An income tax return (ITR) is a form that individuals and businesses are required to file with the Income Tax Department to report their income and pay taxes. The specific ITR form that you need to file depends on your sources of income and other factors.

Types of Income Tax Returns

There are seven different types of ITR forms, each designed for a specific category of taxpayers:

ITR 1: For salaried individuals who have income from salary, one house property, and other sources like interest from savings accounts.

ITR 2: For individuals or Hindu Undivided Families (HUFs) who have income from sources other than salary, such as business income, capital gains, or professional income.

ITR 3: For individuals or HUFs who have income from salary and one house property, but have additional income from sources like capital gains, deductions under section 80C, or foreign income.

ITR 4: For individuals, HUFs, partnerships, firms, and local authorities who have income from business or profession.

ITR 5: For partnerships with income from business or profession.

ITR 6: For companies with income from business or profession.

ITR 7: For individuals or firms who have income from foreign sources or have resided outside India for more than 182 days in a financial year.

Due Dates for Filing Income Tax Returns

The due dates for filing ITRs vary depending on the category of taxpayer. The general due dates for the current financial year (2024-25) are as follows:

ITR 1, 2, 4: July 31, 2024

ITR 3, 5, 6: October 31, 2024

ITR 7: November 30, 2024

How to File Income Tax Returns

You can file your ITR online or offline. To file online, you can use the Income Tax Department's e-filing portal. To file offline, you can download the applicable ITR form, fill it out, and submit it to the Income Tax Department.

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Penalties for Late Filing of Income Tax Returns

If you fail to file your ITR by the due date, you will be liable to pay a penalty. The penalty amount depends on the category of taxpayer and the number of days the return is delayed.

Importance of Filing Income Tax Returns

Filing your ITR is important for several reasons:

• It helps you comply with the Income Tax Act.
• It allows you to claim deductions and exemptions.
• It helps you calculate your tax liability and pay taxes accurately.
• It provides you with a record of your income and taxes paid.