Scribd Logo
Upload

Welcome to Scribd!

  • 42 views

    E-Filling of Return

    Uploaded by

    Neelanjan Mitra
    An income tax return is a form where taxpayers declare their taxable income, deductions, and tax payments for the financial year. It must be filed with the Income Tax Department by the specified due date. There are various types of income tax return forms depending on the type of income. Filing the return on time provides benefits like easy loan approval, ability to claim a tax refund, and serves as income and address proof. Late filing after the due date will attract a penalty under section 234F of the Income Tax Act.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    E-Filling of Return

    Uploaded by

    Neelanjan Mitra
    42 views6 pages
    An income tax return is a form where taxpayers declare their taxable income, deductions, and tax payments for the financial year. It must be filed with the Income Tax Department by the specified due date. There are various types of income tax return forms depending on the type of income. Filing the return on time provides benefits like easy loan approval, ability to claim a tax refund, and serves as income and address proof. Late filing after the due date will attract a penalty under section 234F of the Income Tax Act.

    Original Title

    E-Filling of return

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    An income tax return is a form where taxpayers declare their taxable income, deductions, and tax payments for the financial year. It must be filed with the Income Tax Department by the specified due date. There are various types of income tax return forms depending on the type of income. Filing the return on time provides benefits like easy loan approval, ability to claim a tax refund, and serves as income and address proof. Late filing after the due date will attract a penalty under section 234F of the Income Tax Act.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    42 views6 pages

    E-Filling of Return

    Uploaded by

    Neelanjan Mitra
    An income tax return is a form where taxpayers declare their taxable income, deductions, and tax payments for the financial year. It must be filed with the Income Tax Department by the specified due date. There are various types of income tax return forms depending on the type of income. Filing the return on time provides benefits like easy loan approval, ability to claim a tax refund, and serves as income and address proof. Late filing after the due date will attract a penalty under section 234F of the Income Tax Act.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    You are on page 1of 6

    Topic: Income Tax Return Filing

    Q1) 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.

    Note: If you have underpaid taxes for the year, please pay the remaining amount, and then file your income tax
    returns.
    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.

    Q2) How can you file an income tax return in India?


    One need to file the income tax return online, that is, on the income tax department's website
    “www.incometaxindiaefiling.gov.in”

    Q3) What are the details you need when you're e-filing your income tax
    returns?

     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.
    Q4) What is the benefit of income tax return file?

    Filing your ITR on time does make you feel responsible and good about yourself, but
    the benefits don’t end there. Filing your ITR on time can benefit you in more ways:

    1. Easy Loan Approval


    2. Claim Tax Refund
    3. Income & Address Proof
    4. Quick Visa Processing
    5. Carry Forward the Losses
    6. Avoid Penalty and Prosecution

    Note: The above proceedings shall not be initiated where the net tax payable does not exceed Rs.
    3000. Further, the income tax officer may impose a penalty of up to 50% of the tax due in the case
    of under-reporting of income.

    Different types Return of Income, Returns Forms & their applicability, Due
    Dates of submission, Late Filing Fees u/s 234F, Mode of Submission of returns
    and Procedure to file a return electronically

    A. Different Return of Income


     Return of Income [Sec139(1)]
     Return of Loss [Sec139(3)]
     Belated Return [Sec139(4)]
     Revised Return [Sec139(5)]
    NOTE: Invalid Return: Return of income filed after the belated period will be treated as invalid .
    NOTE: Act does not place restriction on number of times a return can be revised. A belated
    return cannot be revised.
    B. Returns Forms & their applicability
    Form Description
    ITR 1 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.5,000 (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 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)
    ITR 5
    For persons, except:
    (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)
    C. Due Dates of submission of Return

    Types of Assessee Due Date


    A Company
    A person other than a company, required to
    get its accounts audited under this Act or 30th September of the Assessment Year
    any other law for the time being in force
    A working partner of a firm, where the
    accounts of the firm are required to be
    audited under this Act or any other law for
    the time being in force.
    Any other Assessee 31st July of the Assessment Year

    Note: If the Income Tax office is closed on the day for filing of return, then the assessee can
    file the return on the next day on which the office is open. Return so filed shall be treated as
    field within due date.

    D. Late Filing Fees u/s 234F


    Effective from the financial year 2017-18, a late filing fee will be applicable for filing your
    returns after the due date i.e. 31 August 2019 under section 234F. The maximum penalty
    is Rs. 10,000.
    If you file your ITR after the due date (31 August) but before 31 December, a penalty of
    Rs 5000 will be levied. For returns filed later than 31 December 2019, the penalty levied
    will be increased to Rs.10,000. There is a relief given to small taxpayers – the IT
    department has stated that if the total income does not exceed Rs 5 lakh, the maximum
    penalty levied for delay will be Rs 1000.
    E. Mode of Submission of Return

    Person Condition Mode of Furnishing return

    Individual/ HUF Accounts are required to Electronically with digital signature.


    be audited.
    Accounts are not a. Electronically with digital
    required to be audited. signature
    b. Transmitting the data
    electronically under electronic
    verification code (EVC)
    c. Transmitting the data
    electronically and thereafter
    submitting the Form ITR-V
    Firm/LLP/AOP/BOI, Accounts are required to Electronically with digital signature.
    etc
    be audited.
    Accounts are not a. Electronically with digital
    required to be audited. signature
    b. Transmitting the data
    electronically under Electronic
    Verification Code (EVC)
    c. Transmitting the data
    electronically and thereafter
    submitting Form ITR-V

    Company Electronically with digital signature.


    F. Procedure to file a return electronically
     Visit the Income Tax site (www.incometaxindiaefiling.gov.in)
     Log on using the user-ID and password.
     Download the respective ITR form
     Fill up the from
     Upload the XML file generated
     Upon uploading, an acknowledgement will be generated
     Now the file is uploaded with a digital signature, and the process of filing return is complete
    NOTE: If the file is uploaded without a digital signature, then take the printout of the ITR-V generated
    and send the same by speed post or ordinary post to the address mentioned therein.

    You might also like