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Income Tax Return Filing

Income Tax is a tax levied upon the individual’s income and collected by the central government. Income Tax is calculated at specified rates on the total income of an individual and thus paid to the central government.

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Overview of Income Tax Return Filing

The income earned by the individuals and companies are subjected to tax liability. The tax levied on the earnings of a person is Income tax, which is collected and managed by the Central Government. Such tax on income earned is due in the same financial year wherein it is accrued in the form of credit tax. But the tip and calculation of the salary as well the tax liability is presented in the Assessment Year. This implication form is known as Income Tax Return. The time limit for filing ITR is different for various taxpayers based on the guidelines. ITR Filing is mandatory for Taxpayers whose income surpasses the prescribed income limit. This process is regulated under the Income Tax Act 1961.

Targets: Who Should File an Income Tax Return?

  • Individuals (Resident of India & NRI's) – Necessary for people surpassing the prescribed income limit. Optional for others
  • Sole Proprietors
  • Companies
  • LLPs and Partnership Firm
  • The ITR filing is compulsory for 'Partnerships Firm', 'Sole Proprietorship Firm', 'Companies', and 'LLPs' irrespective of their turnover, income, profit or loss.

How to know the Correct ITR Forms?

The terminology of Income Tax itself is a word dreaded for all the Taxpayers and Income Holders. Irrespective to any, every employed individual in the country is accountable for paying income tax from the rich to the middle-class family in India. Income Tax Filing was such a painful process in the last decade ago, making the citizens standing in the long queues to file a simple income tax, which was even worse than ever. However, with the help of digitalization, the e-tax payment for Income Tax Return (ITR) or online tax payment can be done easily in the fingertips which are to be filed with the Income Tax Department.

The income tax is a mandate that needs to be filed by every business and individual in compliance with the Income Tax laws, which has earned any income during the particular year. The Income Tax Department has prescribed seven forms in which income tax needs to be filed for the said prospect. It depends on the group in which the business or the individual falls into.

Income Tax Return Forms

The forms in which Income Tax Return has to be filed are ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6. ITR-7.

  • ITR 1 (Sahaj):- For Income from Salary & Interest

    ITR 1 (Sahaj) is to be filed by individual residents whose total income from sources like pension, salary, property or other sources for the assessment year is ( Rs 50 lakh.

  • ITR 2: For all incomes other than business income

    ITR 2 is to be filed by individuals or Hindu Undivided Family where the income is more than Rs 50 lacs whose income source is through pension/salary or house property/capital gains. This also includes Individual Directors of a company.

  • ITR 3

    ITR 3 is filed by individuals or HUF (Hindu Undivided Family) who have to carry on a business or profession. This particular form also needs to be file by the individuals who has their income as a partner in a firm.

  • ITR 4: For all incomes along with business income

    • ITR 4 is to be filed by businesses or individuals whose income exceeds 50 lacs, who own any income from more than one house property, foreign asset, etc., among several other sources.

    • ITR 4S (Saral): This form needs to be filed for Presumptive tax, in which 8% is considered income of turnover

  • ITR 5: This ITR is used for all income for Partnerships business,

    It is filed by firms, Limited Liability Partnerships, Association of persons, Artificial Juridical Person, Body of Individuals, Estate of insolvent, etc.

  • ITR 6: This ITR is used for all the incomes, particularly applies for Companies,

    ITR 6 is to be filed by companies incorporated under section 11, i.e., for charitable purposes that are exempted. Moreover, this ITR can be filed by electronically only.

  • ITR 7

    ITR 7 needs to be filed by companies included under section 139(4A) or section 139(4B) among several others.

    It becomes difficult for the individual or the companies in the case of high earnings, to pay such a big amount of tax in total. The government has a policy of advance tax payment in order to reduce the burden, in which the tax is to be filed and proposed to submit in four installments. This guiding principle of advance tax payments is relevant to only for individuals or companies who have to pay tax more than Rs.10, 000. At present, online advance tax payments can be made with no trouble in which these payments are made as per the due dates précised by the government.

The dates for advance tax payment policy are as follows:-

  • 15%- Before 15th June
  • 45% - Before 15th September 
  • 75% - Before 15th December
  • 100% - Before 15th March

Along with ITR, few other taxes need to be paid to the government, and among those, such tax is the Service Tax Payment. Service Tax Payment belongs to the category of Indirect taxes and came into continuation under the Finance Act, 1999, which the government imposed on various service providers in India. Online service tax payment can be done by filling in the details of the challan and making the transaction through e-banking to make this Indirect Tax Payment a more arranged process.

