Income Tax : Rates, Due Date and Return Filing in India

Income Tax is a type of direct tax that you pay on income earned during the financial year. In India, a direct tax is governed as per Income Tax Act, 1961 along with Income Tax Rules, 1962 Income Tax is levied based on the different types of incomes and taxpayers.

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Who should file Income Tax Return (ITR)?

A taxpayer is required to file ITR if their income is more than the basic exemption limit. The basic exemption limit for Individuals and HUFs below the age of 60 years is INR 2.5 Lakh in AY 2019-20.

However, a taxpayer with income less than the basic exemption limit can also file an ITR. This is known as a NIL return.

Income Tax Calculator
Calculate income tax liability for FY 2020-21. Compare tax liability as per New vs Old Tax Regime.
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Income Tax Calculator
Calculate income tax liability for FY 2020-21. Compare tax liability as per New vs Old Tax Regime.
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What are the Due Dates to file Income Tax Return (ITR)?

Category Due Date
Individuals to whom audit is not applicable 31st July of the Assessment Year
Companies 30th September of the Assessment Year
Individuals to whom audit is applicable 30th September of the Assessment Year
Individuals/ HUF who are partners in a firm and firm’s accounts are subject to audit 30th September of the Assessment Year

Due Date for Filing ITR for AY 2021-22

What are the Documents required to file ITR?

The basic documents required to file ITR are:

  • PAN (Permanent Account Number)   
  • Aadhar Number
  • Form 26AS
  • Bank Account Details
  • Challan of any advance tax or self-assessment tax (if paid during the year)
  • Details of the original return (if filing a revised return)

However, documents required to submit ITR may differ based on the income situations and ITR form the taxpayer has to file.

Which ITR Form to File?

The ITR form a taxpayer should file differs based on their income source and residential status. The Income Tax Department has prescribed 7 different ITR forms for different income situations. The taxpayer is required to choose the ITR Form that is applicable to them for that particular assessment year. The most common ITR form filed by individual taxpayers is ITR 1 or ITR 4.

ITR-1 (SAHAJ) The most basic ITR form for individuals having income up to Rs. 50,00,000 from salary/pension, one house property, and interest.
ITR-2 For individuals/HUF having income from salary/pension, multiple house property, capital gains, interest, and partner’s income from the partnership firm.
ITR-3 For individuals/HUF having income from salary/pension, multiple house property, capital gains, interest, and income from proprietary business or profession.
ITR-4 For individuals/HUF/Partnership firms having income from presumptive business or profession.
Check which ITR Form to file?
Income Tax Return Forms to file depends on your Income Source, Residential Status, and other financial situation. Know which ITR Form you should file.
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Check which ITR Form to file?
Income Tax Return Forms to file depends on your Income Source, Residential Status, and other financial situation. Know which ITR Form you should file.
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What are the Income Tax Rates for AY 2019-20?

Income is taxed based on the category of a taxpayer. In India, income tax rates are declared every year in Union Budget by the finance minister. The Income Tax Slab Rates for Individuals and HUFs below the age of 60 years are:

Taxable Income Tax Rate
Up to INR 2,50,000 Nil
INR 2,50,000 to INR 5,00,000 5%
INR 5,00,000 to INR 10,00,000 20%
Above INR 10,00,000 30%
  • Rebate u/s 87A of INR 2,500 or 100% of the tax (whichever is lower) is available to Individuals with income is less than Rs. 3,50,000
  • A surcharge is applicable if your taxable income is:
    • between INR 50,00,000 to 1,00,00,000 : Surcharge 10%
    • above INR 1,00,00,000 : Surcharge 15%
  • Health & Education Cess is 4% on the total of income tax + surcharge

How to file ITR?

You can file Income Tax Return using:

  • Income Tax e-filing Website
    • Income tax account
    • IT utilities
  • ERI (e-Return Intermediary): these are government-approved intermediaries like Quicko

e-File ITR using Income Tax e-Filing Website

To e-file your ITR by using an income tax e-filing website, you should use your income tax e-filing account.

