E-Filing of Income Tax Returns (ITR)
Filing your income tax return is an essential responsibility for every taxpayer. It not only ensures compliance with tax laws but also helps you claim deductions, refunds, and maintain a clean financial record. In this blog, we will guide you through the e-filing process, making it simple and easy to understand. Whether you are filing for the first time or looking for a hassle-free way to complete your return, this guide will help you navigate the process effortlessly.
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E-Filing of Income Tax Returns – File Your Income Tax Return
E-Filing of Income Tax Returns – File Your Income Tax Return
E-Filing of Income Tax Returns (ITR) Filing your income tax return is an essential responsibility for every taxpayer. It not only ensures …
Filing of ITR
Self-Compliance
• U/s 139(1), 139(3), 139(4A) to (4E) Till 31st July, 31st Oct, or 30th Nov, as the case may be
• U/s 139(4) – Till 31st Dec
• U/s 139(5) – Till 31st Dec
• U/s 139(8A) – Till the end of 2 years from the end of AY
In pursuance of the Notice Issued by the Department
• U/s 142(1) – Maximum Time limit not mentioned in the Act
• U/s 148 – As allowed by notice (Notice can be issued within 3 or 10 years)
Compulsory Filing of ITR [Section 139(1)]
• Company or Firm – In any case, whether having income or loss
• Other than Company or Firm – If TI > MEL
• Deposit in one or more current accounts > Rs. 1 Crore
• Expenditure for self or any other person on foreign travel > Rs. 2 Lakhs
• Expenditure towards electricity consumption > Rs. 1 Lakh
• ROR or Deemed Resident u/s 6(1A) holding any asset or beneficiary in any asset outside India
Note: Total Income means TI without giving the effect of Section 10(38), 10A, 10B, 10BA, 54, 54B, 54D, 54EC, 54F, 54G, 54GA, 54GB, and Chapter VIA.
Compulsory Filing of ITR [Section 139(3) & (4A) to 4E]
• Trust [Section 139(4A)] – If TI before giving effect of Section 11 and 12 > MEL
• Political Party [Section 139(4B)] – If TI before giving effect of Section 13A > MEL
• Various entities referred u/s 10 [Section 139(4C)] – If TI before giving effect of prescribed section > MEL
• Educational Institutions or institutions referred u/s 35(1)(ii) & (iii) [Section 139(4D)] – In every case
• Business Trust [Section 139(4E)] – In every case
• Investment fund referred u/s 115UB [Section 139(4F)] – In every case
• Return of Loss [Section 139(3)] – To carry forward the loss
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Due Date
31st Oct: Company, Audit of A/cs required under this Act or under any other Act, Partner of firm whose A/cs are audited
30th Nov
Transfer pricing case u/s 92E
31st July
Any other case
Penalty for Late Filing
Rs.0
If TI less than MEL
Rs.1000
TI up to Rs. 5Lacs
Rs.5000
TI above Rs.5 Lacs
Other Provisions [Section 139]
• Belated Return [Section 139(4)] – Any person who has not furnished ROI within the due date prescribed u/s 139(1) may furnish ROI at any time before three months (i.e., 31st Dec) to the end of the AY or completion of assessment, whichever is earlier.
Late Fee: Rs. 1,000 if TI up to 5 Lacs; otherwise, Rs. 5,000
• Revised Return [Section 139(5)] – If any person, having furnished a return u/s 139(1) or 139(4), discovers any omission or any wrong statement therein, they may furnish a revised return at any time before three months prior to the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
• Updated Return [Section 139(8A)] – Any person, whether or not they have furnished a return u/s 139(1), (4), and (5) for an AY, may furnish an updated return of their income or the income of any other person in respect of which they are assessable under this Act, at any time within twenty-four months from the end of the relevant assessment year.
Cannot File Updated Return If: Return of loss, Decreases tax liability, Claims refund, In case of search and survey.
Note: Updated return may be filed once for the relevant AY.
• Defective Return [Section 139(9)] – Where the Assessing Officer considers that the return of income furnished by the assessee is defective, they may intimate the defect to the assessee and give them an opportunity to rectify the defect within fifteen days from the date of such intimation.
ITR Forms
ITR 1 (SAHAJ) – Residents have Salary income, Pension Income, Income from Other sources except special rate income,
Note applicable in case of
(a) Director ofthe company holding unlisted shares of company or
(b) TDS deducted u/s 194N or ESOP
ITR 2 – I/HUF not having income under the head PGBP
ITR 3 – I/HUF having income under the head PGBP
ITR 4 (SUGAM) – I/HUF/Partnership Firm who opted presumptive taxation u/s 44AD, 44ADA, 44AE
ITR 6 – Company except section 8 Company
ITR 5 – firm, LLP, AOP, BOI, artificial juridical person, cooperative society, local authority, Private Discretionary Trust, Society trust other than trusts eligible to file ITR 7, estate of the deceased person, estate of an insolvent, business trust, and investment fund.
ITR 7 – persons, including companies, who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)
ITR V – It is the acknowledgement of filing the return of income
Payment of Taxes
Advance Tax [Section 208]
If liability to pay tax during the PY > Rs. 10,000
Note: In case of senior citizens or super senior citizens who do not have income under the head PGBP, no liability to pay advance tax arises.
Due Date of Payment of Advance Tax [Section 211]
In Case of Company:
| 15 % of Total Tax | Upto 15th June |
|---|---|
| 45% of Total tax | Up to 15th September |
| 75% of Total Tax | Upto 15th December |
| 100 % of Total Tax | Upto 31st March |
In Case of Other:
| Nil | Upto 15th June |
|---|---|
| 30% of Total tax | Up to 15th September |
| 60% of Total Tax | Upto 15th December |
| 100 % of Total Tax | Upto 31st March |
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Self-Assessment Tax [Section 140A]
Portal to Pay Tax:
Various Forms
How to opt for New Regime by I/HUF/Cooperative Society of Tax u/s 115BAC:
File Form 10IE
Individual/HUF not having income under the head PGBP – No need to file form. Just select new tax regime in the ITR form.
How to opt for New Regime by Company of Tax:
U/s 115BA – Form 10IB (25%)
U/s 115BAA – Form 10IC (22%)
U/s 115BAB – Form 10ID (15%)
How to claim Relief u/s 89(1) –
File Form 10E
Claiming Deduction of Rent u/s 80GG –
File Form 10BA
For ITR 1 & ITR 4, no need to file form.
Submitting Audit Report
3CA-3CD: Requires audit of books under any other law also [Upload from CA Portal]
3CB-3CD: Requires audit of books under this Act only [Upload from CA Portal]
Conclusion
Filing your income tax return online is now easier than ever. With the right documents and an understanding of the e-filing process, you can complete your return quickly and accurately. Don’t delay—file your income tax return on time to avoid penalties and enjoy the benefits of timely tax compliance.
Why Choose E Accountax Manager?
Why Choose E Accountax Manager?
E Accountax Manager is your trusted partner for hassle-free tax filing. We provide expert assistance, ensure accuracy, and help you maximize your deductions. Our team simplifies the process, making tax filing stress-free and efficient. Let us help you file your income tax return with ease and confidence!
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