How to file The Income Tax Return Online? Let’s understand the Complete Process of ITR Preparation and Filing.

The Income Tax department has made it suitable for all taxpayers to file their income tax returns online, called e-filing or electronic filing. The ITR e-filing is relatively easier as it does not connect any complicated paperwork distinct with the conventional offline filing method, which can be completed from any place at your own comfort.

The Income Tax portal has exclusive software intended for filing seven Income Tax Return forms. Moreover, it accompanies ITR1 and ITR4 to be done online without installing any such software in the system. You must also note that the Filing of ITR1 is compulsory for all individuals whose income source from the property, salary, and other sources is up to Rs 50 lacs. Moreover, the ITR4 is obligatory for individuals and HUF (Hindu Undivided Families) opted for “presumptive income scheme” per Sec. 44AD, Sec. 44ADA, and Sec. 44AE. The Forms of ITR1 and ITR4 can be entirely filed online by subsequent steps as mentioned below:

  • Step 1

    You need to Access the Income Tax website at https://incometaxindiaefiling.gov.in/

  • Step 2

    You need to register if you are a first-time user by selecting “Register Yourself” located on the webpage on the right-hand side. There is few required information like PAN number, user type, name, Date of Birth, and residential address/status, which require to be uploaded.

  • Step 3

    After that, you need to create a user ID and password with the valid mobile number and email ID as the RoC sends essential notifications via email very often.

  • Step 4

    You need to verify the OTP after complete the registration by clicking the link sent to the registered email ID

  • Step 5

    After that, you must click on the “Login” tab and enter the User ID, password, and validate the Captcha. At the least, you need to click “Login" to proceed with the same.

  • Step 6

    After that, you need to select “Income Tax Return” on the displayed dashboard “e-file” tab.”

  • Step 7

    After that, you need to enter the PAN, and select the assessment year, let it be form name ITR1 or ITR4. After that, proceed to click on the “Submission Mode” choose “Prepare and submit one.”

    Subsequently, the completion of the e-verification of Income Tax Returns can be done either by Aadhaar OTP, where the OTP will be sent from UDAI, which would be valid for 30 minutes. You may also do it through generated EVC/bank ATM, which would be valid for 72 hours.

  • Step 9

    On the other hand, you can also post/send the duly signed ITR-V via post addressing to the Centralized Processing center, IT Dept in Bangalore.

  • Step 10

    After choosing the desired verification mode, you need to click on “Submit” to carry on the continuity.

  • Step 11

    After continuing with the same, the webpage for filing the form will be exhibited. You need to read all the “General instructions” thoroughly.

    Note: - It is essential to note that you should remember not to click/press the Back button while filing; moreover, all the information has to be saved regularly after each and every step.

  • Step 12

    You need to continue with the next step by filling all the required information concerning tax, taxes paid, income, 80G, etc., which are being asked and mandatory.

  • Step 13

    Before continuing with the next step, it is highly recommended to Cross-check the entered data & click “Preview & Submit.”

  • Step 14

    You need to verify the returns with the desired option once the ITR has effectively been uploaded.

  • Step 15

    After verifying the same, an acknowledgment email will be sent to the scheduled/registered email id. Moreover, you need to be aware that you can also download the acknowledgment from your account on the website.

  • Step 16

    After completing all the steps involved, the IT returns will be processed in five days, after which you will get a confirmation via SMS & email to the registered mobile number & email ID.

Income Tax Return Acknowledgment

An acknowledgment slip in duplicate is issued once ITR is filed. It consists of particulars, which are as follows:-

  • Name
  • Address
  • Status
  • PAN (Permanent Account Number)
  • A note on Taxable Income - Briefed.
  • Brief on Deductions
  • Tax Paid
  • Verification 

What are the Due dates for filing IT return?

  • Individuals or firm who are not liable for audit: July 31 
  • A company or other who is responsible to audit: September 30 
  • All Individuals and Companies filing delayed returns: March 31

Who should file Income Tax Return?

