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.

Follow the steps below to register yourself:
a) Visit www.incometaxindia.gov.in. Click on ‘Register Yourself’.

b) Select the user type: Individual from the list of options available. Click on ‘Continue’.

c) Enter your required details with asterisk mark: PAN, Surname, Middle Name, First Name, date of birth (as mentioned on PAN), residential status. Click on ‘Submit’. Here one must remember that fields marked with asterisk sign are mandatory to be filled. Click on continue once details are filled.

d) Next, you will be required to fill in other details such as password, mobile number, landline number, email ID and address. Ensure that you have filled this information correctly. The income tax department will be using your contact details to send you sms/mails etc. Click on continue once all the required details are filled in the registration form.

e) You will be required to verify your registration to complete the process. A one-time password (OTP) will be sent to your mobile number and a verification link will be sent to your email address. Enter the OTP received and click on the link received to successfully register yourself on the e-filing website.

TR return forms are attachment less forms and, hence, the taxpayer is not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income (whether filed manually or filed electronically). 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.

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. Remember, the basic exemption limit for an individual depends on his/her age.

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. Standard Deduction is also available to pensioners. Amount of Standard Deduction is Rs. 40,000 or amount of salary/pension, whichever is lower.

However, the Finance Act, 2019 has increased the maximum amount of standard deduction from Rs. 40,000 to Rs. 50,000.

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. Standard Deduction is also available to pensioners. Amount of Standard Deduction is Rs. 40,000 or amount of salary/pension, whichever is lower.

However, the Finance Act, 2019 has increased the maximum amount of standard deduction from Rs. 40,000 to Rs. 50,000.

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.

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. Earlier, only those taxpayers who had filed ITR before the expiry of the deadline were allowed to revise their returns.

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).

n case you don’t file your return, a notice can be issued by the Income Tax Department. Any business losses during the year will not be allowed to carry forward to the next years. 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.

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

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. This information is specific to a Permanent Account Number (PAN).

The form also shows details of sale/purchase of immovable property, mutual funds, cash deposits or withdrawal from savings account etc. An assessee can claim the tax deducted reflecting in their form 26AS while filing their income tax return for a financial year.

Normally, the due date of filing of income tax return for individuals is 31st July falling after the end of every financial year i.e. 31st March.

In case you don’t file your return, a notice can be issued by the Income Tax Department. Any business losses during the year will not be allowed to carry forward to the next years. 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.

Exempt Incomes are not chargeable to tax as per Income Tax law i.e. they are not included in the total income for the purpose of tax calculation while Taxable Incomes are chargeable to tax under the Income Tax law.