On March 30, 2022, the Central Board of Direct Taxes (CBDT) announced income tax return (ITR) forms for the fiscal year (FY) 2021-22 (assessment year or AY 2022-23) and enabled the filing option for ITR 1, ITR 2, ITR 3 and ITR 4 forms on its website www.incometaxgov.in. ITR-1, ITR- 2 & ITR-4 offline & online both, ITR-3-only offline. Taxpayers can download ITR Offline Utility through “Downloads” Menu option, fill and file the ITR through the same.
Individuals who meet certain specified criteria/conditions announced via a notification released on April 21, 2022, will now be required to file returns, according to the CBDT. As a result, it is critical for an individual taxpayer to understand which ITR form is appropriate for him or her. Which ITR form is right for you? The crucial question is who should use which ITR form and when. The following is a summary of ITR forms applicable.
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ITR forms for FY 2021-22:
| ITR Form | Who can file? | Who cannot file? |
| ITR 1 (Sahaj) | – Individual qualifying as Ordinarily Resident – Having total income of up to Rs 50 lakh – Having income from salaries, one house property, income from other sources (interest etc.) and agricultural income up to Rs 5,000 Further, in case of clubbing of income, an individual can file ITR-1 if the income of the other person (whose income the individual is reporting in his ITR) is from sources as mentioned above. | – Non-residents/ Resident but Not Ordinarily Residents – Hindu Undivided Family (HUF) – Ordinarily Residents having total income of more than Rs 50 lakh – Director in a company – Holding investments in unlisted equity shares – Having brought forward losses or losses to be carried forward under the head ‘income from house property’ – Having income from any other source, e.g., more than one house property, capital gains, profits or gains of business or profession, winning from lottery – Holding assets outside India – Section 194N of the Act are applicable – Covered under the tax deferral relief for income from Employees Stock Options (ESOP) available to employees of ‘eligible start-ups’ |
| ITR 2 | – Non-residents / Resident but Not Ordinarily Residents and Ordinarily Residents – Hindu Undivided Family (‘HUF’) – Having a total income of more than Rs 50 lakh – Director in a company – Holding investments in unlisted equity shares – Having income from the following sources: salaries, more than one house property, capital gains and income from other sources – Having income from sources outside India and holding assets outside India | – Individuals/ HUF having business income/ income from profession |
| ITR 3 | – Individuals/ HUF having business income/ income from profession – Partner of a Firm | – Persons other than individuals/ HUF having business income/ income from profession |
| ITR 4 (Sugam) | – Resident Individuals/ HUF/ Firm (other than LLP) having total income up to INR 50 lakh – Having business income/ income from profession computed on ‘presumptive basis’ | – Having profits or gains from business or profession which are not computed on a presumptive basis – Other restrictions similar to ITR-1 |
| ITR 5 | – Any person except individual or HUF or company – E.g. Firms/ LLPs/ Association of Persons (AOPs)/ business trusts/ investment funds | – Individual or HUF or company – Any other person required to file ITR-7 |
| ITR 6 | – Companies other than those filing ITR-7 | – Companies required to file ITR-7 |
| ITR 7 | – Persons including companies which are a charitable or religious trust, political party, research association, news agency or similar organizations specified in the Act | – Other categories of taxpayers |
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Due Date of ITR filing
The due date of Income Tax return (ITR) for FY 21-22 or AY 22-23 is as follows-
| Category of Taxpayer | Due Date |
| ITR of Individual / HUF/ AOP/ BOI/ Firm/ LLP/AJP/ Local Authority/ Co-operative society (unaudited) | 31st July 2022 |
| Submission of Tax audit report u/s 44AB | 30th September 2022 |
| ITR of audited cases | 31st October 2022 |
| Report to be filed u/s 92E | 31st October 2022 |
| Businesses (Requiring TP Report) | 30th November 2022 |
| Revised Return | 31st December 2022 |
| Belated/Late Return | 31st December 2022 |
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Consequences of late filing/ non-filing of ITR
If the ITR is not filed by the due date, which is currently July 31, 2022 (for individuals), a penalty of up to Rs 5,000 will be imposed and must be paid before the ITR can be filed. Even if there is no tax liability, this fee or penalty must be paid. Furthermore, taxpayers who file late will lose the ability to carry forward certain losses for set-off in future years.
Additionally, in order to be eligible for the new tax regime, one must file their ITR by July 31, 2022.
To avoid receiving income/tax mismatch notices at a later date, one must also validate the information captured by the tax authorities in the Annual Information Statement (AIS) before filing the ITR for FY 2021-22.
Read Also: 10 common mistakes to avoid while filing ITR
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