As per the Income Tax Department, the Individuals and Establishments required to file IT returns annually are as follows:-

  • Every company, irrespective of the income or loss, be it Private Limited, LLP, or partnership, should file the Income Tax Returns.
  • All Individuals fetching income from mutual funds, stocks, bonds, fixed deposits, house property, income from interest, etc
  • All Individuals in receipt of income from property under religious trusts, charitable trusts, or income from charitable contributions
  • All the Individuals or companies who wish to claim Tax Refunds
  • All the salaried persons whose gross income was calculated before deductions U/s. 80C to 80U more than the exemption limit prescribed.
  • All individuals with foreign assets, foreign income, NRI’s and tech professionals on onsite delegation/deputation
  • A list of People who have chosen for one job from another is also qualified to file the Income Tax Return.

Entities and Establishments Income Tax Return Filling

  • Business: Income Tax Return Filing

    The Income Tax Department of India has rules for all businesses working right through the country to file income taxes each and every financial year. Even if needed, TDS returns can also be filed, and advance taxes can be paid to ensure that the business complies with the Income Tax Rules and Regulations.

  • Proprietorship: Income Tax Return Filing

    The proprietor is the person who runs the proprietorship firm in a single-handed. Both the proprietors (the business owner) and the business are the same as it is known that the proprietorship is not recognized as a separate legal entity. Due to this, ITR filing for a proprietorship is considered the same as that of the firm's proprietor. Moreover, Proprietors are obliged to file IT returns each year, as the course of action is no different from that of individual ITR filing.

  • Requirements for Filing Proprietorship Tax Returns

    Proprietors within 60 years of age and whose Income goes beyond Rs.2.5 lacs are required to file proprietorship tax returns. Proprietors more than 60 years but less than 80 years of age and whose total incomes go beyond Rs 3 lacs are entitled to file the Income Tax Return Filing. If their total income goes beyond Rs 5 lacs, then Proprietors above 80 yr should file their IT returns.

  • Partnership: Firm Tax Return Filing

    It is noteworthy that all partnership firms are dedicated as separate legal entities according to the Income Tax Act. Moreover, those are also applicable for tax rates that are on par with Limited Liability Partnership's and companies registered/ incorporated in India.

  • The requirement for Filing Partnership Firm Tax Return

    According to the Indian Taxation, the partnership firms must do Income Tax filing without considering it's of Income or loss. A "NIL Income Tax Return" must be filed within the predetermined date if the firm has been commercially NOT active with any registered income.

  • LLP: Tax Return Filing

    All LLPs (Limited Liability Partnerships) are deemed to be a separate legal entities, and their slabs for income tax rate is similar to that of all companies registered in India. The Income Tax Act declares that all LLPs must file their tax returns irrespective of the loss or gain they have incurred in that year. If the LLP has seen no business activity or registered Income, then a NIL income tax must be promptly filed.

  • Company: Tax Return Filing

    All types of business structures like Limited Company, Private Limited Company, Limited Liability Partnership Company, One Person Company are registered under the MCA (Ministry of Corporate Affairs). All such companies are mandatorily needed to file IT returns as arranged by the Income Tax Act.

  • The requirement for filing company tax returns

    Any incorporated company operating on Indian soil and registered with the Government of India and is required to submit its filed Income Tax returns. This is also equally applicable to those companies that have been dormant and inactive with no business transactions and getting no income or registered expenses.

New Tax Regime: - Income tax slabs for Financial Year 2020-21 (AY 2021-22)

Tax Slab Salary

Tax Rate List

Till Rs 2.5 lakh

Not Applicable

Rs 2.5 lacs to Rs 5 lacs

5% (Tax rebate of Rs 12,500 available under section 87A)

Rs 5 lacs to Rs 7.5 lacs

10%

Rs 7.5 lacs to Rs 10 lacs

15%

Rs 10 lacs to Rs 12.5 lacs

20%

Rs 12.5 lacs to Rs 15 lacs

25%

Rs 15 lacs & above

30%

The tax calculated will be subject to health and education cess of 4% on the basis of such rates. Moreover, any individual will have to give up certain exemptions and deductions opting to be taxed under the new tax regime from Financial Year 2020-21 onwards. Here is the list of deductions and exemptions that a taxpayer will must give up while choosing the new tax regime.

  • LTA -Leave Travel Allowance
  • HRA - House Rent Allowance
  • Conveyance/Travel Expenses
  • Everyday Expenditure in the course of service
  • Helper allowance
  • Relocation allowance
  • Children Education allowance
  • Standard deduction
  • Other special allowances [Section 10(14)]
  • Professional tax
  • Interest on housing loan (Section 24)
  • Chapter VI-A deduction (Section 80C,80D, 80E, etc) (Except Section 80CCD(2) and Section 80JJA)

What the key features of opting for the new tax regime?