  • Log in to the e-Filing portal by entering the user ID (PAN), Password, Captcha code and click ‘Login’.
  • Navigate to e-file > Income Tax Return
  • Select ITR Form, Assessment Year and other details
  • Prepare your ITR
  • Pay Self-Assessment Tax if you have outstanding tax dues. Or claim Tax Refund if you have paid excess tax during the financial year.
  • Click on ‘Submit’ to e-File your ITR.

e-File ITR using Income Tax Utilities

Income Tax Department provides Java and Excel utilities to prepare and e-file your income tax returns. These utilities allow the taxpayer to prepare their ITR offline, and using the income tax e-filing account the taxpayer can submit their ITR.

  • Go to incometaxindiaefiling.gov.in click on Offline Utilities under the Download section. Now go to Income Tax Return Preparation Utilities and select the assessment year
  • Select the ITR Form you are required to file and Download ITR Utility for that ITR Form.
  • Extract the files from a zip folder: You need to have java runtime environment to unzip the utility
  • Prepare your ITR offline
  • Upload the utility on your Income Tax e-filing account.
Track Your ITR Status
Check your Income Tax Return Status using the PAN and Acknowledgment number - which is allocated by the Income Tax Department after filing your ITR.
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Track Your ITR Status
Check your Income Tax Return Status using the PAN and Acknowledgment number - which is allocated by the Income Tax Department after filing your ITR.
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What is ITR e-Verification?

ITR filing process is not complete until you e-Verify your return. When a taxpayer files the ITR, they receive ITR V on their registered email id from the income tax department. ITR-V means Income Tax Return Verification Form, it is also known as ITR-V (Acknowledgement). 

You can e-verify your ITR by the following methods:

ITR e-Verification
An expert assisted Income Tax Return(ITR) e-verification for Individuals and HUFs.
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ITR e-Verification
An expert assisted Income Tax Return(ITR) e-verification for Individuals and HUFs.
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FAQs

What is the due date to file the Income Tax Return (ITR)?

The due date to file the Income Tax Return (ITR) for individuals, Hindu Undivided Families (HUF), and taxpayers whose accounts are not required to be audited July 31st unless extended by the government.

What are the Income Tax slab rates for individuals?

The Income Tax slab rates for individuals for the Financial Year 2020-21 are given below. The table consists of both the current regime and new regime tax slab rates.

What are the basic documents required to file Income Tax Return (ITR)?

PAN (Permanent Account Number)   
Aadhar Number
Form 26AS
Bank Account Details
Challan of any advance tax or self-assessment tax (if paid during the year)
Details of the original return (if filing a revised return)

Is it necessary to verify the Income Tax Return (ITR)?

The Income Tax Return (ITR) filing process is not complete until the filed ITR is verified by the taxpayer. The taxpayer can either e-verify the ITR or can send signed ITR-V (Acknowledgement) to the Income Tax Department (ITD). If the e-Verification of ITR is not possible then the taxpayer needs to send the signed ITR-V to the Income Tax Department within 120 days at CPC Bangalore.

Documents required for Income Tax Return filing in India

Income Tax Return or ITR forms are different on the basis of income sources. Specific documents of the taxpayer are required to file ITR.
Other documents required may differ based on the income situation. These documents are not required to be submitted to the IT Department while filing the Income Tax Return. Since ITR is an annexure-less form. However, if a taxpayer receives a notice from the ITD such documents may be required to be submitted.

List of Basic Documents required for filing the Income Tax Return – ITR

Following are the basic documents mandatory to file an ITR in India:

ITR for Salaried Individuals
CA Assisted Income Tax Return filing for individuals having salary, one house property & income from other sources.
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ITR for Salaried Individuals
CA Assisted Income Tax Return filing for individuals having salary, one house property & income from other sources.
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Documents Required for Different Income Heads

Salary Income/ Pension Income

Following documents are required from taxpayer having salary/ pension income:

  • Form 16
  • Salary Slips (If form 16 is not available)
  • Pension Statement / Passbook

House Property Income

The following documents are required to determine when rental income is earned by a taxpayer or there is a home loan. These documents will help determine the correct deduction and Income from House Property.

  • Property Address
  • Rent Agreement
  • Co-ownership details in case of co-owned property
  • Municipal Tax Receipts
  • Form 16A if TDS is deducted on rental income
  • Home loan repayment certificate/ Interest Certificate from the bank
  • Pre-Construction Interest Details
ITR for Multiple House Properties
CA Assisted Income Tax Return filing for Individuals and HUFs having multiple house property income, multiple salaries and income from other sources.
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ITR for Multiple House Properties
CA Assisted Income Tax Return filing for Individuals and HUFs having multiple house property income, multiple salaries and income from other sources.
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Capital Gains Income

When an individual sells any movable or immovable property a Capital Gain arises. It also includes the sale of shares and securities.

