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What is an income tax return?
An income tax return is a form where taxpayers declare their taxable income, deductions, and tax payments. This procedure of filing income tax returns is referred to as income tax filing. While filing, the total income tax you owe to the government is also calculated. If you've paid more tax than needed for the financial year, the IT Department will refund the extra money to your account. If you have underpaid taxes for the year, please pay the remaining amount, and then file your income tax returns.
The form that contains information of income and tax paid of an assessee is called Income Tax Return. The Income Tax Department of India has various forms for it such as ITR 1, ITR 2, ITR 3, ITR 4S, ITR 5, ITR 6 and ITR 7.
Income tax return form ranges from ITR 1 to ITR 7, used for different types of income. Some forms are longer than the others, and they may need additional disclosures such as balance sheet and a profit and loss statement information.
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How can you file an income tax return in India?
You can file your income tax returns online, either on the income tax department's website or with us on www.taxillingindia.com. Income Tax filing or e-filling is made easy on Indiafilling.com.in. You can e-file your returns within just 7 minutes! Also note that the due date to e-file your income tax returns for the assessment year 2019-2020 is on or before July 31, 2019.
Is it possible to file Tax Returns for financial years before 2014 online?
No, you cannot file income tax returns online for years before 2014. From 2017-18 onwards, you can only e-file income tax return for 1 year. For example, you can e-file the income tax return for FY 2017-18 only up to 31 March, 2019. You can't file any returns for years passed.
Why do you have to file income tax returns?
Whether you are a resident Indian or an NRI, filing an income tax return is compulsory, if your total Indian income exceeds Rs 2.5 lakh. Even if you don't meet this threshold, it's a good practice to file or e-file your income tax return. An income tax return is an important document you must produce at the time of availing a home loan, as it reflects your financial discipline and prosperity as well as shows your capacity to repay a loan. If you are planning to go abroad for higher studies, or are about to take up a job outside of India, you'll need at least three years' filed income tax returns to show as proof of income. People processing your visa application may request for your ITR documents to evaluate your financial health, which in return shows that you can support yourself on your own in their country.
- Produce basic information such as PAN, Aadhar Card, and current address.
- Details about all the bank accounts you've held in the given financial year is mandatory.
- Income proofs like current salary details, income from investments (like FDs, savings bank account) etc.
- Information about all the deductions you've claimed under Section 80.
- Tax payment information such as TDS and advance tax payments.
What’s the next step after you’ve e-filed your income tax return?
Once you’ve filed your tax return online, you will see a 15-digit acknowledgement number on the screen confirming your submission. You must then verify your tax return, which you can do from your Netbanking accounts.
Who should file income tax return?
It is mandatory to file a tax return, if the income is above the basic limit, even if the payable amount is zero or refundable. Each category given below has its own taxable slab.
- All partnership firms regardless of income.
- A university, college or other institution referred to u/s 35(1)(ii)/(iii).
- on-resident Indians. Those covered by u/s 115AC and 115G are exempt.
- Co-operative society, company, and local authority, notwithstanding of income.
- Units/undertakings claiming deduction u/s 10A 2[or 10B], SO-lA, 80-IAB, 80-IB or 80-IC .
- Any person who has suffered a loss from a business or profession or speculative business or capital.
- Individuals, Hindu undivided families, Association of Persons/ Body of Individuals and artificial juridical persons.
- Societies and Trusts - Income gained from property held for charitable, religious purposes or receiving voluntary contribution..
- Persons who have not filed their return and have received a notice for assessment under Section 142(1) or reassessment u/s 148..
- A scientific research institution, news agency, association or institution, fund or trust or university or other educational institution or any hospital or other medical institution or trade union..
Income Tax Return acknowledgment
Once ITR is filed, an acknowledgment slip in duplicate is issued. It consists of details like:
- Name
- Address
- Status
- Permanent Account Number
- A brief statement of taxable income
- Deductions.
- Tax paid
- Verification
Documents required for Income Tax Filing in India
- Bank statements
- Proof of investments
- T.D.S. Certificates in Form 16 or 16A as applicable
- Documents on purchase and sale of investments/assets
- Challan of tax paid such as advance tax or self-assessment tax
- If PAN is applied but not received, a copy of filed PAN application and its acknowledgment
- In case not applied for PAN, a PAN application form duly filled in and two passport size photographs
- For businesses - a copy each of the audit report, balance sheet, trading, profit and loss account, personal account of proprietor or partners
- Statement of receipts and payments when no regular books are maintained
- Receipts of payment of insurance premium, provident purchase of NSCs, new equity shares, mutual fund, NSS, donations, etc. to support claimed deductions
