Income Tax Return (ITR)
Income Tax Return is the form in which assessee files information about his Income and tax thereon to Income Tax Department. When you file a belated return, you are not allowed to carry forward certain losses.
The Income Tax Act, 1961, and the Income Tax Rules, 1962, obligates citizens to file returns with the Income Tax Department at the end of every financial year. These returns should be filed before the specified due date. Every Income Tax Return Form is applicable to a certain section of the Assessees. Only those Forms which are filed by the eligible Assessees are processed by the Income Tax Department of India. It is therefore imperative to know which particular form is appropriate in each case. Income Tax Return Forms vary depending on the criteria of the source of income of the Assessee and the category of the Assessee.
Due dates of filing income tax return are as under (Unless extended):
31st July for Individuals, HUF, BOI, AOP, Firms not requiring audit under any law.
30th September for Companies or a working partner of a firm or Individuals requiring audit under any law.
30th November for any person (corporate/non-corporate) who is required to furnish a report in Form No. 3CEB u/s 92E.
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