In the new tax regimes, the option to be exercised on or before the due date of filing return of income for Annual Year 2021-22. The taxpayers can withdraw from the option only once in case a taxpayer has a business income and implemented the option. Moreover, a business taxpayer withdrawing from the “optional tax regime” has to pursue the regular income tax slabs.

Resident or/but not Ordinarily Resident - Senior Citizen

Every individual, being a resident or Resident who is of the age of 60 years or more but less than 80 years exactly during the previous year - but not Ordinarily Resident in India:-

Taxable Income

Existing Tax Rate Scheme

New Tax Rate Scheme

Up to Rs. 2.5 Lacs

NIL

NIL

Rs. 2.5 Lacs to Rs. 3 Lacs

Nil

5%

Rs. 3 Lacs to Rs. 5 Lacs

5%

5%

Rs. 5 Lacs to Rs. 7.5 Lacs

20%

10%

Rs. 7.5 Lacs to Rs. 10 Lacs

20%

15%

Rs. 10 Lacs to Rs. 12.5 Lacs

30%

20%

Rs. 12.5 Lacs to Rs. 15 Lacs

30%

25%

Above Rs. 15 Lacs

30%

30%

Resident/Resident but not Ordinarily Resident Super Senior Citizen

It considers every individual being a resident/ Resident who is of the age of 80 years or more at any time during the previous year - not Ordinarily Resident in India

Taxable Income

Existing Tax Rate Scheme

New Tax Rate Scheme

Up to Rs. 2.5 Lacs

Nil

Nil

Rs. 2.5 Lacs to Rs. 5 Lacs

Nil

5%

Rs. 5 Lacs to Rs. 7.5 Lacs

20%

10%

Rs. 7.5 Lacs to Rs. 10 Lacs

20%

15%

Rs. 10 Lacs to Rs. 12.5 Lacs

30%

20%

Rs. 12.5 Lacs to Rs. 15 Lacs

30%

25%

Above Rs. 15 Lacs

30%

30%

Limits of the Surcharge:-

  • It signifies 10% of Income-tax when the total income exceeds Rs.50 lacs. 
  • It signifies the 15% of Income-tax when the total income exceeds Rs.1 Cr.
  • It signifies 25% of Income-tax when the total income exceeds Rs.2 Cr. 
  • It signifies the 37% of Income-tax when total income exceeds Rs.5 Cr. 

Points to be Noted

  • According to the New Tax Regime:- Enhanced Surcharge rate (25% or 37%) is not applicable in case of specified incomes. It is also known to be the short-term capital gain under section 111A, long-term capital gain under section 112A & short-term or long-term capital gain under section 115AD(1)(b). The Education cess will be 4% of income tax along with the surcharge.
  • In the case of the new tax regime for Income Tax Regime, a resident or Resident but not an “Ordinarily Resident individual” is permitted to rebate under section 87A if his total income does not go beyond Rs. 5, 00,000. In this case, the amount of rebate will be 100% of income-tax or Rs. 12,500, whatever is lesser in amount. Rebate under section 87A is obtainable in both schemes i.e., existing scheme and a new scheme.

Income Tax Rates for BOI/AOP/Any other Artificial Juridical Person

Taxable Income

Tax Rate

Up to Rs. 2,5 Lacs

Nil

Rs. 2.5 Lacs to Rs. 5 Lacs

5%

Rs. 5 Lacs to Rs. 10 Lacs

20%

Above Rs. 10 Lacs

30%

Limits of Surcharge:-

  • It signifies the 10% of Income tax when total income exceeds Rs.50 lac
  • It signifies the 15% of Income tax when total income exceeds Rs.1 Cr.
  • It signifies the 25% of Income tax where total income exceeds Rs.2 Cr.
  • It signifies the 37% of Income tax where total income exceeds Rs.5 Cr.

Tax Slab Rate for Domestic Company for FY 2020-2021

According to the Latest Tax Regime, a domestic company is taxable at the rate of 30%. On the other hand, the tax rate is 25% if turnover or gross receipt of the company does not goes beyond Rs. 400 Cr. in the previous year.

