhanced the ceiling ofdeduction under Section 80CCC from Rs.100,000 to Rs. 1,50,000 with effect from A.Y. 2016-17Read more – Income Tax Deduction Under section 80CCC|
|80CCD||Deposit made by an employee in his pension account to the extent of 10% of his salary.||Where the Central Government makes any contribution to the pension account, deduction of such contribution to the extent of 10% of salary shall be allowed. Further, in any year where any amount is received from the pension account such amount shall be charged to tax as income of that previous year. The Finance Act, 2009 has extended benefit to any individual assesse, not being a Central Government employee.Read More – Income Tax Deduction Under section 80CCD|
|80CCF||Subscription to long term infrastructure bonds||Subscription made by individual or HUF to the extent of Rs. 20,000 to notified long term infrastructure bonds is exempt from A.Y. 2011-12 onwards. This deduction is discontinued w.e.f. A.Y. 2013-14.|
|80CCG||Investment under Rajiv Gandhi Equity Savings Scheme, 2013||The deduction was 50 % of amount the maximum Investment permissible for claiming deduction under RGESS is Rs. 50,000. The benefit is in addition to deduction available u/s Sec 80C.in such equity shares or ₹ 25,000, whichever is lower.|
|80D||Payment of medical insurance premium. Deduction is available upto Rs.15,000/ for self/ family and also upto Rs. 15,000/- for insurance in respect of parent/ parents of the assessee.In case of senior citizens, a deduction upto Rs.20,000/- shall be available under this Section. Insurance premiume of senior citizen parent/ parents of the assessee also eligible for enhanced deduction of Rs. 20000/-||The premium is to be paid by any mode of payment other than cash and the insurance scheme should be framed by the General Insurance Corporation of India & approved by the Central Govt. or Scheme framed by any other insurer and approved by the Insurance Regulatory & Development Authority. The premium should be paid in respect of health insurance of the assessee or his family members. The Finance Act 2008 has also provided deduction upto Rs. 15,000/- in respect of health insurance premium paid by the assessee towards his parent/parents. w.e.f. 01.04.2011, contributions made to the Central Government Health Scheme is also covered under this section.Read More –Deduction U/s 80D for Mediclaim Premium to Individual, HUF, Senior CitizensBudget 2015 Proposed increase in Deduction Limit U/s. 80D which can be read here-Section 80D- Hike in Deduction Limit for Mediclaim|
|80DD||Deduction of Rs.40,000/ — In respect of (a) expenditure incurred on medical treatment, (including nursing), training and rehabilitation of handicapped dependent relative. (b) Payment or deposit to specified scheme for maintenance of dependent handicapped relative. W.e.f. 01 .04.2004 the deduction under this section has been enhanced to Rs.50,000/- Further, if the dependent is a person with severe disability a deduction of Rs.1,00,000/– shall be available under this sectionBudget 2015 has Further Proposed to hike the limit from A.Y. 2016-17 to Rs. 75000 from existing Rs. 50,000/- and for person with severe disability to Rs. 1.25 lakh from existing Rs. 1 Lakh. Read more-Budget 2015- Section 80DD deduction Limit Raised||The handicapped dependent should be a dependent relative suffering from a permanent disability (including blindness) or mentally retarded, as certified by a specified physician or psychiatrist.Note:A person with severe disability means a person with 80% or more of one or more disabilities as outlined in section 56(4) of the “Persons with Disabilities (Equal opportunities, Protection of Rights and Full Participation) Act.,”Read More –Deduction u/s. 80DD for expenses on medical treatment of disabled dependent|
|80DDB||Deduction of Rs.40,000/- in respect of medical expenditure incurred.W.e.f. 01.04.2004, deduction under this section shall be available to the extent of Rs.40,000/- or the amount actually paid, whichever is less.In case of senior citizens, a deduction upto Rs.60,000/- shall be available under this Section.Budget 2015 has proposed deduction of Rs. 80000/- for seniot citizen aged 80 year or More from A.Y. 2016-17-Read More-Section 80DDB- Limit raised & waived condition of certificate||Expenditure must be actually incurred by resident assessee on himself or dependent relative for medical treatment of specified disease or ailment. The diseases have been specified in Rule 11DD. A certificate in form 10I is to be furnished by the assessee from a specialist working in a Government hospital.Budget 2015 has Proposed for the purpose of claiming deduction under the section assessee will be required to obtain a prescription from a specialist doctor instead of Certificate.Read More – Deduction under section 80DDB with FAQ|
