Delhi

Due date for filing of Income Tax returns extended to August 31

The Hush Post: The Central Board of Direct Taxes (CBDT) has extended the due date for filing of Income Tax Returns up to August 31. Earlier the taxpayers were supposed to file their returns latest by July 31. Many groups had requested the government to push the deadline.

CBDT had notified the new income tax return forms for assessment year 2018-19 on April 5. The introduction of new forms was leading to delays in filing of returns. The CBDT had said non-filing of ITR before the said date from this assessment year would lead to a penalty of Rs 1,000, 5,000 and Rs 10,000, depending on when the returns were filed after the deadline. The fine for taxpayers having income under Rs 5 lakh remained at Rs 1,000.

If one is still unclear in choosing the appropriate ITR for disclosing income during the previous year, here’s a quick look of the various ITR forms.

ITR 1 Sahaj:

Applicable to individuals that are an ordinary resident in India deriving income from salaries, one house property, other sources and have a total income up to Rs 50 Lacs.

ITR 2:

This one is applicable to individual with a total income exceeding Rs. 50 Lakh or having foreign asset/income or having more than one residential house property or income from capital gain or HUF.

ITR-3:

It is applicable to individuals and HUFs deriving income from profits and gains from business or profession along with any income from salaries or house property or capital gains, etc.

ITR-4 SUGAM:

It is for resident taxpayers (Individual, HUF, Firm other than LLP), who have opted for presumptive income scheme as laid down under section 44AD, 44ADA and 44AE of the Income Tax Act, 1961.

ITR-5:

This form can be used by a person being a Firm, Limited Liability Partnerships (LLP), AOP/BOI, Private discretionary trust, an Artificial juridical person referred to in section 2(31)(vii), Cooperative Society and Local authority.

ITR-6:

This form is being used by company, other than a company claiming exemption under section 11 of the Income Tax Act. The ITR also introduces a new Schedule for Ind AS Compliant companies wherein they are required to disclose the balance sheet and P/L account in the same format as prescribed under the Companies Act, 2013

ITR-7:

This is needed to be filed when individuals including companies fall under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F). This ITR form is basically meant for trusts claiming exemptions u/s 11 of the Act, Political party, Mutual funds, Securitization trust, and other specified assesses.

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