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How to file Income Tax returns? Which form should I use? There are several questions running on the mind of the taxpayer while filing ITR. In this guide, we explain all that you need to know about income tax returns.
Indians are required to pay income tax on any income they earn during a financial year. The Income Tax Act, 1961 has laid out clear cut rules on the amount of tax to be paid, the rebates they can claim and various other surcharges and cess to be collected.
This collected income tax amount is used in various nation development schemes and activities. Hence, paying your income tax is your foremost duty as a citizen of this country.
About Income Tax Returns
An Income Tax Return (ITR) is a form used by individuals to file details about your salary and tax to the Department of Income Tax. A taxpayer's tax liability is calculated according to his or her earnings. Unless the return indicates that excess tax was charged during a year, then the taxpayer would be entitled to seek an income tax refund from the Department of Income Tax.
According to the income tax laws, the return must be filed by a person or company who receives some income within a financial year each year. The revenue may be in the form of a wage, company earnings, household income or gained by dividends, capital gains, interest or other sources.
A person or a company must file tax returns before a specified date. If a taxpayer fails to file returns before the deadline, he or she will be required to pay a fine.
According to the Income Tax Act, income tax only has to be paid by individuals or companies falling within certain income brackets. These are the entities or companies which are needed to file their ITRs in India compulsorily:
As per the Income Tax Act & Laws, if your income is more than the minimum exemption limit, it is compulsory to file your income tax returns. For taxpayers, the income tax rate is pre-decided. A delay in filing returns does not only draw late filing penalties but also hamper the chances of getting a loan or travel visa.
Return filing is your responsibility and gives you the distinction of actively contributing to the nation's growth. In addition, your income-tax returns confirm your credit worthiness to financial institutions and allow you to access other financial benefits, such as bank loans, etc.
E-filing of returns or electronic filing of Income Tax returns was introduced in 2004. Initially, it was introduced on an optional basis for Corporate firms. Individuals used to manually file their returns at their nearest Income Tax offices. Last minute filing used to result in a huge rush in the last week of the deadline.
However, since 2012-13, e-filing has been made mandatory for all income tax payers. Taxpayers can conveniently calculate their tax liability, pay tax, claim refunds and file their Income Tax Returns from the comfort of their home. The Government e-filing website for Income Tax is very user friendly and self-explanatory.
The Income Tax Department's official web site lists many forms that allows taxpayers to fill out based on their income. Although some of these forms are simple to fill in, some include additional reporting such as the statements of income and loss. The below list gives the name of the ITR form and their applicability:
In order to fill the relevant ITR forms, you need other business and personal documents. Here is a list of the common documents one requires while filing their Income Tax Returns:
1. What are the different modes of filing the return of income?
The Return Form can be filed with the Income-tax Department in one of the following ways:
2. Is it necessary to attach any documents along with the return of income?
ITR return forms are annexes with fewer forms and thus the taxpayer is not required to add any document (such as investment proof, TDS certificates, etc.) along with tax returns (whether submitted manually or electronically). These documents, however, should be retained by the taxpayer and produced before the tax authorities when requested in situations such as assessment, enquiry, etc.
3. Who cannot use ITR – 2?
Type ITR-2 cannot be used by individuals and HUFs whose overall annual income includes income from sales and earnings from companies or occupations and also income in the form of interest, salaries, incentives, commissions or remuneration, whatever the name they call or earn from a partner organization.
4. Is it necessary to file a return of income when I do not have any positive income?
When you have suffered a loss in the financial year that you are planning to carry forward to the next year for adjustment against positive profits from subsequent years, you should make a claim for loss by filing your return before the due date.
5. Will I be penalized on late filing of ITR even if I am not liable to file it?
No, late filing fee under section 234F cannot be imposed if you are not allowed to file ITR pursuant to section 139 but voluntarily send it after the due date.
As responsible citizens of the country, every individual, who earns income in the country should pay income tax for the progress and development of the country. At the end of every financial year, it is their responsibility to file their income tax return.
Last Date for Filing ITR Extended to 31st December 2021 16 Sep 2021
If you have still not prepared your income tax returns, you can breathe easy. The government has once again extended the last date to file ITR for FY 20-21 to 31st December 2021. This move comes due to the various glitches faced by taxpayers while us...
If you have still not prepared your income tax returns, you can breathe easy. The government has once again extended the last date to file ITR for FY 20-21 to 31st December 2021. This move comes due to the various glitches faced by taxpayers while using the new income tax portal. Note that this is the second time the deadline has been extended this year. Earlier the last date was set at 30th September instead of the usual 31st July deadline.
Last Date for Filing Income Tax Returns Extended to 30th September 2021 3 Jul 2021
To provide taxpayers with some relief during the ongoing pandemic, the Income Tax department has extended the last date for filing tax returns for individuals to 30th September 2021. For companies, the last date has been extended to 30th November 202...
To provide taxpayers with some relief during the ongoing pandemic, the Income Tax department has extended the last date for filing tax returns for individuals to 30th September 2021. For companies, the last date has been extended to 30th November 2021. The extension hopes to provide some breathing time for taxpayers affected by the pandemic.
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