|80E||Deduction in respect of payment in the previous year of interest on loan taken from a financial institution or approved charitable institution for higher studies.||This provision has been introduced to provide relief to students taking loans for higher studies. The payment of the interest thereon will be allowed as deduction over a period of upto 8 years. Further, by Finance Act, 2007 deduction under this section shall be available not only in respect of loan for pursuing higher education by self but also by spouse or
children of the assessee.W.e.f. 01.04.2010 higher education means any course of study pursued after passing the senior secondary examination or its equivalent from any recognized school, board or university.Read More – Section 80E – Deduction for Interest on education Loan
|80EE||Deduction in respect of interest on loan taken for residential house property||Vide Finance Act 2013, an individual is allowed a deduction upto a limit of Rs 1,00,000 being paid as interest on a loan taken from a Financial Institution, sanctioned during the period 01-04- 2013 to 31-03-2014 (loan not to exceed Rs 25 lakhs) for acquisition of a residential house whose value does not exceed Rs 40 lakhs. However the deduction is available if the assessee does not own any residential house property on the date of sanction of the loan.Read More – Section 80EE Income Tax Benefit on Home Loan Interest|
|80G||Donation to certain funds, charitable institutions etc.||The various donations specified in Sec. 80G are eligible for
deduction upto either 100% or 50% with or without restriction as provided in Sec. 80GRead More – Deduction U/s. 80G of Income Tax Act, 1961 for donation
|80GG||Deduction available is the least of(i) Rent paid less 10% of total incomeii. Rs.2000 per monthiii. 25% of total income||(1) Assessee or his spouse or minor child should not own residential accommodation at the place of employment.(2) He should not be in receipt of house rent allowance.(3) He should not have a self-occupied residential premises in any other placeRead More – Section 80GG Deductions – For rent paid|
|80TTA||Deduction in respect of interest on deposits in savings account||Section 80TTA is introduced wef A.Y. 2013-14 to provide deduction to an individual or a Hindu undivided family in respect of interest received on deposits (not being time deposits) in a savings account held with banks, cooperative banks and post office. The deduction is restricted to Rs 10,000 or actual interest whichever is lower.Read More – S. 80TTA – Deduction in respect of interest on deposits in savings account|
|80U||Deduction of Rs.50,000/- to an individual who suffers from a physical disability (including blindness) or mental retardation. Further, if the individual is a person with severe disability, deduction of Rs.75,000/- shall be available u/s 80U.W.e.f. 01.04.2010 this limit has been raised to Rs. 1 lakh.Budget 2015 proposed to amend section 80U to raise limit of deduction in respect of a person with disability from Rs. 50,000/- to Rs. 75,000 and for person withsevere disability from one lakh rupees to one hundred and twenty five thousand rupees.Read more-Budget 2015- Section 80U deduction Limit Raised||Certificate should be obtained on prescribed format from a notified ‘Medical authority’.Read More – Deduction U/s. 80U for disabled persons|
|87A||Rebate Of Rs 2000 For Individuals Having Total Income Upto Rs 5 Lakh||Finance Act 2013 has provided relief in the form of rebate to individual taxpayers, resident in India, who are in lower income bracket, i. e. having total income not exceeding Rs 5,00,000/-. The amount of rebate is Rs 2000/- or the amount of tax payable, whichever is lower. WEF A.Y. 2014-15.Read More – Section 87A – Income Tax Rebate|
|80RRB||Deduction in respect of any income by way of royalty in respect of a patent registered on or after 01.04.2003 under the Patents Act 1970 shall be available as :-Rs. 3 lacs or the income received, whichever is less.||The assessee who is a patentee must be an individual resident in India. The assessee must furnish a certificate in the prescribed form duly signed by the prescribed authority alongwith the return of income.|
|80QQB||Deduction in respect of royalty or copyright income received in consideration for authoring any book of literary, artistic or scientific nature other than text book shall be available to the extent of Rs. 3 lacs or income received, whichever is less.||The assessee must be an individual resident in India who receives such income in exercise of his profession. To avail of this deduction, the assessee must furnish a certificate in the prescribed form along with the return of income.|
|80C||This section has been introduced by the Finance Act, 2005. Broadly speaking, this section provides deduction from total income in respect of various investments/ expenditures/payments in respect of which tax rebate u/s 88 was earlier available. The total deduction under this section is limited to Rs. 1.50 lakh only. Read More-Deduction under section 80C and Tax Planning|
- Published in Income Tax Deductions on Salaried