If you file returns using the wrong ITR form, you will have to file revised returns. This can be done if you file ITR within the due date. But, it’s an unnecessary headache. Why not choose the right ITR form and then file ITR?
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Which Form To Use When Filing ITR?
Just paying taxes is not enough. You must also file income tax returns. Filing late Income Tax Returns could mean penalties. If you file ITR after July 31st but before December 31st of the relevant assessment year, there’s a penalty of Rs 5,000. If you file ITR after December 31st, there’s a penalty of Rs 10,000.
You cannot file ITR Form 1 if the total income for the FY 2017-18 (AY 2018-19), is more than Rs 50 Lakhs. If you have foreign assets, agricultural income which exceeds Rs 5,000, taxable capital gains, income from business/profession or income from more than one house property, you cannot file ITR Form 1.
Individuals and HUFs who are not eligible to file ITR Form 1 (Sahaj), can file ITR 2.
Your total income for FY 2017-18 (AY 2018-19), should be more than Rs 50 Lakhs.
You can file income tax returns using ITR Form 2 if:
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Individuals, HUFs or Partnership Firms whose total income for the financial year 2017-18 (AY 2018-19), includes:
The ITR Form 6 can be used only by Companies other than those Companies who are already claiming exemptions under Section 11. The Companies who claim exemptions under Section 11 are usually religious and Section 11.
Returns under Section 139(4A) are filed by people who receive income from a property held as a trust or any other legal obligations mainly for religious or charitable purposes. Returns under Section 139(4B) are filed by a political party if total income is more than the maximum amount which is not chargeable to income tax.
You have to file returns under Section 139(4C) if:
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