Income tax Return

As per Sec 139 of the Income tax act, it is mandatory to file an Income tax return in India

  •   If your gross total income (before allowing any deductions under section 80C to 80U) exceeding INR 250000. This limit is INR 300000 for senior citizens (Who are more than 60 years but less than 80 years old) and INR 500000 for super senior citizens (Who are more than 80 years old).
  •   A company or firm irrespective of whether you have income or loss during the year.

Income tax is imposed on both types of income i.e. direct or indirect income earned by assessee. Direct Income includes salary, wages etc. whereas indirect income includes interest, rent, commission etc.

Income tax return (ITR) is a valid legal document which proves that all the taxes have been paid on the income earned by the assessee in a particular financial year. It contains all the necessary details of the annual income earned and the taxes paid thereupon. Every Indian citizen is required to file income tax return as per the provisions of Income Tax Act 1961.

Income tax return If not filed

Penalties for non-filing income tax return?

Under section 271F, the assessing officer may levy a penalty of Rs 5,000 when you have not filed your return. (applicable until FY 2016-17)

Penalties for non-filing an income tax return from FY 2017-18?

  The penalty of Rs 5,000 is applicable if Return for FY 2017-18 is filed after the due date (31st July 2018) but by 31st December 2018.
  The penalty of Rs 10,000 is applicable if Return for FY 2017-18 is filed after 31st December 2018 but by 31st March 2019.

Note: Penalty is limited to Rs 1,000 for those with income up to Rs 5 lakhs.

Income tax forms for e-filing

There are a different category of taxpayer viz. Individual, HUF, Firm, LLP, Company, Trust and AOP/BOI. As per Income tax act, 1961 there are in total 7 income tax returns which assesse can use to file his returns. Due Date is different according to audit or a non-audit case of such categories as defined in section 139(1).

ITR-1 (Sahaj) :

This is solely for individual taxpayer

  •   Who are earning income from salary or through pension
  •   Who earn income either from one house property or from investments.
  •   An Agriculturist whose income below INR 5000
  •   Who have neither income from any business nor any casual income.
  •   And whose income amount is less than 50 lakhs.


This is also for individual taxpayer

  •   Whose income is greater than 50 lakhs.
  •   An Agriculturist whose income above INR 5000.
  •   An Agriculturist whose income below INR 5000
  •   Who has foreign income.


This is for Individuals and HUF who have income from proprietary business or are carrying on the profession.


This is for assesses who opted for presumptive taxation scheme under section 44AD, 44AE and 44ADA of income tax Act. However, if the turnover of business mentioned exceeds 2 crores, then they have to file itr-3.


This is for assesses being firms, LLP’s, AOP, BOI, cooperative society, local authority and artificial judicial person.


This is solely for companies except those who are claiming exemption u/s 11. As per section 11 those organizations whose income from property held for charitable or religious purposes.


This is for persons including companies which are required to file their returns under following sections:
Section 139(4A) – To be filed by every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes.
Section 139(4B) – To be filed by political parties provided their total income earned is above the non-taxable limit.
Section 139(4C) – To be filed by every

  •   scientific research association ;
  •   news agency ;
  •   association or institution referred to in section 10(23A);
  •   institution referred to in section 10(23B);
  •   fund or institution or university or other educational institution or any hospital or other medical institution

Section 139(4D) – To be filed by every university, college or other institution, which is not required to furnish the return of income or loss under any other provision of this section.
Last Date for filing income tax return for F/Y 2016-17:

  •   For Non-Audit case i.e. 5th August 2017.
  •   For Audit case i.e. 30th September 2017 but Indian finance ministry has extended it to 31st October 2017.

Our team at CA on Web is available at your service and will help you in e-filing of income tax returns in a small time frame of 7 to 12 days.

For more Details Visit Our Website :


The CAONWEB Team comprises qualified chartered accountants and experienced investment experts who are passionate enough about finances to bring you the best advice and tips on everything related to your hard-earned money.

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