Limits of the Particulars

Latest Tax Rate Slab

When the turnover or gross receipt of the company does not goes beyond Rs. 400 crore in the previous year 2018-19

25% Tax

In case the company opted for section 115BA

25% Tax

In case the company opted for section 115BAA

22% Tax

If company opted for section 115BAB

15% Tax

Occupies in any other Domestic Company

30% Tax

Income Tax Slab for Co-operative Society

Income Which Is Taxable

Existing Tax Rate Scheme

Existing Tax Rate Scheme

Income Up to Rs. 10,000

10%

-

Income from Rs. 10,001 to Rs. 20,000

20%

22%

Income above Rs. 20,000

30%

Limits of Surcharge:-

  • 12% of Income tax will be applicable when the total income exceeds Rs. 1 crore
  • The surcharge rate is 10% in case of Concessional scheme
  • Education cess rate will be 4% of Income tax plus surcharge

Existing Income Tax Slab 2019-20

For Individual & Hindu Undivided Family

Income

Age: less than 60 years

From 60 years to less than 80 years

From 80 years and above

Up to Rs. 2,50,000/-

-

-

-

Rs. 2,50,001/- to Rs. 3,00,000/-

5%

-

-

Rs. 3,00,001/- to Rs. 5,00,000/-

5%

5%

-

Rs. 5,00,001/- to Rs. 10,00,000/-

20%

20%

20%

Above Rs. 10,00,000/-

30%

30%

30%

Other than Individuals

#Surcharge and education cess is levied additionally

Business Structure

Base Tax Rate

Partnership Firm/LLP

30%

Domestic Company

-

Not availing any exemptions or incentives

22%

Manufacturing Business incorporated after 1st October 2019 and not taking any incentives or exemptions

15%

Availing any exemptions or incentives- turnover up to 400/- crore during FY 2017-18

25%

Foreign Company

40%

In any other case

30%

The Manner of Income Tax Return Filing

A taxpayer has to file ITR electronically. There are some exceptions as under.

  • An individual above the age of 80 years
  • An individual with revenue less than Rs. 5 Lakh and has no return to be claimed

Latest Amendment in Income Tax Return

Changes in Tax Rate

Government of India has recently introduced some changes in the income tax rules with the motive to financially combat the spread of coronavirus. Here are the changes that will be implemented in the year 2020:

  • As per the new tax rate, no taxable amount is payable for income upto 2.5 lakh;
  • 5% is payable for income between Rs2.5lakh and upto 5 lakh;
  • 10% of income is imposed on those who are earning between 5lakh and upto 7.5 lakh;
  • Those who earn between Rs7.5lakh to 10lakh are liable to pay 15%;
  • 20% for income between 10 lakh and upto 12.5 lakh;
  • earners between 12.5 lakh to 15 lakh are liable to pay 25%; and
  • For income above 15lakh 30% is imposed.

Changes in ITR Forms

  • You are not authorized to file ITR-1 form, if you have dividend as taxable income from domestic companies.
  • Those who are member of a joint ownership of a house property cannot file ITR-1 or ITR-4
  • Taxpayers need to answer the following questions in relation to deposits in current accounts, foreign travel and electricity bills in all the ITR forms:

    1. “Have you deposited an amount or aggregate of amounts exceeding Rs. 1 Crore in one or more current account during the previous year?"

    2. “Have you incurred expenditure of an amount or aggregate of amount exceeding Rs. 2 lakhs for travel to a foreign country for yourself or for any other person?"

    3. “Have you incurred expenditure of amount or aggregate of amount exceeding Rs. 1 lakh on consumption of electricity during the previous year?"

Directory: Individuals for whom Deductions Provided

Type

Extreme limit

Under section 80C, 80CCC, 80CCD for insurance policies, LIC, PF,

150,000/-

Interest on saving bank account

 10,000/-

Equity saving scheme

50% of the total amount invested but maximum 25000/-

Medical Insurance Premium under 80D

Up to 75000/-*

Medical Insurance Premium under 80D for senior citizen

Up to 100,000/-*

Interest on loan from financial institutions for higher education

Interest- maximum for 8 years subject to conditions

Interest on loan from financial institutions for the acquisition of residential property

50,000/-

Interest received from savings bank account

10,000/-

Investment in long term infrastructure bond notified by government

20,000/-

Donation to trust/charitable institutions under 80G

Depends on the type of donation

Advantages of Filing Income Tax Returns

Advantages of Filing Income Tax Returns
  • Precise Financial Document

    ITR Filing certificates are evidence of financials. Peculiar financial documentation is a requirement for availing loan or visa.

  • Avoid interfaces from the Tax Authority

    In the matter of late or wrong docility of ITR, a warning is served by the Income Tax authority/department.