  • Sales and Purchase deed, stamp duty valuation in case of sale of the land/ building
  • Details of Improvement cost.
  • Details of expenses incurred on the transfer of capital assets
  • Proof of cost of the asset, cost of improvement and sales receipts in case of movable assets
  • Details of investment made to claim exemptions
  • Capital Gains Deposit Account details if any
  • For shares & securities- Trading statement/ Stock Ledger/ Contact Notes
ITR for Gains from Sale of House / Property
CA Assisted Income Tax Return filing for individuals and HUFs having Capital Gains / Loss income from sale of house, property, land, etc.
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ITR for Gains from Sale of House / Property
CA Assisted Income Tax Return filing for individuals and HUFs having Capital Gains / Loss income from sale of house, property, land, etc.
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Business and Professional Income

Following are the documents required to file the return if you are earning any income from Business and Profession during the year:

  • Balance Sheet and Profit & Loss Statement
  • Bank Account Statement/ Passbook
  • Supporting documents for expenses incurred
  • Cash Register
  • Any other documents required to maintain the books of accounts of the business & profession
  • Audit Report in case the profit from the business is less than 8% of the Total Turnover.
ITR for Proprietors with Professional Income
CA Assisted Income Tax Return filing Plan for Individuals & HUFs earning professional income from proprietary firm.
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ITR for Proprietors with Professional Income
CA Assisted Income Tax Return filing Plan for Individuals & HUFs earning professional income from proprietary firm.
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Income from Other Source

Any income which does not fall under any of the above heads of income, in that case, it will come under the head Income From Other Source.

  • Total Interest income earned from savings/ current account
  • Interest certificate from deposits/ Bonds/ NSC
  • PPF Account Statement/ Passbook
  • Dividend Warrants/ counterfoils
  • Proof of details of receipt of any other incomes
  • Rent Agreement in case of let out machinery
ITR for Pensioners
CA Assisted Income Tax Return filing for individual senior citizens receiving pension income.
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ITR for Pensioners
CA Assisted Income Tax Return filing for individual senior citizens receiving pension income.
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Documents Required for Tax Saving Investments (Section 80)

One can invest in some of the tax-saving investment schemes to save taxes and claim a tax deduction. Following are the documents that come in handy for tax saving investment made:

  • ELSS/ ULIP/ NSC investment details
  • PPF account passbook/ statement
  • Life/Medical Insurance Receipts
  • Details of Tax Saving FD
  • National Pension Scheme investment details
  • Senior Citizen Saving scheme investment details
  • Donation Receipts
  • Children Tuition Fees Paid Receipts
  • Repayment Certificate for home loan/ education loan
  • Certificate from specified medical authorities in case of disability
  • Receipts/proof of any other tax saving investment/contributions

Documents Required for Foreign Income and Foreign Investments

  • Details of foreign income and taxes deducted on the same
  • Details of Assets held outside India including the foreign bank accounts.
ITR for Residents with Foreign Income
CA Assisted Income Tax Return filing plan for resident individuals having foreign income.
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ITR for Residents with Foreign Income
CA Assisted Income Tax Return filing plan for resident individuals having foreign income.
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FAQs

What is the list of documents required for filing basic ITR?

The basic list of documents required to file ITR is as follows:
PAN (Permanent Account Number)   
Aadhar Number
Form 26AS
Bank Account Details
Challan of any advance tax or self-assessment tax (if paid during the year)
Details of the original return (if filing a revised return)

What is Form 16?

It is a certificate of TDS on salary. Every employer issues Form 16 to an employee after the end of a Financial year. Employees usually receive Form 16 before 31st May of the next financial year. It contains details of income earned and the taxes deducted. Furthermore, Form 16 is divided into two parts: Form 16 Part A and Form 16 Part B.

What is Form 26AS?

It is a consolidated Tax Credit Statement which provides the following details to a taxpayer:

1. Details of taxes deducted from the taxpayer’s income.
​2. Details of taxes collected from taxpayer’s payments.
3. Advance Taxes, Self Assessment Taxes, and Regular Assessment
4. Taxes paid by the taxpayers.
5. Details of the refund received during the year.
6. Details of any high-value transactions (for eg. Shares, Mutual Funds, etc.).

