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Understand the essentials of income tax filing with our comprehensive guide. An income tax return is a form submitted to tax authorities that outlines a taxpayer’s income, expenses, and other relevant financial details for a specific tax year. Find answers to frequently asked questions (FAQs) about income tax returns here.
5 May 2024
Afinthrive Advisory
What is an Income Tax Return (ITR)?
An Income Tax Return (ITR) is a form filed by individuals, businesses, or other entities with the tax authorities, declaring their income, deductions, and taxes payable for a particular financial year.
Who needs to file an Income Tax Return?
Individuals, including salaried employees, self-employed professionals, business owners, freelancers, and entities such as companies, partnerships, and trusts, whose income exceeds the basic exemption limit specified by the tax laws, are required to file an income tax return.
What are the different types of Income Tax Returns?
The Income Tax Department prescribes different types of ITR forms based on the nature and source of income, residential status, and other factors. These include ITR-1 (Sahaj), ITR-2, ITR-3, ITR-4 (Sugam), ITR-5, ITR-6, and ITR-7.
When is the due date for filing an Income Tax Return?
The due date for filing income tax returns varies depending on the taxpayer’s category, source of income, and other factors. For individuals and businesses, the usual due date is July 31st of the assessment year (AY) for which the return is being filed. However, this deadline may be extended by the tax authorities in certain cases.
What are the consequences of not filing an Income Tax Return?
Failure to file an income tax return within the specified due date may attract penalties, fines, interest, and other legal consequences. It may also lead to a loss of certain tax benefits, denial of refunds, and difficulties in obtaining loans or financial approvals.
How can I file an Income Tax Return?
Income tax returns can be filed online through the Income Tax Department’s e-filing portal (https://www.incometaxindiaefiling.gov.in/) or offline by submitting a physical copy of the return at the designated tax office. Online filing is the preferred method and offers convenience, accuracy, and faster processing.
What documents are required for filing an Income Tax Return?
Documents required for filing an income tax return include PAN card, Aadhaar card, Form 16/16A (for salaried employees), bank statements, investment statements, property documents, and other relevant financial records and proofs.
What is the process for verifying an Income Tax Return?
After filing the income tax return online, taxpayers need to verify it using one of the verification methods provided by the Income Tax Department, such as Aadhaar OTP, Electronic Verification Code (EVC), or sending a physical signed copy of ITR-V to the Centralized Processing Centre (CPC) in Bangalore.
Can I revise my Income Tax Return after filing?
Yes, taxpayers can revise their income tax returns within a specified time limit if they discover any errors or omissions in the original return filed. However, there are limitations on the number of times a return can be revised.
| No | Category Taxpayer | Due Date |
|---|---|---|
| 1 | Business (Not requiring Audit including LLPs and firms) | 31/07/2025 |
| 2 | Association of Persons (AOP) | 31/07/2025 (not covered under Audit cases) |
| 3 | Body of Individuals (BOI) | 31/07/2025 (not covered under Audit cases) |
| 4 | Individual | 31/07/2025 |
| 5 | Businesses (Requiring Audit including Private Limited Companies, OPC, LLPs and firms) | 31/10/2025 |
| 6 | Transfer Pricing (TP) Cases | 30/11/2025 |
The due date for furnishing an audit report can vary depending on the specific requirements and regulations applicable to the organization.
| No | Category Taxpayer | Due Date |
|---|---|---|
| 1 | Audit Report for FY 2024-25 | 30/09/2025 |
| 2 | Audit Report for Transfer Pricing cases | 31/10/2025 |
| 3 | Belated / Revised ITR for FY 2023-24 | 31/12/2025 |
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ITR Complinces for Private Limited company, OPC & LLP
It is mandatory for every Private Limited company (other than the companies claiming exemption under section 11) to file the return of income irrespective of amount of income or loss in Form ITR 6 Also, Companies are required to file Form ITR 7.
ITR compliance for Pvt Ltd Co.