  • Sustain Losses

    With ITR Filing, losses can be carried forward against house property & depreciation.

  • Repayment

    During terms of 'Income Tax Return filing', you can demand an Income Tax Refund.

  • Quick Visa Movement

    Supposing fast visa processing, governments/embassies request for the submission of 'Income Tax Return' for the latest three times.

  • Commercial Goodness

    The ITR registered with the Government determines the retail value of the taxpayer. The development of ITR shows the business capacity and also improves the capital foundation of a person. Therefore, the track of income and financial worth is decided by the beforehand filed ITR.

  • Loan Appearances plus 'High-Risk' protection

    The estimates and the capital base determined by the income tax return are applicable for loan processing. The More leading the financial value is, the more comfortable the loan applications will be.

Documents needed for Income Tax Return Filing

  • Necessary Documents such as' PAN', 'Aadhar card number.'
  • Feature/details of the current address will be needed.
  • Bank account particulars will be mandatorily needed for the provided financial year.
  • Additional disclosures concerning income from payroll, fixed securities, savings bank account details are also needed.
  • Data regarding deduction required under section 80
  • Data concerning TDS return filing and advance tax payments.
  • The salaried/waged person should present the TDS Certificate, mostly known as Form 16
  • You should review Form 26AS are filing your returns. It determines the amount of tax subtracted from your salary and installed with the IT department by your company.
  • Interest declaration – Interest on savings accounts via 80TTA

Complete guide: Step-by-Step Process of ITR Filing

  • Computation of Income and Tax Amount

    The taxpayer is expected to determine his/her earnings as per the income tax law stipulations relevant to him/her.

  • Tax Subtracted at Spring of TDS documents & Form '26AS.'

    The taxpayer must compile his TDS value from the TDS receipts received by him for all the four divisions of the fiscal year. Form 26AS supports the taxpayer in integrating the same.

  • Determine Income Tax Return Form

    The taxpayer ought to determine the income tax form/ITR Form suitable for filing his income tax return. After finding the income tax form, the taxpayer can continue with the filing of the income tax return application.

    There are two methods possible for filing–'online' and 'offline'. The online system is open only for ITR 1 and ITR 4; it is not feasible for forms of other kinds of individual taxpayers. The offline mode (creating XML and uploading) is ready for all types of income tax forms.

  • Download ITR Utility

    Go to Site www.incometaxindiaefiling.gov.in

    Click on 'IT Return Preparation Software' title on the right card.

    Download ITR Utility IT Return Preparation Software
  • Insert Details in the Form

    Simultaneous downloading the offline profile utility, fill in the important features of your income. Check the tax obligatory or the refund receivable as per the estimations of the service.

  • Confirm

    Agree on the 'Validate' button to secure all the needed data is filled.

  • XML format

    After successfully authenticating, agree on the 'Generate XML' button on the right-hand facet of the file to regenerate the file into an 'XML file' form.

  • Upload XML to Income tax Return portal

    Log in to the income tax e-filing portal and agree o' the "-File' tab to select' the 'Income Tax Return' title.

    Income Tax Return Portal

    Give the necessary items such as PAN, evaluation year, ITR form number, and the servility mode. Cherish to choose the title ‘Upload XML’ from the drop down writing to the field title ‘Submission Mode’.

    Upload XML To Income Tax Return Portal
  • Connect the XML file from your machine and agree on the ‘Submit’ button. Pick one of the prepared verification modes:
  • Aadhaar OTP,
  • electronic confirmation code (EVC), or
  • Shipping manually signed copy of ITR-V to CPC, Bengaluru.

Common Points to be noted While filing Income Tax Return

  • Select Correct form

    One must select the proper ITR form based on the Income and classification of the taxpayer.

  • Select Correct Assessment Year

    Specific assessment year must be taken into consideration at the time of ITR filing; contrarily, it may attract double money-gathering and undesired penalties.

  • Insert Correct input of items

    At the point, if ITR, it must be guaranteed that personal knowledge of the assesse such as 'name', 'address', 'Email Id', 'mobile number', 'PAN', 'date of birth' are right.

  • Disclose the full reference of Income

    All the Income produced from any source other than the original text must be fully revealed irrespective of the point that it is chargeable Income or exempt.

  • Attach TDS with form 26AS

    Form 26AS must be combined with type 16.

  • Confirmation of a return

    Following the Income-tax return filing, it need be e-verified through net-banking, or EVC method on the mobile number and through email.

