Income Tax Return Filing

Easily complete your Income Tax Return Efiling process. Get to know your ITR status instantly, and get all guidance on ITR Filing such as Due Dates, Refunds, TDS Payment.

Income Tax Return Filing Form

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Documents Required For Income Tax Return Filing

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FAQ: Income Tax Return for AY 20-21

Who should file Income Tax Return for AY 20-21?

ITR 1 : For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income upto Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest etc.), and Agricultural Income upto Rs.5 thousand(Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares).

ITR 2 : For Individuals and HUFs not having income from profits and gains of business or profession

ITR 3 : For individuals and HUFs having income from profits and gains of business or profession

ITR 4 : For Individuals, HUFs and Firms (other than LLP) being a Resident having Total Income upto 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)

ITR 5 : For persons other than:-
(i) Individual,
(ii) HUF,
(iii) Company and
(iv) Person filing Form ITR-7

ITR 6 : For Companies other than companies claiming exemption under section 11

ITR 7: For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D)

Which documents are required to file the return of income tax for salaried person or a person who is having the rental income?

Basic Documents required for ITR Filing for Salaried person having rental income
1) Bank Statement
2) Form 16 (Salary sheet)
3) Pan & Aadhar Card
4) Interest certificate if taken home loan
5) Investment details, like invented in,

  • Mutual Fund
  • PPF
  • LIC
  • Mediclaim
  • Sukanya Smriddhi Yojana
  • School Fees Of Childern
  • Tax Saver Fixed Deposit etc.
Is income tax return is a mandatory requirement for everyone

No, It is not mandatory for everyone.
Filing of ITR is mandatory, who is less than 60 years of age and has an annual income more than Rs 2.50 lakh has to file income tax returns, according to the Income Tax Act. For senior citizens, the cut-off is Rs3 lakh, and for those who are more than 80 years old, the cut off is Rs5 lakh.

Is filing of ITR mandatory for a company, LLP, OPC, partnership, proprietorship ?

Filing of ITR is mandatory for Company, LLP, OPC and Partnership firm irrespective of its annual income, however it is mandatory even in case of loss. But in case of Proprietorship it is not mandatory when annual income is below Rs. 2.50 lakhs.

What is advance tax who is liable to pay the advance tax ?

Advance tax means income tax which should be paid in advance instead of lump sum payment at year end. It is also known as pay as you earn tax. These payments have to be made in instalments as per due dates provided by the income tax department.
every person whose estimated tax liability for the year exceeds Rs. 10,000, shall pay his tax in advance in the form of “advance tax”. Thus, any taxpayer whose estimated tax liability for the year exceeds Rs. 10,000 has to pay his tax in advance

What are the due dates of filing Income Tax Returns ?

-For Individuals, the last date of filing Income Tax Return is 31st July of next financial year
-For Companies & Persons who require tax audit under section 44AB, the last date of filing Income Tax Return is 30th September of next financial year

What are the benefits of Tax Return Filling?

1. Helps in Applying for Loans
2. Helps in Claims Refunds
3. To Carry Forward Capital Losses
4. ITR Receipt is an important/essential document
5. Useful As address proof
6. Important for Visa Processes
7. Useful for self-employed
8. ITR receipt is essential to obtain Government Tender

What if I am not able to file my income tax return on time?

If you mandatorily requires filing income tax return but failed to do so then you are liable to pay penalty amounting to INR 1000 or 5000 or 10000 as follows.

Rs. 5 Lakh
On or before 31st December of Assessment Year but after due date.
Rs. 5,000/-

Exceeds Rs. 5 Lakh
After 31st of December
Rs. 10,000/-

Upto Rs. 5 Lakh
After due date
Rs. 1,000/-

I have filed my income tax return incorrect what should I do?

You can file revised return & correct the mistakes/errors. The revised return can be filed at any time before the completion of assessment . However ITR can be revised even after Intimation order under section 143(1) has been served.

What is Financial year, Previous year and Assessment Year?

Previous Year is the same as the Financial Year in which the income is earned. Tax is payable on the income earned during this Previous Year. And this tax is payable in Assessment Year, which is the year next to the Financial or Previous Year. For example, for the Income earned in Financial Year (Previous Year) April 1, 2019, to March 31, 2020, the liability to pay tax will fall in 2020-2021, known as the Assessment Year.

How to pay Income Tax to The Government?

You can pay by either cash/cheque in any designated bank branch or online on the NSDL website. Payment is to be made in Challan-280 in both cases. The Challan must be filed accurately for further processing.

Can I claim the deduction missed out in form 16 issued by employer ?

Yes, If some exemptions or deductions got left out from Form-16, you can claim the same in ITR. Various deductions u/s 80 such as ELSS, PPF, Life and health insurance, NSC, Children tuition fees, 5-year fixed deposits, donation for charity, repayment of home loan, or even HRA can be claimed.

What is 26AS ? Why is it required?

26AS is a consolidated statement showing various taxes that are deducted from your income by your employer, bank, or your tenant etc.It shows how much tax has been received by the government by way of TDS deposited by the deductor (employer, bank etc.), advance tax or any self-assessment tax that has been paid, etc. It also contains the details of income tax refunds that you might have received. It also shows AIR (Annual Information Return) transaction details, which might have been filed by your bank in case you have entered into some specified transaction.You must match tax payments and TDS deducted with 26AS before filing your ITR to get a tax credit as the tax credit is given only on the items appearing in our 26AS.

Is exempt dividend income from shares/mutual funds to be reported in ITR-1 ?

Yes, In ITR Form – 1, under Part D – computation of tax payable, there is a column for exempt income. Here you are to report your exempt Dividend income. If the dividend is received from stocks of an Indian company, it should be reported under section 10(34). And if the dividend has been earned from mutual funds, it can be reported under the head “others” given under exempt income.

I have already paid my taxes. Do I still need to file my Return?

Yes, return filing is compulsory if your taxable income is above the slab, whether taxes have been paid or not. You can claim the benefit of tax credit or get a refund only if your return is filed.

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