Glossary · Income Tax
ITR
Income Tax Return — the prescribed form in which a taxpayer reports total income, deductions, and tax payable to the Income Tax Department.
ITRs are notified every year and include ITR-1 (Sahaj) for salary income, ITR-2 for capital gains, ITR-3 for business income, ITR-4 (Sugam) for presumptive taxation, and ITR-5, ITR-6, and ITR-7 for firms, companies, and trusts. Returns must be filed on the e-filing portal by 31 July (non-audit), 31 October (audit), or 30 November (transfer-pricing cases). Late filing fee under Section 234F ranges from ₹1,000 to ₹5,000.
Examples
A salaried individual with only salary income and interest up to ₹50,000 files ITR-1 on the e-filing portal by 31 July each year.
Related terms
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