  • Belated Tax Payer

    Following section 234A of the 'income tax' act, if the assessee has finished a belated ITR, then he is subjected to pay the tax onward with 1% interest per month. Thus, the taxpayer should pay the fine for the belated ITR.

  • Revision of ITR

    Fundamentally As per the 'finance act, 2016', the belated ITR can also be improved or revised. i.e. any mistakes have performed while filing the income tax return.

Filling at a stretch for Three years?

  • None can file the ITR for the latest three years at a go in one year. For example, the financial year is 'April 1 2019 – March 31 2020', later, the Income received during this fiscal year matches taxable in the tax year. i.e. from 'April 1 2020' -'March 31 2021'. Hereabouts the deadline is 'July 31, 2020', for salaried/ self-employed/contract workers and 'September 30' for the organisations, a working companion of a firm, etc.
  • Although, it may get subjected to limited exceptions. Ordinarily, the government will increase the deadline for some periods as multiple problems can be covered by the taxpayers while filing the tax returns.

Prominent Updates: What are the Changes that happened in Income Tax Rules?

  • The deadline for filing belated or revised Income Tax Return for FY 2018-19 (AY 2019-20) was supposed to be on March 31st, but it was extensively postponed till June 30th. Currently, the deadline has been further delayed until July 31st.
  • Generally, the last date for Income Tax Return for the salaried class is July 31st. However, the deadline has now been postponed till November 30th, 2020. According to the Income Tax Department, the returns of income required to be filed by "July 31st, 2020 and October 31st, 2020" can be filed till November 30th, 2020. As a result, the furnishing tax audit report date has also been postponed until October 31st, 2020.
  • In accordance to the latest notification, the last date for making a variety of investment or payments for claiming income tax deduction U/s. 80C (LIC, PPF, NSC, etc.), 80G (Donations), 80D (Medi-claim), etc. has also been further got postponed till July 31st, 2020. It is also noted that these extensions will help those who have not been able to make their tax investments for saving. Numerous taxpayers are looking forward to being in receipt of their Form 16 and effectively completing their ITR filing so that they can get repayments/refunds on a timely basis.
  • Moreover, to provide few aids to small & middle-class taxpayers, the due date for payment of self-assessment tax in the case of a taxpayer whose 'self-assessment' tax liability is up to Rs. 1 lac has also been postponed till November 30th, 2020. "The extension enables the taxpayers to make sure compliance amidst the pandemic. However, the waiver of interest and reduction is limited to cases where tax liability is less than ₹1 lac,"
  • The last date for claiming rollover advantages or deduction in respect of capital gains U/s 54 to 54GB of the Income Tax Act has also been further postponed till September 30th, 2020.
  • The last date for issuing 'TDS and TCS' statements for FY 2019-20 has been extended to July 31st, 2020 & August 15th, 2020, correspondingly.
  • Moreover, the latest update also notifies the last date for linking Aadhaar with PAN has again been postponed till March 31st, 2021.

Update on Deadline: Extended Date for File ITR for AY19-20 till September 30th, 2020

The CBDT, known as the Central Board of Direct Taxes, has postponed until the taxpayers' deadline to file their income tax returns for FY 2018-19 to September 30th, 2020. The CBDT released a notification informing that the due date for filing returns has postponed and offered relief to senior citizens on self-assessment tax on interest payment.

It is noteworthy that this has been the third expansion on taxpayers' delay because of the spread of the COVID-19 pandemic in India. The original due/last date was 31st March 2020, which later got postponed till July 31st. However, considering the present scenario, the expected payment's last date is now September 30th, 2020. This ultimate step will reduce hardships confronted by taxpayers in filing their Income Tax Returns, due to various limitations imposed across the country as the number of COVID-19 cases crosses 15 lacs.

Moreover, the Income Tax Department has also said that "Given the constraints due to the COVID-19 pandemic & to enable the ease compliances for taxpayers, CBDT has extended the due date for filing of income tax returns for Financial Year 2018-19 (AY 2019-20) from July 31st, 2020 to September 30th, 2020, vide Notification in S.O. 2512 (E) dated July 29th, 2020."

Moreover, the relaxation has also been provided to senior citizens in the latest notification. It says that the senior citizens who do not have any income from professions and businesses are not obliged to pay advance tax for AY 2020-21 as per Section 207, pretending the original due date July 31st, 2020. Nevertheless, the same can be paid before filing ITR for AY 2020-21 if there is deficit in tax up to Rs.1 lacs to be paid, on or before November 30th, 2020.

