The extended due date to file Income Tax Return for the Financial Year 2017-18 or the Assessment Year 2018-19 is 31st August 2018. Any taxpayer who has income above the tax exemption limit, then the taxpayer is required to file Income Tax Return.
The most important thing that a taxpayer should keep in mind while filing the Income Tax Return is the ITR Form that a taxpayer files. In general, there are 7 ITR Forms that a taxpayer can file according to their source of Income for the relevant Financial Year. These Income Tax Return forms are notified to the taxpayers by the Central Board Direct Taxes.
In the new ITR Forms there are various additional columns. ITR-1 is filed by the maximum number of taxpayers in India. The ITR-1 form, is to be filed by an individual who is a resident of India and has an income of up to Rs 50 lakh from salaries, one owned house property and other sources as income. A detailed break-up of the salary is required in the new ITR-1 Form.
ITR-2 is applicable to those who are non-residents (NRs) and not ordinarily resident (NORs) individuals/HUF not having income under the head of Profits and Gains from Business or Profession.
ITR 3 is filed by those who have professional Income, Income from Capital Gain or business. ITR-4 is mainly for those who have income from business and profession and has opted for Presumptive Scheme.
ITR 5 is for those who own a partnership firms, LLPs etc, who maintain their books of accounts. ITR-6 is generally filed by the companies. ITR-7 is filed by those who run trust or charitable institutions.