Filing Income Tax return in Gurgaon, Haryana is a statutory obligation governed by Income Tax Act 1961. The Income Tax return is an annual document that is required to be filed by assessee.
The assessee could be an Individual, Hindu Undivided Family (HUF), Partnership Firm, Company etc. but it is mandator for them to file Income Tax Return if their annual income exceeds the threshold prescribed by Government of India.
There are a few Income Tax Return forms which are applicable as per the assessee and source/s of Income.
As per Income Tax laws income is classified under 5 different sources:
1. Salary Income
2. House Property Income
3. Capital Gain
4. Business & Profession Income
5. Other Income
Following are the Income Tax Return Forms and their applicability for the assessment year 2024-25:
| Return Form | Description |
|---|---|
| ITR-1 (Sahaj) | Individuals falling under following categories should file their return in form ITR-1: • Income earned from salary or Pension. • Income from other sources, excluding income from winning lottery or owning & maintaining race horses. • Income from one House Property (with some exceptions) • Income from agriculture activities up to INR 5000. • Total income of individual should not exceed INR 50 Lakhs Who cannot file ITR-1 • Non resident • Not ordinarily resident • Person having business & profession income • Person having more than one house property • Person having capital gain income etc. |
| ITR-2 | Individual and Hindu Undivided Family (HUF) falling under the following categories should file their ITR in form ITR-2: • Individuals with income exceeding INR 50 Lakh • Income generated from foreign assets • Income received through salary, pensions, capital gains, and other sources (except income from business or profession) • Agricultural income exceeding INR 5,000 |
| ITR-3 | Individual and Hindu Undivided Family (HUFs) who fall under the following categories should opt for the ITR-3 form: • Income from Business or Profession • Income received by way of salary, pension, capital gains, and other sources • Income received by a partner from his partnership firm • Individual director in a company • Investments in unlisted equity shares |
| ITR-4 | Individuals, Hindu Undivided Families (HUFs) and firms with an income up to INR 50 Lakh from business or profession can opt for form ITR-4 for filing income tax return. Further, the assessee who have chosen presumptive income scheme under Section 44AD, 44ADA, and 44AE of the Income Tax Act are also eligible to file their income tax return using the form ITR-4. |
| ITR-5 | Association of Person (AOP), Limited Liability Partnership (LLP), Body of Individuals (BOI) is required to file their income tax return in form ITR-5. |
| ITR-6 | ITR-6 form is applicable for all companies, except for those who claim exemption under Section 11 i.e. income from a religious or charitable property. |
| ITR-7 | Following types of Companies are required to file their income tax in Form ITR-7: • Individuals holding a property for charitable or religious purposes (ITR under section 139(4A)) • Political parties and affiliates (ITR u/s Section 139(4B)) • Institutions or associations such as medical institutions, news agencies and establishments, educational institutions, think tanks, and agencies involved in scientific research (ITR u/s Section 139(4C)) • Colleges and universities, or other institutions where revenue and losses are not required to be reported under any other provision of this section (ITR u/s 139(4D)) |
Usually, the due date of filing income tax return is 31st July of the relevant assessment year, for individuals and non-audit cases and 31st October of the relevant assessment year for audit cases. The eligible assessee can file their income tax return in Gurgaon within the said due date without late fee.
However, the assess who missed the original due date can file their belated ITR by 31st December of the respective assessment year by paying the late fee and penal interest (if applicable).
The process for filing zero income tax return is same as for non-zero income tax return or regular ITR.
Income Tax law, allows you to file income tax return if you have missed the due date. This can be done by filing belated return by 31st December of the relevant assessment year.
Yes, you can file updated income tax return after 31st December using ITR-U. However, you will be required to pay penalty of up to INR 5,000 and additional tax will be levied at 25% or 50% of the tax and interest depending on whether the ITR-U is filed within 12 or 24 months from the end of the relevant assessment year. However, ITR-U can only be filed if there is additional tax liability is to be reported.
An assessee is required to get the tax audit done before filing Income Tax return if the turnover of businesses is INR 1 crore. However, this limit should be increased to INR 10 crores if the cash receipts or cash payments does not exceed 5% of the total receipts or total payments respectively. Further it is also important to note that for person carrying on business who are eligible and opt for presumptive taxation scheme are not required to get the tax audit done if their sales, turnover or gross receipt doesn’t exceed INR 2 crore.
You can check the status of your Income Tax Return by visiting the official website of Income Tax department (eFiling portal). Click on "Income Tax Return (ITR) Status" on the portal. You will be prompted to enter the acknowledgement number of your ITR whose status you want to check and valid registered mobile number. Once entered these details, click on 'Continue'. You will receive a 6-digit OTP (One-Time Password) on your registered mobile number. Enter that OTP and click on 'Submit'. Once this process is completed, you will be able to view the status of your IT return.
While professional assistance is not mandatory but it is recommended to take professional help to maintain accuracy, avoid delay and penalties. You may contact onlinecorpserv.com, if you want professional help in filing Income Tax Return in Gurgaon (ITR in Gurgaon).
