Last-minute ITR filing? From missing due date, forms, modes of filing to refunds — Key FAQs answered

With only a day left to file income tax returns, many taxpayers are rushing to submit their ITR at the last minute before the deadline. Some may still have important questions about the process, the ways to file ITR, penalties for delay, and more.

Here are some key frequently asked questions (FAQs) from the Income Tax Department to help you navigate ITR filing as the deadline looms —

ITR FAQs

Q1- What are the different ITR forms?

Different forms of ITR are prescribed for different classes of taxpayers under the Income Tax Act. They are –

ITR 1 (Sahaj) - For individuals having an income of ₹50 lakh or less.

ITR 2 - It is applicable to an individual not applicable under ITR 1 form or a Hindu Undivided Family not having income chargeable to income-tax under the head “Profits or gains of business or profession.

ITR 3 - Applicable to an individual or a Hindu Undivided Family who has any income chargeable to tax under the head business or profession.

ITR 4 - For individuals, HUFs and firms (other than LLP) being a resident having total income up to ₹50 lakh and having income from business and profession, computed various sections of the I-T Act and having long-term capital gains up to ₹1.25 lakh.

ITR V - It is the acknowledgement of filing the return of income.

Q2 What are the different modes of filing ITR?

The Central Board of Direct Taxes (CBDT) has shared four ways to file ITR.

(i) Filing the return on paper.

(ii) Filing the return electronically under a digital signature;

(iii) Filing the return online and transmitting the data along with the electronic verification code.

(iv) Filing the return electronically and thereafter submitting the verification of the return in Return Form ITR-V (acknowledgement of filing the return of income).

Q3 Where to file the income tax return online?

​​​​The Income Tax Department has provided a portal for e-filing income tax returns. To file ITR online, taxpayers can log on to https://www.incometax.gov.in/iec/foportal.​

Q4 What is the IT Department's e-utility facility?

​The Income Tax Department offers a free e-filing utility (such as Java and Excel) for generating and submitting e-returns electronically. The utility aims to make the ITR filing process simple and easy to use and contains instructions on how to use it.

Q5 Do I need to attach additional documents with the ITR?

ITR forms are attachment-free, so taxpayers don't need to include any documents, such as proof of investment, TDS certificates, and so on, with their income tax return when filing manually or online.

However, the taxpayer should keep these documents and produce them before tax authorities when requested during assessments, inquiries, or other proceedings.

Q6 Is it necessary to file ITR if income is not positive?

​​According to the I-T Department, if you've suffered a loss in the financial year, which you intend to carry forward to the next year to offset against any positive income in that year or subsequent years, you must make a claim for loss by filing your return before the due date.

Q7 Can I file ITR after the due date?

The Income Tax Act permits taxpayers to submit an ITR after the deadline, known as a belated return. Any individual who misses the deadline specified in section 139(1) or the period mentioned in a notice issued under section 142(1) may lodge a return for any previous year. However, a belated return incurs late filing fees under section 234F.

Q8 Do I have to pay a penalty for filing ITR after September 15?

As per Section 234F of the Income Tax Act, a late filing fee of ₹5,000 must be paid if the return is submitted after the deadline specified in Section 139(1). However, if the individual's total income does not exceed ₹5 lakh, the fee is ₹1,000.

Q9 I have paid excess tax, will I get a refund?

​​​​​You can claim the excess tax as a refund by submitting your income tax return. It will then be credited to your bank account through ECS transfer.

Q10 Any disadvantage of filing ITR?

There is no disadvantage to filing an ITR. On the contrary, not filing your return despite having taxable income will make you liable for penalties and prosecution under the Income Tax Act.

Disclaimer: This article is for informational purposes only and does not constitute legal or tax advice. Taxpayers are advised to consult a qualified tax professional or refer to the official website of the Income Tax Department for accurate and up-to-date guidance before filing their returns.