The last date to file Income Tax Return ( ITR) for assessment year 2022 – 23 or FY 2021 -22 is July 31, 2022. This means only 2 days are left to file the return. It is vital for the Income Tax payers to know which category is right for them to identify the form to file ITR .
This time the last date of July 31 for filing ITR will not be extended. Income Tax payers will have to avoid waiting till the last day to file their returns. If your income is more than 5 lakhs and you do not file the return on the due date, then you will have to pay a fine of up to Rs 5,000
Choose the right in form 7 ITR
Form 1 : If you are employed and your total income was up to Rs 50 lakh in the financial year 2021 – 22, then ITR – 1 form will have to be filled to file the return.
- Pensioners will also have to use this Form and the same form has to be filled if you get interest from bank deposits, earn in the Form of house rent and agriculture income of Rs 5000.
Form 2 : For income more than 50 lakh and income from other sources other than salary, then ITR – 2 Form has to be filed other sources include income from capital gain, earnings from more than one residential property , Foreign income , earnings on becoming directors in a Foreign asset company, and earnings from unlisted shares.
Form 3 : This is for these who have income from any business or profession along with earning from the sources specified in ITR – 2 Form. The same form has to be used even if there are partners in a form.
Form – 4 : This form is for Residential Individuals Hindu Undivided Family , times( Expect LLP) having total income up to Rs lakhs and earning from business and profession . If you get pension from the central or state government , then this information will also have to be given in ITR – 3 Form.
Form : 5 and 6 – Both the forms are not for individuals income tax payers. ITR – 5 Form is for partnership company business trust, investment fund etc.
- n ITR – 6 form for companies which are registered other than section 11.
Form 7 : – This form is for these taxpayers with companies, which are charitable or religious trusts, political parties, research associations, news agencies or any similar organization.
Fill this Form as soon as possible otherwise you may have to pay a Fine .
