Income tax return filing is due for FY 2023-24. Different Income Tax forms are prescribed for different categories of clients.
Below is the category of forms available for different category:
ITR-1
For individuals being a resident (other than not ordinarily resident) having total income up to Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest, etc.), and agricultural income up to Rs.5 thousand.
ITR-2
For Individuals and HUFs not having income from profits and gains of business or profession
ITR-3
For individuals and HUFs have income from profits and gains of business or profession.
ITR-4
For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA, or 44AE and agricultural income upto Rs.5 thousand.
ITR-5
For persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
ITR-6
For Companies other than companies claiming exemption under section 11
ITR-7
For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only
Excel utility for ITR-1 and ITR-4 is available now and for the rest of the categories, it will be available soon.
Due dates for ITR filing
# Individual / HUF/ AOP/ BOI (books of accounts not required to be audited)- Due date is 31st July 2023
# Business on which Audit is applicable – Due date is 31st October 2023
# Businesses requiring transfer pricing reports – Due date is 3oth November 2023
#Revise return due to any changes- 31st December 2023
#Belated/late return– 31st December 2023
Read More: CHOOSE RIGHT TAX REGIME FOR FY 2023-24
Penalty for late filing of ITR
What happens if you miss the ITR filing deadline?
Interest U/s 234A: If you file your return after the due date, Interest will be applicable U/s 234 A @1% per month or part of the month.
Late fee U/s 234F: 5,000 will be charged as a late fee under Section 234F will need to be paid. It shall be reduced to Rs.1,000 if the total income is less than Rs.5 lakh.