Quick Summary
Return filing is the mandatory submission of income details to the tax authorities, reporting all sources of income, deductions claimed, and tax liability computed for a given Assessment Year.
Income Tax Return (ITR) filing is the process of declaring your total income from all sources to the Income Tax Department. It is mandatory for individuals and entities whose income exceeds the basic exemption limit or who meet specific conditions.
Who Must File Returns?
- Individuals with income above basic exemption limit (₹3 lakh for senior citizens, ₹2.5 lakh for others)
- Companies and LLPs (mandatory regardless of income)
- Those claiming refunds of excess TDS paid
- Residents with foreign assets or signing authority in foreign accounts
- Those with business turnover exceeding specified limits
- Depositors of ₹1 crore+ in current account or ₹50 lakh+ in savings account
- Foreign travelers spending ₹2 lakh+ on single trip
- Electricity consumers with bills exceeding ₹1 lakh
Due Dates for Filing
| Category | Due Date |
|---|---|
| Individual/LLP (non-audit) | July 31 |
| Company/LLP requiring audit | October 31 |
| Transfer Pricing cases | November 30 |
Consequences of Non-Filing
- Late filing fee up to ₹10,000 (₹1,000 if income below ₹5 lakh)
- Interest on unpaid tax under Section 234A
- Losses cannot be carried forward
- Penalty for concealment of income
- Prosecution in cases of willful evasion
Key Points
- Mandatory if income exceeds exemption limit
- Due date: July 31 (October 31 for audited cases)
- Can file belated return with penalty
- Revised return can be filed to correct errors
- E-filing mandatory for certain categories
- Acknowledgment (ITR-V) must be verified