It is mandatory for all Resident as well as Non-Resident Indians to file ITRs whose total income exceeds Rs 2.5 lakh. This threshold extends to Rs 3 lakh and Rs 5 lakh for senior citizens of age above 60 years and super senior citizens of age above 80 years respectively.
However, the extended due date for filing ITRs is 31st August, more than 1.46 crore ITRs have already been filed till the date including over 7.94 lakh ITRs which were filed on 16 July, according to the Revenue Department.
The due date for filing ITR is anticipated to be extended again but yet one should file ITR before 31st July so that last-minute hassles can be averted. Although the ITR can be filed till March 2020 that will be subject to heavy penalties. A fine of Rs 5,000 will be imposed if ITRs are filed on/before December 2019. However, the fine will be increased if filed after December.
The maximum penalty applicable to the individuals with taxable income below Rs 5 lakh is Rs 1,000.
Read Also: Tax Clarification in Case of Income INR 2.5 Lakh to INR 5 Lakh
In addition to the late fees, interest on due taxes will also be paid by the late filers. Losses such as capital or house property loss will be disallowed to carry forward by the late ITR filers. As per the latest notification, the penalty and taxes may get extended to imprisonment if the due income tax is more than 25 lakh. The imprisonment may be of periods between 3 months to 7 years.
To comply with Income Tax rules, filing a correct ITR is also very important. Read further to know which ITR is relevant for you. We have briefed different ITRs for different individuals. Here we go
ITR-1
- Also known as Sahaj.
- Individuals with a total annual income equal to or below Rs 50 lakh.
- Salary or pension income, income from one house property (excluding when the loss is brought forward)
ITR-2
- For individuals with total annual income above Rs 50 lakh
or
For individuals those who own more than one house property.
or
For individuals and HUFs not having any income from profit or gains from business or profession.
ITR-3
- For individuals and HUFs earning income from a proprietary business or profession.
TR-4
- Also known as Sugam
- For individuals with presumptive income from business & profession
- All individual/HUF/Firm, except LLP, can file this return.
ITR-5
- For firms, AOPs, LLPs, BOIs, cooperative societies, artificial juridical persons and local authorities
ITR-6
- For companies, excluding the companies who claim an exemption u/s 11 i.e. who earns income from property kept for religious or charitable use.
ITR-7
- For Individuals and companies who need to furnish return u/s 139(4A to F),
- For trusts, institutions, political parties, investment funds, colleges etc.