In the case of One Person Company, one person is required to file the return of income irrespective of whatever the amount of income or loss made by One Person Company in Form ITR 6 Also, One Person Companies are required to file ITR in Form ITR 7 in the duly time.
ITR Compliance for OPC
It is mandatory for every Limited Liability Partnership (LLP) to file the return of income irrespective of the amount of income or loss in Form ITR 5. The due date for ITR filing for Limited Liability Partnerships (Audited / Non-audited) for FY 2024-25 is 31st July 2025 (Non-Audited) and 31st October 2025 (Audited).
ITR compliance for an LLP
Filing your income tax return is mandatory and offers key financial benefits.
Filing income tax returns is mandatory under the Income Tax Act, 1961, for individuals and entities meeting certain income thresholds. Complying with this legal requirement helps you avoid penalties, fines, and legal consequences.
By filing your income tax return, you can claim any excess tax paid during the financial year through deductions, TDS (Tax Deducted at Source), or advance tax payments. This could result in a tax refund, putting money back into your pocket.
Income tax returns serve as a documented record of your income, investments, expenses, and tax payments for a particular financial year. It provides proof of your financial transactions and income sources, which can be useful for various purposes such as obtaining loans or visas.
Many financial institutions, including banks and lenders, require income tax returns as proof of income while processing loan applications, credit card approvals, or mortgage approvals. Filing your returns on time can facilitate smoother transactions and approvals.
Filing income tax returns allows you to claim various tax deductions, exemptions, and benefits available under the Income Tax Act, such as deductions under Section 80C for investments in tax-saving instruments like PPF, ELSS, insurance premiums, etc. Filing returns helps you optimize your tax liability by taking advantage of these benefits.
Regularly filing income tax returns helps you build a financial history and establish credibility with tax authorities and financial institutions. This can be beneficial for future financial planning, investments, and business opportunities.
Non-compliance with income tax filing requirements can lead to legal issues, penalties, and scrutiny from tax authorities. Filing your returns diligently helps you stay on the right side of the law and avoid unnecessary hassles and liabilities.
By paying taxes and filing income tax returns, you contribute to the nation’s development and welfare. Taxes collected by the government are utilized for public services, infrastructure development, healthcare, education, defense, and various welfare schemes benefiting society as a whole.
Here is the check list of documents required.
Get Answers to your most asked questions.
An Income Tax Return (ITR) is a form used to declare one’s income, deductions, exemptions, and tax liabilities to the Income Tax Department of India.
Individuals and entities meeting certain income thresholds, including salaried individuals, self-employed professionals, businesses, and companies, are required to file income tax returns.
The due date for filing income tax returns for individuals and entities varies depending on their category and income source. Typically, the due date for most individuals is July 31st of the assessment year.
Income tax returns can be filed online through the Income Tax Department’s e-filing portal (www.incometaxindiaefiling.gov.in). Taxpayers can choose from various ITR forms based on their income sources and file their returns electronically.
The appropriate ITR form depends on the taxpayer’s income sources, residential status, and other factors. There are different ITR forms available for different categories of taxpayers, such as ITR-1 for salaried individuals, ITR-2 for individuals with income from multiple sources, and so on.
Taxpayers need various documents and information to file their income tax returns, including Form 16 (for salaried individuals), bank statements, investment proofs, rent receipts, and other relevant documents related to income, deductions, and tax payments.
Missing the deadline for filing income tax returns may attract penalties and late fees. However, taxpayers can still file their returns belatedly within the specified time frame, albeit with certain consequences.
If taxpayers discover any errors or omissions in their filed returns, they can rectify them by filing a revised return within a specified time period. However, there are limitations on the number of times a return can be revised.
After filing their income tax returns, taxpayers receive an acknowledgment (ITR-V) from the Income Tax Department. This acknowledgment serves as proof of filing and needs to be verified and submitted to complete the filing process.
Yes, taxpayers can check the status of their filed income tax returns online through the Income Tax Department’s e-filing portal using their PAN (Permanent Account Number) and acknowledgment number.
