Income Tax FAQs

FAQ On Tax Filing

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1) Who is required to file an income tax return?

You are required to file income tax return when your gross income from all sources exceeds Rs 2.5 lakh. The threshold for tax filing in the case of senior citizen is Rs 3 lakh. A senior citizen is a resident of India aged 60 years and above. In the case of a super senior citizen aged 80 and above, the threshold limit is Rs 5 lakh.

The threshold tax exemption applies to individuals and HUFs. A company and a firm is required to file an income tax return in the case of loss too.

2) Which ITR should I use for filing income tax return?

Individual resident in India can use ITR-1 for total income up to Rs 50 lakh. Individuals can use ITR-1 for reporting income from salary, one house property, other income and agricultural income up to Rs 5,000.

Individuals whose total income is above Rs 50 lakh, Non-residents (NRI) and HUF can file income tax return in ITR-2. The form ITR-2 enables reporting of capital gains and losses, carry forward and set off of losses. You can also report income from more than one house property in ITR-2. A director of a company should file income tax return in ITR-2. Also, a shareholder of a private company should file ITR-2.

ITR-3 is applicable to individuals and HUFs who also have income from business or profession in addition to other sources of income.

ITR-4 is applicable to report income on a presumptive basis for individuals, HUFs and partnership firms. Limited Liability Companies (LLPs) cannot file ITR-4.

Partnership firms other than those filing ITR-4 should file their return in ITR-5 Form. LLP should also file their return in ITR-5.

A company should file their income tax return in ITR-6.

Trusts, associations and companies claiming tax exemption should file ITR-7.

3) What is the due date to file income tax return or ITR for AY 2021-22?

The due date to file income tax return or ITR stands extended to 31 December 2021 from 31 July 2021. For companies and taxpayers subject to tax audit, the tax filing due date is 15 February 2022. In case of transfer pricing audit, the tax filing due date is 28 February 2022.

Note: All tax filing due dates are extended as a COVID-19 relief measure for AY 2021-22.

4) What is the due date for a salaried individual to file ITR in AY 2021-22?

A salaried individual should file income tax return by 31 December 2021.

5) What happens if I fail to file ITR within the due date?

You are liable to pay a late filing fee for an ITR filed after the due date. The late filing fee for a delay in ITR filing is:

  1. Rs 5,000 for a filing within 31 December.
  2. Rs 10,000 for a filing within 31 March.
  3. However, if your total income does not exceed Rs 5 lakh, the late filing fee is only Rs 1,000.

No late filing fee is applicable for income below taxable limit of Rs 2,50,000.

6) Should I submit documents or proofs along with my income tax return?

You need not submit any documents or proofs while filing your income tax return. You can retain the TDS certificates, Form 16, Housing loan certificate, 80C investment proofs and other relevant receipts or documents for future use in case you receive any notice from the income tax department.

7) What is the last date to file a belated return or a revised return?

The last date to file a belated return or a revised return is 31 March 2022 for AY 2021-22.