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Filing Income Tax returns in India – An Overview

The income which is earned by individuals and businesses during the year are subject to income tax. The tax charged on the income of an individual and company is income tax which is collected by the Central Government.  The taxpayer is supposed to pay such tax in the same financial year in the form of advance tax. On the other hand, returns and calculation of the income as well as the tax liability is provided in the Assessment Year. The form and time limit for filing ITR are different for different taxpayers based on the nature of income.

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Benefits of Income Tax Return filing

Hassle free Loan Processing

The Income Tax return is helpful for the loan processing. Financial institutions considers income tax return as the prior source for advancing loan to individuals or body corporate.

Carry forward of losses

Most business in India or abroad faces loss in their initial year of operations. The business loss or capital losses can be carried forward up to 8 years if the ITR is filed regularly. These carried forward losses can also be adjusted against future income which lowers taxable amount to be paid in future.

Defines Financial worth of an entity

The ITR filed with the government defines the financial worth or net worth of the taxpayer. The regular filing of Income Tax return shows the financial capacity of an individual or a company. The investors and financial institutions are supposed to verify the ITR before taking any investment or financial decisions.

Refund of TDS

In many cases, the tax liability of a taxpayer is lower than the amount of TDS actually deducted. In such cases, the excessive payment can be claimed in the form of refund only if the ITR is filed by the person.

Documents Required for ITR Filing

PAN Card

PAN Card of the taxpayer in case of individuals

Aadhar Card

Aadhar Card of the taxpayer(s)/directors

Bank Statement

Bank statement for the current financial year

Cancelled Cheque

Cancelled cheque of the taxpayer's bank account

Director(s) PAN Card

Director's PAN card is required in case of company

Form 16

Salaried taxpayer should provide Form 16

Financial Statement

financial statements are required in case of companies.

Investment & Expense Receipt

Required for Sec. 80 deduction

Due date for filing IT Return

Individuals, HUF, BOI, AOP not liable for audit

July 31

Company or other individuals liable for audit

September 30

All individuals or company filing belated returns

March 31

Types of ITR Form

ITR 1 (Sahaj)

For Income from Salary & Interest


For all incomes other than business income


Person generating business income.


For all incomes including business income

ITR 4S (Saral)

For Presumptive tax, 8% is deemed income of turnover


For Partnerships business, this ITR is used for all income


For Companies, this ITR is used for all the incomes


Furnish returns under sections 139 (4A, 4B, 4C, 4D)

Penalty for delay in filing ITR

The late fee for filing depends on the period of filing:

For return filed after the due date but till December

Rs. 5000/-

For return filed after 31st December


Note:- However, for small taxpayers the late fees are limited to Rs.1000/-only with an income up to Rs. 5,00,000.

General Queries

Whether NIL ITR is compulsory to file?

All the business entities (Company or LLP) must file ITR even if their total income or tax liability is zero. It is recommended for an individual to file ITR if the total income exceeds the basic exemption limit to avoid income tax scrutiny.

Do I need to file return if one has incurred loss in his/her business?

Yes, it is favorable to file ITR in case of loss as one can carry forward the loss to an upcoming financial year to set off losses against the future profit.

Can a person file ITR after the due date?

The belated return can be filed before the end of the Assessment year of the concerned financial year. Ex – For F.Y. 2020-21, belated returns can be filed till 31st March, 2022.

Is it possible to revise the ITR if filed incorrectly?

The ITR can be revised in the form of revised return within 1 year from the end of the next financial year. Ex – For F.Y. 2020-21, revised return can be filed till 31st March,2022.

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