Income Tax Return

Due Date For Filling Income Tax Return And Penalty for late filling

31st July is due date for filing Income Tax Return whose books are not required to be audited.
For those businesses who require auditing, the due date for Filling Income Tax Return is 31st October.

For businesses who require Transfer Pricing report to be made, the due date is 30th November.

Penalty:- Interest @1% per month is to be paid on the unpaid tax amount and late fees of Rs 5000. 
It shall be reduced to Rs 1000 if TI is less than 5 Lakhs.

Types of Return

FormApplicabilitySalaryExempt IncomeCapital GainsHouse PropertyBusiness IncomeOther Sources
ITR 1Resident Indian individuals and HUFs.YesYes. However income from agriculture cannot be more than Rs. 5,000.NoYes. However, it can be only for one house property.NoYes
ITR 2HUFs and individuals.YesYesNoYes.NoYes
ITR 3Partner in a firm, HUF, or individualsYesYesNoYesYesYes
ITR 4Firm, HUF, or individualYesYes. However, income from agriculture cannot be more than Rs. 5,000.YesYes. However it can be only for one house property.Only for business income that is presumptiveYes
ITR 5LLPs or Partnership FirmsNoYesNoYesYesYes
ITR 6CompaniesNoYesNoYesYesYes
ITR 7TrustsNoYesNoYesYesYes