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What is Income Tax Return Filing?

Income Tax Return (ITR) is a declaration made by an assessee to the Income Tax Department regarding the income and tax paid thereon. It is a proof showcasing the amount of income and the tax that has been charged on it and duly paid. Income Tax Return is paid for one financial year and the income earned in the particular financial year is shown in it.

In the ITR, it has to be shown from where the assessee is earning income- be it salary, other sources, via investments, etc.

Requirement of filing Income Tax Return

The following are required to file income tax return:

  • An individual below the age of 60 years and annual gross total income exceeding INR 2,50,000.
  • An individual between the age of 60 and 80 years with annual gross total income exceeding INR 3,00,000.
  • An individual above the age of 80 years (super senior citizen) with an annual gross total income exceeding INR 5,00,000.
  • In case of a company or a firm, filing of Income Tax Return is mandatory, irrespective of the fact that the company is running into profits or losses.
  • If an individual seeks tax refund for a financial year.
  • If an Indian resident act as a signing authority for a foreign account.
  • If an Indian resident is in possession of an asset or financial interest that is situated outside of India.
  • If an individual holds equity shares or unity oriented mutual funds or units of business trust and has sold the same for an amount more than INR 2,50,000 making tax-exempt long-term capital gain from this sale.
  • If an individual receives any income by way of sale of property that was held under political party, educational institution, charitable trust, religious trust or any other body or trust.
  • A foreign entity that has been making treaty benefit on any transaction that has been undertaken in India.
  • If an individual is an NRI (non-resident Indian) and his/her annual total gross income- earned or accrued in India is over INR 2,50,000.

In case, an individual comes under the above-mentioned categories and fails to file the ITR, he/she can be subjected to penalty by the Income Tax Authorities, for the default.

If any individual does not fall in any of the categories mentioned above but wants to avail a loan, he/she should file an ITR as they serve as valid income proofs and the financial institutions ask for it prior to approving a loan request.

What is the documentation requirement for filing Income Tax Returns?

The following documents are required for filing the income tax return:

  • Aadhaar Card
  • Permanent Account Number (PAN Card)
  • Details of the Bank Account
  • Form 16 (that has been issued by the employer)
  • e-filing profile on ITR e-filing portal
  • Details of investment (if any)
  • Details of loan (if any)

Types of Income Tax Forms

Form

Applicability

ITR 1 (SAHAJ)

This form is for individuals (not being “not ordinarily resident”, who have an annual total income of up to INR 50 lakhs, the source of income  being – salaries, one house property, other sources and agricultural income.

ITR 2

This is for individuals and Hindu Undivided Families that do not have profits or gains from business or profession

ITR 3

This is for individuals and Hindu Undivided Families that have income from profits and gains of business or profession

ITR 4

This is for resident individuals, Hindu Undivided Families and firms (except LLPs) that have annual total income up to INR 50 lakhs and the income is from business and profession as evaluated under Sections 44AD, 44DA or 44AE.

ITR 5

This is for persons other than – individuals, company, Hindu Undivided Family or person filing Form ITR-7.

ITR 6

This is for companies except the companies that claim exemption under Section 11.

ITR 7

This is for persons (inclusive of companies) that are required to file return under Sections – 139(4A), 139(4B), 139(4C) or 139(4D)

Different modes of filing the Income Tax Returns

  • In paper form
  • Electronically, under digital signature
  • by transmission of data in the return electronically under electronic verification code
  • Electronic transmission of data in the return followed by submission of the verification of return in Form ITR-V.

Note: If the return is filed in iv) mentioned above, without the digital signature, then the taxpayer would be required to make two printed copies of ITR-V, duly signed, one of which would be sent to the Income Tax Department, Bangalore. The other copy can be retained by the taxpayer for his own record.

Due dates for Income Tax Return Filing

Taxpayer

Due Date

A company other than a company that is required to submit report in Form No. 3CEB under Section 92E

September 30

A person required to furnish report in Form No. 3CEB as per Section 92E

November 30

A person, not being a company, that has to get its accounts audited as per the Income Tax Law or other law

September 30

A working partner of a firm that has to get its accounts audited under the Income Tax Act or any other law

September 30

Any other assessee

July 31

Expert Opinion

Filing income tax return forms as a proof that an assessee has legal income and is fulfilling his/her duties of paying tax. Evaluation of income tax can be a complicated process as there are multiple provisions that can allow deductions and rebates on the income earned by an assessee. It is important that income tax is calculated correctly so that no complication or penalty gets attracted.

Our team of professional accountants can help you in accurate computation of income tax, savings on tax, etc. For more information on this, contact us.

FAQ

The process of electronic payment of tax (via net banking or debit/credit card) is refereed to as e-payment. On the other hand, the process of furnishing of income tax return electronically is e-filing.

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