As per the Income Tax Act, 1961, and the Income Tax Rules, 1962, every Indian citizen and other people who are earning and source of earning from India are mandatory to file their returns with the Income Tax Department at the end of every financial year. The ITR should be filed before the specified due date.
For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income up to Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest, etc.), and Agricultural Income up to Rs.5 thousand(Not for an individual who is either Director in a company or has invested in Unlisted Equity Shares)
For Individuals and HUFs not having income from profits and gains of business or profession
For individuals and HUFs having income from profits and gains of business or profession
For Individuals, HUFs, and Firms (other than LLP) being a Resident having Total Income up to Rs.50 lakhs and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE
(Not for an individual who is either Director in a company or has invested in Unlisted Equity Shares).
For persons other than:-
(iii) Company and
(iv) Person filing Form ITR-7
For Companies other than companies claiming exemption under section 11.
For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D).
Due date for filing return of income
The assessee is obliged to voluntarily file the return of income without waiting for the notice of the Assessing Officer calling for the filing of the return.
The due date for filing of the return by an assessee if his total income of any other person in respect of which he is assessable exceeds the maximum amount not chargeable to tax, shall be as follows :
31st day of October of the Assessment Year, where the assessee is –
Individuals who fulfill any one of the following conditions should by law file their Income Tax Returns during a financial year:
One Time Fee
Service Provide Within 7 Days
One Time Fee
Service Provide Within 2 Days
No, ITR forms, are now online there is no need to attach the documents related to income or source of income. However, these documents should be retained by the taxpayer and produced before the tax authorities at the time of income tax assessment and notice issued from income tax authorities.
I-T Department has established an independent portal for the e-filing of returns. The Income tax department has provided a free e-filing utility (i.e., software) to generate e-return and furnishing of return electronically.
Yes, The excess tax can be claimed as a refund by filing your income tax return (ITR). After your return is processed and provided the tax department accepts your refund claim, the amount claimed as a refund would l be credited back to your bank account through Electronic Clearance Service (
) transfer. You would also get an email intimation for the same. The I-T Department has been making efforts to settle refund claims at the earliest.Remember from March 1, 2019, the department will issue only e-refunds and only in those bank accounts which are linked with PAN and have been pre-validated with the e-filing website of income tax department.
.A taxpayer may pay tax in any of the following forms:
The I-T Department maintains a database of the total tax paid by a taxpayer (i.e., the tax credit in the account of a taxpayer). Form 26AS is an annual statement maintained under Rule 31AB of the I-T Rules disclosing the details of tax credit in a tax-payer’s his account as per the database of the I-T Department. In other words, Form 26AS will reflect the details of tax credit appearing against in the Permanent Account Number (PAN) of the taxpayer as per the database of the I-T Department. The tax credit will cover TDS, TCS and tax paid by the taxpayer in other forms like advance tax, self-assessment tax, etc. The I-T Department will generally allow a taxpayer to claim the credit of taxes as reflected in his Form 26AS.
Following is the list of some important steps/points/precautions that need to be kept in mind while filing I-T return:
First and foremost, file I-T return on or before the due date. Taxpayers should avoid the practice of filing belated return. Following are the consequences of delay in filing I-T return: