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itr filing, taxpayers beware! If you quickly fill in the wrong ITR form, the problem will increase, know in detail – tax declaration and if you fill in the wrong itr form when filing taxes


New Delhi: The deadline for filing tax returns for fiscal year 2021-22 and tax year 2022-23 is July 31, 2022. Filing the tax return after this date may result in penalties. Usually, taxpayers know which ITR form they need to fill out, but what if several times the wrong form is filled out by mistake, recklessness or in a hurry?

The Income Tax Service issues a total of 7 ITR forms. Of these ITR-1, 2, 3 and 4 are for individual taxpayers only. A taxpayer may encounter problems if they fill out the wrong form. The income tax authorities may declare your return as defective under Section 139(9) of the Income Tax Act.

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What to do after declaring ITR faulty?
If the tax authorities declare your return defective, they may send you a notice. Thereafter, a revised declaration must be filed in the appropriate form within 15 days. However, if you fail to do so, your tax return will be considered invalid and you will have to pay a penalty to file the return afterwards.

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What are the types of forms?
If your total income in the last fiscal year is Rs.50 lakh, you need to complete the ITR-1 form. This income can come from other sources, including your salary, interest on bank deposits and pension. Next is the ITR-2 form. Details of capital gains, foreign income, property income or income from being a director of the company must be shown on this form. Form 3 is for people who not only earn income through the methods mentioned in Form 2, but also from any other business and profession. The ITR-4 form is for individuals, HUFs, and companies whose income does not exceed 50 lakhs. Apart from this, they must complete this form if they also receive income from other businesses and professions.

What are the other 3 shapes?
ITR-5 is intended for joint ventures, business trusts and investment funds. At the same time, ITR-6 is intended for companies registered under Section 11. Form ITR-7 is intended for organizations such as charitable trusts, political parties, research institutes or news organizations.

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