E-Filing of Income Tax Returns (ITR)

• 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