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Income Tax Returns: Things you need to know

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Income Tax Laws are framed by the government and tax is imposed on taxable income of everyone under the categories such as individuals, Hindu Undivided Families (HUF's), companies, firms, LLP, association of persons, body of individuals, local authority and any other artificial juridical person. As per the laws, every individual who qualifies as a resident of India is required to pay tax on his or her income. Every financial year, taxpayers have to file their Income Tax Returns (ITRs) by following some guidelines. This section is an attempt to explain everything related to ITRs

What is Income Tax Returns?

An Income tax return (ITR) is a form where you have to provide information about your income and tax to the Income Tax Department. The amount of tax a taxpayer has to pay is calculated based on his or her income. For example, if the return shows that excess tax has been paid during a year, then the individual is eligible to receive a income tax refund from the Income Tax Department.

According to the income tax laws, an individual or a business has to file the return every year on any income earned during a financial year. The income could be in the form of a salary, business profits, money received from house property or earned through dividends, capital gains, interests or other sources. A specified date is provided for filing the tax returns and individuals and businesses have to submit it before that specified date. If a taxpayer misses the deadline, he or she has to pay a penalty.

As per Indian tax laws, it is mandatory to file your income tax returns if your income is more than the basic exemption limit. The income tax rate is pre-decided for taxpayers and any delay in filing returns will lead to paying late filing fees and can also affect your chances of getting a loan or a visa for travel purposes.

Important documents required to file ITR

Here are all the relevant documents handy before you start your e-filing process.

  • Bank and post office savings account passbook, PPF account passbook
  • Salary slips
  • Aadhar Card, PAN card
  • Form-16- Tax Deduction at Source (TDS) certificate issued to you by your employer to provide details of the salary paid to you and TDS deducted on it, if any
  • Interest certificates from banks and post office
  • Form-16A, in case TDS is deducted on payments other than salaries such as interest received from fixed deposits, recurring deposits etc. as per the current tax laws
  • Form-16B if you have sold a property, you need to get it from the buyer showing the TDS deducted on the amount paid to you
  • Form-16C from your tenant, for providing the details of TDS deducted on the rent received by you, if any
  • Form 26AS - your combined annual tax statement. It contains all the information about the taxes deposited against your PAN
  • TDS deducted by your employer
  • TDS deducted by banks
  • TDS deducted by any other organisations from payments made to you
  • Advance taxes deposited by you
  • Self-assessment taxes paid by you
  • Tax saving investment proofs
  • Proofs to claim deductions under section 80D to 80U (health insurance premium for self and family, interest on education loan)
  • Home loan statement from bank

The types of ITR forms

The following forms are to be taken into consideration when filing returns as per the government of India:

  • Form No. : ITR-1 SAHAJ - This is for individuals who are a resident having total income upto Rs.50 lakh, having income from salaries, one house property, other sources (interest etc.), and agricultural income upto Rs.5,000
  • Form No. : ITR-2 - For Individuals and HUFs not having income from profits and gains of business or profession
  • Form No. : ITR-3 - For individuals and HUFs having income from profits and gains of business or profession
  • Form No. : ITR-4 Sugam - For Individuals, HUFs and Firms (other than LLP) who are a resident and having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE
  • Form No. : ITR-5 - For persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
  • Form No. : ITR-7 - For entities including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only
  • Form No. : ITR-V - In case, the data of the Return of Income in Form ITR-1 (SAHAJ), ITR-2, ITR-3, ITR-4(SUGAM), ITR-5, ITR-7 is filed but not verified electronically
  • Form No. : Acknowledgement - In case, the data of the Return of Income in Form ITR-1 (SAHAJ), ITR-2, ITR-3, ITR-4(SUGAM), ITR-5, ITR-6, ITR-7 filed and verified

Significance of e-filing ITR

Significance of e-filing ITR

Electronic filing or popularly called e-filing is a method that involves submitting tax returns online. This is done using a tax preparation software that has been approved by Income Tax Department of India. This online system has several benefits and it has become very popular as well. It allows the taxpayer to file a tax return from his or her home, at any convenient time, during a specific period in a financial year.

Guide to filing your ITR online

1

Steps to login or register on the e-filing portal:

Visit the e-filing website https://www.incometax.gov.in/iec/foportal

2: Register or Login to e-file your returns

• In case you are already registered, click on the ‘Login’ button.

• In case you have not registered yourself on the portal, click on the ‘Register’ button.

3: Click on ‘Taxpayer’ and enter your PAN card details and click on ‘validate’.

4: Provide details such as your name, address, gender, residential status, date of birth, etc. Then give details of your email ID and registered mobile number.

5: Once the form has been filled up, click on ‘Continue’.

6: You will get a 6-digit One Time Password (OTP) on your registered mobile number and Email address.

7: Enter the OTP, follow the instructions and complete the registration process.

8: The final step will be set up a password and secure login message.

2

Steps to e-file your income tax returns using the Income tax e-filing portal:

1: Visit https://eportal.incometax.gov.in/iec/foservices/#

2: Once you have logged in, click on the tab ‘e-file’ and then click on ‘File Income Tax Return’.

3: Select the Assessment year for which you wish to file your income tax returns.

4: You will be to choose if you want to file your returns online or offline. In this case you need to choose the former.

5: Choose whether you wish to file your income tax returns as an individual, Hindu Undivided Family (HUF), or others. Choose the option ‘individual’.

6: Select the income tax returns (ITR) you wish to file and accordingly select the form according to the category you belong to. For example, ITR 2 can be filed by individuals and HUFs who don’t have income from business or profession.

7: In the next step, they will ask you the reason for filing your returns. Make sure you choose the right option.

8: Fill in your bank account details. If you have already provided the details of your bank account, then pre-validate it.

9: You will then be directed to a new page to file your income tax returns. The page will contain already filled information. Check them make sure all the details mentioned are correct. Confirm the summary of your returns and validate it.

10: The last step is to verify your returns and send a hard copy of it to the Income Tax Department. The verification process is mandatory.

Disclaimer:This section provides general information and discussions about tax and related subjects. The information and other content provided in this blog, website or in any linked materials are not intended and should not be considered, or used as a substitute for, expert opinion or a law. Kindly contact an expert for tax-related queries. ^^Subject to changes in tax laws.

Source: Income Tax Department, Government of India

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Frequently Asked Questions on Income Tax Returns

Visit www.incometaxindiaefiling.gov.in to file your income tax return. Filing ITR is simple and it also has an instructional guide for those who find it difficult, thereby making it even easier.

You may have to pay additional interest, penalties, or may face legal action. As per the amount of tax that must be paid, the prosecution will vary.

You can reach out on the helpline number 180042500025, in case you have any questions or queries when filing your returns online.

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