Income Tax Return

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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.

Advantages Of Income Tax Return

Easy Loan Approval

Easy Loan Approval

ITR provide a significant strength to CIBIL score of a person or entity, which improve the percentage of getting a loan approval.

Easy VISA Approval

Easy VISA Approval

Most of embassies quickly process VISA application enclosed with ITR of an individual.

Income Tax Refund

Income Tax Refund

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

Income Proof

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

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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    FAQ

    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 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.

    What are the documents required for ITR filing?

    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.

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

    What is the Tax Slabs to calculate my Tax?

    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.

    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. 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.

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

    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?

    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.

    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. 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.

    What is the due date of filing Income Tax return?

    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.

    What if don’t file income tax return?

    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.

    What is Exempt Incomes and Taxable Incomes?

    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.

    Blogs

    Read our blogs which have been written by experts to clear your doubts and questions regarding compliance.

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