AY 2021-22 ITR 4 for Presumptive Taxation Scheme

What is ITR 4 form?

The ITR 4 is meant for those taxpayers who have opted for the presumptive taxation scheme under Section 44AD, Section 44ADA, or Section 44AE of the Income Tax Act.

However, if the turnover of the mentioned business exceeds INR 2 crores (INR 50 lakh in the case of professionals), the taxpayer will have to file ITR 3. You can also download income tax utility from the income tax department website.

Download ITR 4 Form AY 2021-22
Download the latest AY 2021-22 ITR 4 Form for taxpayers opting for the presumptive taxation scheme
Download
Download ITR 4 Form AY 2021-22
Download the latest AY 2021-22 ITR 4 Form for taxpayers opting for the presumptive taxation scheme
Download

Up to FY 2018-19 (AY 2019-20), it was not mandatory to file Income Tax Return if the total income was less than the basic exemption limit. However, Budget 2019 inserted the seventh proviso to Section 139(1). As per this new provision, if a taxpayer has entered into high-value transactions, it is mandatory to file the ITR even if the total income does not exceed the basic exemption limit. The high-value transactions can be either of the following:

  1. If the taxpayer has deposited more than INR 1 Cr in a current account
  2. If the taxpayer has incurred foreign travel expense of more than INR 2 lacs
  3. Or, if the taxpayer has incurred electricity expense of more than INR 1 lac

Who can file ITR 4?

Individual/HUF/Partnership firm whose total income includes following can use this form:

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Who can not file ITR 4 Form?

This Return Form cannot be used in case of the following incomes:

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Structure of ITR Form Number 4

Part/ Schedule Heading Fields
PART A- GENERAL Personal Information Name, Address, Date of Birth, PAN, contact details, etc.
Filing Status Employer Category, Tax status, Residential status, Return filed u/s, etc.
PART B Income And Deduction Income from Business, Salary, Pension, House Property, Other Sources
PART C Deduction under Chapter VI-A Deductions under section 80C, 80D, 80E, 80G, 80TTA, etc.
PART D Tax computation Breaking up Tax computation, Interest, Cess, Rebate, etc.
Schedule NOB BP Nature of Business, If more than one business, indicates the three main activities/ products Nature of Business, Computation of Presumptive Income under 44AD, 44ADA and 44AE, Financial Particulars of Business
Schedule AL Details of Assets and Liabilities Details of an immovable asset, Details of a movable asset, Interest held in the asset of a firm or AOP, etc.
Schedule IT Details of Advance Tax and Self Assessment Tax Payments BSR Code, Date of Deposit, Chalan Number, Tax Paid
Schedule TCS Details of Tax Collected at sources Tax collection Account Number, Name of Collector, Tax Collected, Amount Claimed
Tax Details TDS1: Details of Tax Deducted at Source from SALARY TAN of Employer, Employer Name, Ted Deducted, etc.
Tax Details TDS2: Details of Tax Deducted at sources from Income other than Salary TAN, Name of Deductor, Year of Deduction, Tax deducted, etc.
Check which ITR Form to file?
Income Tax Return Forms to file depends on your Income Source, Residential Status, and other financial situation. Know which ITR Form you should file.
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Check which ITR Form to file?
Income Tax Return Forms to file depends on your Income Source, Residential Status, and other financial situation. Know which ITR Form you should file.
Explore

List of Documents Needed to file ITR 4

Acquire the given list of documents on the basis of relevant Incomes in order to indulge in a smooth filing process.

Essential documents:

  • PAN (Permanent Account Number)
  • Bank account details
  • TDS certificates
  • Counterfoils of taxes paid
  • Details of original return if filing revised return
  • Details of notice if filing in response to the notice
  • Electricity bill (In case it exceeds INR 1 Lakh)
  • Travel expenses (In case it exceeds INR 2 Lakh)
  • Deposits in Bank (INR 1 Crore or above)

Documents on the basis of your type of Income:

