ITR Filing – The Indian government sets a deadline for filing income tax returns every year. This year, the deadline for filing ITR for general taxpayers was September 16th, which has passed. However, taxpayers whose accounts are subject to audit can file their ITR until October 31, 2025. If your business is subject to tax audit, file your ITR.

Facility to file ITR-5 and ITR-7 forms online launched

The Income Tax Department has launched the facility to file ITR-5 and ITR-7 forms online on its website. Both these forms are for special category taxpayers. ITR-5 form is for those taxpayers who are neither individual taxpayers nor fall under the category of HUF. ITR Form-5 is used by a variety of entities, including firms, limited liability partnerships, associations of persons, bodies of individuals, artificial juridical persons, cooperative societies and local authorities.

If these entities require a tax audit, they must first submit a tax audit report and then file their ITR. The ITR-7 form is for specific companies and entities that are required to file returns under various sections of the Income Tax Act (139(4A), 139(4B), 139(4C), or 139(4D). These primarily include trusts, religious or charitable institutions, political parties, research associations, universities, colleges, and certain specified institutions. The tax on the income of these entities is calculated differently from that of ordinary taxpayers, and therefore, a separate form has been provided for them.

If you have a large business, you are a taxpayer who needs to get your ITR audited and you must file your ITR by October 31st, 2025. If you file your ITR after this date, you will have to pay a late fee. A late fee of Rs 1,000 for income less than Rs 5 lakh, and a late fee of Rs 5,000 for income more than Rs 5 lakh. You may also have to pay interest on the tax under Section 234A and Section 234B. If you consistently file your ITR late, the Income Tax Department can take strict action by sending a notice.

What is the process of conducting an income tax audit?

Chartered Accountants (CAs) conduct tax audits. They examine all your accounts, expenses, income, and transactions. They then complete Forms 3CA/3CB and 3CD and submit them to the Income Tax Department. If your business is subject to a tax audit, it’s essential to get your tax audit done and file your returns on time. Doing so will prevent any legal issues and ensure your financial planning remains sound.

How to file ITR online?

1. First of all, to file ITR, you have to visit the official website of Income Tax Department www.incometax.gov.in.

2. After this you will have to login using Aadhar card and password.

3. After logging in, you will have to go to the e-file option.

4. Here you have to select the assessment year.

5. After this, you can file ITR by selecting the form as per the prescribed category.