Income Tax Return

Income Tax Return (ITR) is a statement which a person needs to be submitting to Income Tax Department of India. It contains information about the person’s income and the taxes to be paid on it during the year. Information filed in ITR should pertain to a particular financial year, i.e., starting on 1st April and ending on 31st March of the next year. Income can be of various source such as:

Income from salary
Profits and gains from business and profession
Income from house property
Income from capital gains
Income from other sources such as dividend, interest on deposits, royalty income, winning on lottery, etc.

The Income Tax Department has prescribed 7 types of ITR forms – ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 and applicability of the form will depend on the nature and amount of income and the type of taxpayer.

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Documents Required

  • PAN card of the applicant
  • Bank Statement
  • Form 16
  • Other documents as asked by our CA

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Advantages Of Income Tax Return

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Income Tax Refund

The person who has the excess tax paid/deducted can get the refund through ITR filing.

Income Proof

Filed ITR is a valid proof of income of any person until unless it is challenged by an assessing officer.

Carry Forward Losses

If ITR is filed with in the due date a person can carry forward losses to subsequent years to set-off these losses against the income of subsequent years which ultimately reduces the tax burden.

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What is income tax?

It is a tax levied by the Government of India on the income of every person. The provisions governing the Income-tax Law are given in the Income-tax Act, 1961.

How to register on income tax?

    Follow the steps below to register yourself:

  • a) Visit
  • b) Select the user type
  • c) Enter your required details
  • d) Fill the mandotry details:
  • e) You will be required to verify your registration to complete the process.
What are the documents required for ITR efiling?

ITR return forms are not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income. However, these documents should be retained by the taxpayer and should be produced before the tax authorities when demanded in situations like assessment, inquiry, etc.

Who need to file income tax return?

As per income tax laws, ITR must be mandatorily filed if a resident individual's total income during the financial year exceeds the basic exemption limit.

What are tax slabs to calculate my tax?

The rates of Income-tax and corporate taxes are available in the Finance Act passed by the Parliament every year.

What is the limit to take rebate in ITR?

An individual taxpayer, who is resident of India for income tax purpose, is entitled to claim tax rebate up to Rs. 12,500 against his tax liability if your income does not exceed ₹5 lakh.

What is Standard Deduction?

W.e.f. Assessment year 2019-20, the standard deduction is allowed while computing income chargeable under the head salaries. It is available to all class of employees irrespective of the nature of employer. The Finance Act, 2019 has increased the maximum amount of standard deduction from Rs. 40,000 to Rs. 50,000.

What is Form 16?

Form 16/ 16A is the certificate of deduction of tax at source and issued on deduction of tax by the employer on behalf of the employees. These certificates provide details of TDS / TCS for various transactions between deductor and deductee. It is mandatory to issue these certificates to Taxpayers.

Can I revise my ITR?

Every assessee who has filed his/her ITR is entitled to revise it under section 139(5) to provide correct information to the tax department.

Can I file my income tax return without Form 16?

Yes, even if you don't have Form 16, there are several documents such as salary slips, Form 26As etc. you can use as a reference to file your income tax return (ITR).

Is there any penalty if I forget to file income tax return on due date?

A penalty may be imposed u/s 271F and interest will be charged at the rate of 1% per month on your tax liability. Other consequences may also be there as per Income Tax Act, 1961.

How can I verify my ITR if my mobile number is not linked with Aadhar Card?

The last step in filing your income tax return (ITR) is to verify it.

  • a) Generating EVC via Net-banking
  • b) Generating EVC via bank account
  • c) Verifying tax-returns through demat account
  • d) Generating EVC through your bank ATM
  • e) Sending signed ITR-V/Acknowledgement receipt
What is 26AS?

Form 26AS is a consolidated annual tax statement that shows the details of tax deducted at source, tax collected at source, advance tax paid by the assessee along with self-assessment tax.The form also shows details of sale/purchase of immovable property, mutual funds, cash deposits or withdrawal from savings account etc.


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