  • Salary income
  • House/Property Income
    • Address of the property,
    • Co­-owner details in case the property is co­owned,
    • In case of house/property loan ­ Interest certificates/repayment certificate from bank,
    • In case of let out property – Rent agreement
  • Business / Profession
    • Profit & Loss statement
    • Balance Sheet
    • Supporting documents for expenses incurred
    • Bank account statement/Passbook
    • Cash register
    • Any other documents required to maintain the books of accounts of business & profession
  • Other sources
    • Savings/current account statements/Passbook
    • Interest certificates for deposits/bonds/NSC
    • PPF account statement/Passbook
    • Dividend warrants/counterfoils
    • Rent agreement in case of let out machinery
    • Details about receipts of any other incomes
  • If you’re eligible for any Tax Breaks, you may need to acquire the relevant documents from the list:
    • PPF account statement/Passbook
    • Fixed deposit certificates/statements
    • Mutual fund NAV statements
    • ELSS/ULIP/NSC investment details
    • Life insurance premium receipts
    • Medical insurance premium receipts
    • Preventive health checkup details
    • Pension fund/ National pension scheme statement
    • House/property loan interest certificate/repayment statement
    • Education loan interest certificate/repayment statement
    • Tuition fees receipts
    • Donation receipts
    • Certificate from specified medical authorities in case of disability
    • Receipts/proof of any other tax saving investment/contributions
Earned Business Income during the year?
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ITR 4 Form Breakdown

The ITR 4 has six sections that are required to be filled. These sections are as follows:

  • Personal Information
  • Gross Total Income
  • Disclosures
  • Total Deductions
  • Taxes Paid
  • Total Tax Liability

How to file the ITR 4?

You can either file your ITR 4 physically or electronically. Since the Financial year 2013-14, electronic filing of ITR 4 has been made compulsory for the taxpayers who:

  • Have an income of more than INR 5 Lakhs.
  • Have any assets outside of India, including financial interest in any entity; or signing authority in any account outside of India
  • Those claiming relief under Section 90/90A/91 to whom Schedule FSI and Schedule TR to apply

In case of Physical submission:

  • You can submit the ITR 4 in paper form or
  • You can submit the bar-coded return form duly filled.

The department will provide you with an acknowledgment along with stamp of submission on your copy.

File ITR 4 Online using Income Tax Website

  • Log in to the e-filing portal using your user ID & password.
  • Click on e-file > Income Tax Returns > File Income Tax Return from the dashboard
  • Select the appropriate assessment year
  • Select the online mode of filing the ITR
  • Select the applicable status and click on proceed
  • Select the ITR 4 option from the list provided
  • Read the instructions and click on the option to proceed
  • Select the options that are applicable to your particular situation and click on proceed
  • Review the prefilled data and click on proceed
  • Enter your income and deduction details in the different section
  • You will be shown a summary of your tax computation based on the details you provided. If there is tax liability payable based on the computation, you will receive the option to pay instantly or pay later
  • After paying tax, click Preview Return. If there is no tax liability payable, or if there is a refund based on tax computation, you will be taken to the Preview and Submit Your Return page
  •  Once validated, on your Preview and Submit your Return page, click Proceed to Verification
  •  On the Complete your Verification page, select your preferred option and click Continue

ITR 4 for AY 2021-22

Major Changes in ITR 2 for AY 2021-22

  • Taxpayers are given the option to choose between the old tax regime and the new tax regime
  • Dividend Income has to be added with a quarterly breakdown for accurate calculation of Interest under Section 234C
31st July
The due date to file ITR-4 (SUGAM) for Proprietors and Freelancers earning Business & Profession Income.
31st July
The due date to file ITR-4 (SUGAM) for Proprietors and Freelancers earning Business & Profession Income.

FAQs

Can NRI file ITR 4?

No. NRI can not file ITR 4. They need to file ITR 3 for income earned from Business & Profession.

My turnover from business is more than INR 2 Crore can I file ITR 4?

No, since presumptive taxation scheme is only available to businesses having turnover up to INR 2 Crore. You can not opt for the Presumptive Taxation Scheme and file ITR 4.

Can I file ITR 4 if my professional receipts are more than INR 50 lakhs?

No. since presumptive taxation scheme is only available to professionals having receipts up to INR 50 lakhs. You can not opt for the Presumptive Taxation Scheme and file ITR 4.

Can I file ITR 4 after the due date?

Yes, ITR 4 can be filed after the due date. It will be considered a belated return. And late filing fees will be levied while filing a belated return.