ITR Filing Last Date: Can every taxpayer file ITR by 31st August? Know the correct deadlines of ITR-1, ITR-2, ITR-3 and ITR-4 and the disadvantages of choosing the wrong form.
ITR Filing Deadline: If you are a salaried employee and are heaving a sigh of relief after seeing the last date for filing ITR is August 31, then there is no need to be too happy. This relief is not for every taxpayer. Many people are thinking of filing ITR-3 or ITR-4 just to get one month’s extra time, but according to tax experts, doing so can prove costly. Choosing the wrong ITR form may render your return defective or invalid. In such a situation, you may have to face late fees, interest and other rules.
Can anyone file ITR by 31st August?
The last date of August 31 is only for those to whom ITR-3 or ITR-4 is applicable. If you are a salaried employee and ITR-1 or ITR-2 is applicable for you, then your deadline is still July 31. That is, choosing ITR-3 or ITR-4 as per your wish just to get more time is not the right way.
Why is it wrong to file ITR-3 to get extra time?
Many taxpayers are thinking that if the last date of ITR-3 is 31st August, then the same form should be filled. But tax rules do not allow doing so. According to tax experts, the choice of ITR form is decided by the source of your income and not by which deadline you prefer. If you fill the wrong form, the Income Tax Department may declare your return defective and ask you to fill the correct form again.
What can happen if wrong ITR form is filled?
- Returns may be defective or invalid.
- The correct form may have to be filled later.
- Late fees may have to be paid in case of delay.
- Interest may be charged on outstanding taxes.
- In some cases, there will be no benefit in carrying forward the loss.
- If it is considered to be a case of giving wrong information, then as per the rules, heavy penalty can also be imposed on tax.
Who should fill which ITR form?
What is ITR-1 for?
If you are a resident of India and your total annual income is up to Rs 50 lakh, which mainly comes from salary, pension, income from up to two houses, other general sources and limited agricultural income, then ITR-1 is generally for you.
What is ITR-2 for?
ITR-2 is generally applicable if your income includes capital gains, more than two houses, foreign assets, income from abroad or total income more than Rs 50 lakh and you do not have business or profession income.
What is ITR-3 for?
If you are a freelancer, doctor, lawyer, CA, consultant, shopkeeper, trader, commission agent or earn from any business or profession, then ITR-3 may be applicable for you.
What is ITR-4 (Sugam) for?
If you pay tax under Presumptive Tax Scheme and fulfill the required conditions, then you can use ITR-4 (Sugam). This form is not for every business person.
What is the difference between the deadline of 31st July and 31st August for filing ITR?
This year, for the first time, different last dates have been fixed for different ITR forms. The last date for filing ITR-1 and ITR-2 is July 31. The last date for ITR-3 and ITR-4 (non-audit cases) is August 31. Keep in mind that this is not a last minute deadline extension, but a new deadline set for different categories of taxpayers.
What are tax experts advising?
Tax experts say that before filling ITR, definitely check which ITR form is applicable to you. Filling wrong forms just to get one month’s extra extension can lead to notices, late fees and other problems in future.