Income tax Return Filing
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The Process to file Income Tax Returns (ITR) by using the internet is called E-filing. The process to e-file ITR is quick, easy, and can be completed from the comfort of an individual’s home or office. E-filing ITR can also help in saving money as you would not have to hire an individual to file ITR.
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Introduction
Income Tax Return Filing Services in India
Income Tax Return (ITR) is a form in which the taxpayers file information about their income earned and tax applicable, to the income tax department.
The department has notified 7 various forms i.e. ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-7 to date. Every taxpayer should file his ITR on or before the specified due date. The applicability of ITR forms varies depending on the sources of income of the taxpayer, the amount of the income earned, and the category of the taxpayer like individuals, HUF, company, etc.
Why should you file ITR?
- If you want to claim an income tax refund from the department.
- If you have earned from or have invested in foreign assets during the FY.
- If you wish to apply for a visa or a loan
- If the taxpayer is a company or a firm, irrespective of profit or loss.
Benefits
Benefits Of Income Tax Return Filing
Process
Income Tax Return Filing Process
Due Dates for the Income Tax Return Filing
31st October of the assessment year is the due date.
30th November of the assessment year.
Document Checklist
Documents Required for Income Tax Return Filing Online
PAN Card
Proof of tax-saving investments
Salary Slips
TDS certificate
Interest certificates from banks or post offices
Bank statement
Faq
Frequently Asked Questions (FAQ)
Income tax is a direct tax on your income. It means a portion of your income is paid to the government. The government charges this amount for expenditure related to health, education, providing subsidy to agriculture, infrastructure etc. It is paid by an individual/HUF/any taxpayer depending on income levels or gains in a financial year. A company has to pay income tax irrespective of the level of income. The government passes laws prescribing the rate of taxation on your income from time to time.
While any one having a valid PAN is eligible to file IT return even if their income is below exemption limit, it is mandatory for companies and firms to file ITR.
Those looking to claiming a tax refund or availing a loan, Indian residents acting as a signing authority for any foreign account, Indian residents possessing an asset or financial interest located outside India are eligible to file ITR.
Verification of income tax return is required after filing your income tax returns. While it was earlier mandatory to send the physical copy of ITR-V duly signed to the IT department within 120 days of e-filing ITR, it can now be done through a quick online process called e-verification.
Yes, under the Income-tax Act legal proceedings can be initiated up to 4 to 6 years (depending upon case to Experts) prior to the current financial year. However, in certain Experts the proceedings can be initiated even after 6 years, hence, it is advised to preserve the copy of return for at least 6 years or maintain it as long as possible.
It is not possible to file Income Tax Return without providing PAN. However, this is expected to change with the interoperability of Aadhaar and PAN in the coming years.
If you made a mistake when filing your ITR, you have the option of correcting your error by filing a revised return. While there are no penalties for filing a revised return, you do need to keep in mind that you need to file the revised return prior to completion of the assessment by the assessing officer or before the end of the applicable assessment year, whichever is earlier.
You do not need to submit any documents when you are filing your income tax returns. However, do keep key documents such as your Form 16, business balance sheet/P&L account details, audit reports, investment proof, etc. handy, in case you receive a notice from the tax department and have to provide these to the tax authorities at a later date.
Taxes can be directly paid by the taxpayers on the website of the Income Tax Department using Net-banking with challan 280.
The income taxpayer can claim for the excess tax to refund through Income-tax return filing. The department will refund the amount to the taxpayer through ECS transfer. It must be ensured that bank details are correctly mentioned in ITR form such as account number, IFSC code etc.
