No extension for ITR filing. What if you file it after the last day

on Sunday, Income tax The department said through its Twitter account, 19,53,581 ITRs were filed till 1 PM today and 4,67,902 ITRs were filed in the last hour.

Over 5.10 crores till 30th July ITR were filed. Over 57.51 lakh ITRs were filed on Saturday alone. “If you haven’t filed yet, remember to file yours. File now to avoid late fees,” the department said.

At present, there are seven ITR forms available, however, these forms vary depending on the category of taxpayers and their source of income. These forms are ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7.

ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. Can be easily filed by a person having income up to 50 lakhs and who draws income from salary, a house property / other sources (interest, etc.). Similarly, Sugam is filed by individuals, Hindu Undivided Families (HUFs), and firms (other than Limited Liability Partnerships (LLPs)) whose total income 50 lakhs and income from business and profession is computed under the presumptive taxation provisions.

Also, individuals and HUFs not having income from business or profession (and not eligible for Sahaj filing) can file ITR-2, while those having income from business or profession can file ITR Form 3. Individuals other than individuals, HUFs and companies i.e. partnership firms, LLPs, etc. can file ITR Form 5. Companies can file ITR Form 6. Trusts, political parties, charitable institutions, etc. can file ITR-7 claiming exempted income under the Act.

If you fail to file your ITR on time, you will be liable to pay a certain amount as penalty to the department. It is under section 234F of the IT Act. 5,000 fine if the return is furnished on or before 31st December of the assessment year. while the fine will be 10,000 in any other case. It needs to be noted that if the total income of the individual is not more 5 lakh – then the fee payable under this section shall not exceed 1,000.

The gross annual income of the basic exemption limit is 2.5 lakh for persons below 60 years of age, while the exemption limit is of income 3 lakh for persons above 60 years but below 80 years of age, and the exemption limit is 5 lakh for persons above 80 years.

Here is why you should file your ITR as per Income Tax service provider, Clear:

If you want to claim income tax refund from the department.

If you have earned or invested in foreign assets during the financial year.

If you want to apply for Visa or Loan.

– If the taxpayer is a company or a firm, irrespective of profit or loss.

According to Clear, taxpayers should file their ITR even if they are under the exemption limit, and fall under any one of the categories mentioned below.

– has deposited the total amount in excess of 1 crore in one or more current bank accounts.

– has incurred a total expenditure of more than 2 lakh on foreign travel for self or any other person.

– has incurred a total expenditure of more than 1 lakh for power consumption.

– If tax deducted at source (TDS) / tax collected at source (TCS) exceeds 25,000 in the previous year. In case of senior citizen (above 60 years), this limit is 50,000

– If you are a businessman and your total sales, turnover or gross receipts exceed 60 lakhs during the previous year.

– If you are engaged in any profession and your gross receipts exceed, you are liable to file tax return 10 lakh during the previous year.

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