Due dates and applicable ITR Forms
Here are the due dates for filing Income-tax Returns (ITRs) for the Asst Year 2023-24
1. If the assessee is required to furnish a report of
transfer pricing (TP) Audit in Form No. 3CEB, the original due date is 30th
November 2023.
2. If the assessee is a partner in a firm and needs to
furnish a report of Transfer Pricing (TP) Audit in Form No. 3CEB, the original
due date is 30th November 2023.
3. If an individual is the spouse of a person who is a
partner in a firm required to furnish a report of Transfer Pricing (TP) Audit
in Form No. 3CEB and the provisions of section 5A apply to such spouse, the
original due date is 30th November 2023.
4. For company assesses not required to furnish a
transfer pricing audit report in Form No. 3CEB, the original due date is 31st
October 2023.
5. If the assessee is required to get its accounts
audited under the Income-tax Act or any other law, the original due date is
31st October 2023.
6. If the assessee is a partner in a firm whose
accounts are required to be audited, the original due date is 31st October
2023.
7. If an individual is the spouse of a person who is a
partner in a firm whose accounts are required to be audited and the provisions
of section 5A apply to such spouse, the original due date is 31st October 2023.
8. In any other case, the original due date is 31st
July 2023.
9. For Individuals, there are different Income Tax
Return (ITR) forms based on the nature of income.
10. ITR 1 is applicable if you have salary income,
income from house property, income from other sources, and do not have income
from business or profession or capital gains.
11. ITR 2 is applicable if you have salary income,
income from house property, income from capital gains, and income from other
sources.
12. ITR 3 is applicable if you have income from
business or profession, including income from partnership firms or if you have
income from salary, house property, capital gains, and other sources as well.
13. ITR 4 is applicable if you have income from
business or profession under the presumptive taxation scheme, income from
salary, house property, and income from other sources.
14. For other assesses such as firms, associations of
persons, local authorities, and companies, the applicable ITR forms differ.
15. Firms opting for the presumptive taxation scheme
can use ITR 4. Firms, associations of persons, local authorities, and
artificial juridical persons can use ITR 5. Companies other than those claiming
exemption under Section 11 can use ITR 6.
16. For persons, including companies, required to
furnish returns under specific sections, such as Section 139(4A), 139(4B),
139(4C), and 139(4D), ITR 7 is applicable.
17. These forms ensure that taxpayers can accurately
report their income based on their specific sources and comply with the Income
Tax regulations.
Requirement to file ITR for F&O Traders with Loss
- Filing an Income Tax Return (ITR) is mandatory
for individuals and Hindu Undivided Families (HUF) if their income before
allowing capital gain exemption and deductions under Chapter VI-A exceeds
the maximum exemption limit. If you incurred a loss in Futures and Options
(F&O) trading, you are not required to submit an ITR under normal
circumstances. However, it is necessary to file the ITR to carry forward
the F&O losses for future tax assessments. Therefore, you should file
your return of income on or before the due date to carry forward the
losses.
Deadline for Filing ITR for Salaried Employees Engaged in F&O
Trading
- The deadline for filing your ITR depends on
whether your turnover from F&O trading falls below or exceeds the
specified limit. If your turnover is below the specified limit, the due
date for filing the ITR will be 31st July. However, if your turnover
exceeds the specified limit and you are required to have your accounts
audited, the due date for filing the ITR will be 31st October.
Calculation of Turnover in F&O Trading
- The Income-tax Act does not provide specific
guidelines for calculating turnover in F&O trading. According to the 'Guidance
Note on Tax Audit' issued by the Institute of Chartered Accountants of
India (ICAI), turnover is determined by aggregating the total of favourable
and unfavourable differences, including premium received on the sale of
options. Premium received on options should be included in turnover unless
it is already included in determining net profit or loss from the
transaction. Reverse trades should also be taken into account when
calculating turnover.
ITR Filing for Senior Citizens with Interest Income
- Filing an ITR is not mandatory for senior
citizens if their interest income from bank deposits falls below the
maximum exemption limit. However, if tax has been deducted at source (TDS)
from the interest income and the TDS exceeds the actual tax liability, filing
the ITR is advisable to claim the refund of excess TDS. Failure to file
the return will result in the loss of any refund you might be entitled to.
Reporting Income from Cryptocurrencies in ITR
- Income from transferring cryptocurrencies
(Virtual Digital Assets) should be reported in 'Schedule VDA' in ITR-2 or
ITR-3. ITR-1 or ITR-4 cannot be used to report income from
cryptocurrencies.
Due Date for Filing ITR with Income from Cryptocurrencies
- The due date for filing your ITR with income
from cryptocurrencies depends on how you classify the income. If you
report the income as capital gains, the due date for filing the ITR will
be 31st July. If you report the income as business income, the due date
depends on whether your turnover exceeds the specified limit. If turnover
exceeds the limit and accounts need to be audited, the due date for filing
the ITR will be 31st October. If turnover is below the limit, the due date
for filing the ITR will be 31st July.