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Penalty for Negligence of Filling

In matter, a demand notice under section 156, has been assigned to the Taxpayer for the amount of tax. Formerly before-mentioned amount, as per section 220(1), shall be met within 30 days of the service of the notice at the place and to the person specified in the notice. If the taxpayer errors in payment of any tax due, then disassociated from other penal provisions, he will be treated as an assessee in failure. Nevertheless, the penalty cannot beat the amount of arrears in tax. Before punishing, the Taxpayer is given a fair opportunity of being heard.

Delay Receiving TDS/TCS reports

  • Each Taxpayer is responsible for deducting tax at source for furnishing the report of TDS, under Section 200(3). Likewise, every person liable to collect tax at the beginning, as per Section 206C (3), has to file a budget in respect of TCS- Return.
  • If it fails to deposit the TDS/TCS return on or ere the due date appointed, then he shall be responsible for paying a sum of Rs. 200 for every day of the delay, Under Section 234E.

Fine from Undisclosed Income References

The AO is lifted to levy penalty at the flow of 10% of the tax under Section 68, 69, 69A, 69B, 69C or 69D, due if any increase is made unsatisfactorily.

Charge for Negligence Present Returns of income

  • 5000 if ITR is filed on or before 31 December of the tax year.
  • 10,000 in any different case.
  • Nevertheless, if the total income of the person than Rs. 5 lakh, later the fee payable shall be Rs. 1000.

Frequently Asked Questions

This implication form is known as Income Tax Return. The time limit for filing ITR is different for various taxpayers based on the guidelines.

Form 16 can be coined as Salary TDS- Tax Deducted at Source Certificate that an executive issue for the TDS subtracted.

The excess tax can be demand back as a return by filing your Income-tax return. It will be returned and recognised back into your bank account through 'ECS transfer'. It is necessary to make sure no errors are made while considering bank details such as 'account number', 'IFSC code' in the ITR form.

All the company and business entities need file ITR even if their total income or tax due is zero. In a matter of an individual, when revenue exceeds the basic exclusion limit, it is advised to file ITR to avoid investigation from the 'Income Tax Department'. Additionally, if your tax liabilities is zero and have offered the ITR before, it is essential to be filed. The identical can be provided as proof of revenue whenever needed.

Yes, finishing ITR in case of loss would be in your business itself. With online ITR filing, you can move forward the damages/losses to a specific expected financial year to set off losses upon the future profits.

  • Individuals (Resident of India & NRI's) – Necessary for people surpassing the prescribed income limit. Optional for others
  • Sole Proprietor
  • Companies
  • LLPs and Partnership Firm 
  • The ITR filing is compulsory for 'Partnerships Firm', 'Sole Proprietorship Firm', 'Companies', and 'LLPs' irrespective of their turnover, income, profit or loss.
  • Income Tax section allows reducing the ITR if the new ITR includes oversight or wrong report accidentally
  • A taxpayer can register the amended return up to the end of Annual Year (2018-2019, 31 March 2020) or before the conclusion of the assessment whichever is prior 
  • Reconsidered ITR can be filed for any number of times with genuine case

In matter you fail to file the return on a scheduled date, there is a prerequisite to filing return up to a particular time. Nevertheless, with a late filing fee and reduced interests, the late arrival can be filed before the end of Assessment Year for the concerned financial year.

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There are two methods possible for filing–'online' and 'offline'. The online system is open only for ITR 1 and ITR 4; it is not feasible for forms of other kinds of individual taxpayers. The offline mode (creating XML and uploading) is ready for all types of income tax forms.

In that case, the deadline is one year from the end of the next fiscal year. Accordingly, in the case of F.Y. 2017-18, the last day of filing would be '31 March, 2019'.

If it fails to deposit the TDS/TCS return on or ere the due date appointed, then he shall be responsible for paying a sum of Rs. 200 for every day of the delay, Under Section 234E.

  • 5000 if ITR is filed on or before 31 December of the tax year.
  • 10,000 in any different case.
  • Nevertheless, if the total income of the person than Rs. 5 lakh, later the fee payable shall be Rs. 1000. 

Following, section 234A of the 'income tax' act, if the assessee has finished a belated ITR, then he is subjected to pay the tax onward with 1% interest per month. Thus, the taxpayer should pay the fine for the belated ITR.

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