Glossary term

ITR

The annual income tax return filed with the Income Tax Department. Due 31 July for non-audit individuals.

An Income Tax Return (ITR) is the form filed annually with the Income Tax Department reporting income, deductions, and tax paid. The standard due date is 31 July of the assessment year for individuals not subject to audit; 31 October for those subject to audit.

Late filing attracts a fee of ₹1,000 (income ≤ ₹5 lakh) or ₹5,000 (above ₹5 lakh) plus interest under Sections 234A/B/C. Late filing also forfeits the right to carry forward most capital losses.