Index Fund Corner
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Those who have missed the original ITR filing deadline of July 31, 2024, have been granted time until January 15, 2025, to file their belated returns.
People having income up to ₹5 lakh will have to pay a late fee of ₹1,000. Those with income above ₹5 lakh need to pay ₹5,000 as late fees. Additionally, people will be required to pay interest under Section 234A if they have any outstanding tax liability.
Check eligibility for filing ITR
Over the years, the Income Tax Department has taken several key measures to make ITR filing easy for taxpayers. There are different ITR forms applicable to individual taxpayers depending on the type of income and residential status.
Here’s taking a look at ITR forms:
- ITR-1 (Sahaj)
Eligibility: The ITR-1 form is filled by a resident individual whose total income does not exceed ₹50 lakh during the financial year. This income should be from salary, one house property, agricultural income (up to ₹50,00), and family pension income, among other sources like interests from savings accounts, deposits, I-T Refund, enhanced compensation and others.
It must be noted that Resident Not Ordinarily Resident (RNOR), and Non-Resident Indian (NRI) are not eligible under this.
- ITR-2
This is for individuals or HUFs who are not eligible to file ITR under ITR-1 (Sahaj) and do not have income from profit and gains of business or profession.
They shouldn’t earn income from profits and gains of business or profession in the form of interest, salary, bonus, commission or remuneration from a partnership firm.
- ITR-3
This is used by individuals and Hindu Undivided Families (HUFs), who earn income through a business or profession, basically coming under the head “profits or gains of business or profession”.
- ITR-4 (Sugam)
A resident individual or HUF or firm (other than the Limited Liability Partnership or LLP) with income not exceeding ₹50 Lakh during the financial year comes under this category. This also includes income from business and profession computed on a presumptive basis under sections 44AD, 44ADA or 44AE, besides income from salary or pension, property and agriculture income, up to ₹5,000.
Income from the lottery, race horses and others also come under this. Moreover, it includes interest from savings accounts, deposits, Income Tax refunds and others.
- ITR-5
This ITR form is mainly for LLPs, associations of persons (AOPs), bodies of individuals (BOIs), estates of deceased, artificial juridical persons (AJP), investment funds and business trusts among others.
However, individuals who are required to file their return under Section 139(4A) or 139(4B) or 139(4D) cannot use this form.
- ITR-6
Companies, registered under the Companies Act 2013 or the earlier Companies Act 1956, are required to file the ITR-6 form. It does not include companies claiming exemption under Section 11. Also, companies, whose source of income is from property held for religious or charitable purposes, are not required to file this form.
- ITR-7
This form is to be filed by persons or companies, who are required to furnish a return under sections:
139(4A) – Income from charitable or religious trusts.
139(4B) – Political parties in the country.
139(4C) – Institutions of scientific research.
139(4D) – University, colleges and other institutions in India.
For more details, users can visit the official website of the Income Tax Department to check the eligibility criteria carefully before filing their I-T returns.
