Filing of Income Tax Return
Income Tax eFiling: Return of income is the written declaration of revenue earned by the taxpayer during the previous year and calculation of tax levied on such income. The assessee has to convey the details of his taxable income or loss to the Income Tax Department. A wide range of Income returns forms is prescribed for the filing of returns for various Status and Nature of income.
Who are needed to file an Income Tax Return?
It is mandatory for you to file an Income Tax Return in India. If you are an individual (other than a company/ HUF/AJP/AOP/BOI) and your Gross Total Income is more than the exemption limit without any deductions (usual 80C to 80U).
Income Tax eFiling – Income Tax Calculator
The Income Tax Department has provided the provision of free e-filing utility to generate e-return and to file the return electronically. The Income Tax eFiling service is easy to use and also contains guideline instructions on how to use it. By using the e-filing facility, the assessee can quickly file their return of income.
Benefits of e-filing the return of Income Tax
E-filing can be done from any place at any time, and it saves time and efforts. It is simple, easy and faster. The e-filed returns are processed faster as compared to returns filed manually.
Where can you find the return forms?
The Income Tax return forms (ITR forms) are available on our site. The taxpayer can also download ITR forms from Income Tax Department of India official www.incometaxindia.gov.in.
Procedure for e-filing the return of income
Income Tax Return Forms prescribed under the Income-tax Law
According to the Income Tax Law, for different classes of taxpayers, various Income tax return forms are prescribed. The return of Income forms is known as ITR forms. The overview of the return forms (Income Tax Return Forms) is available in the following the table.
|Return Form||Breif Description||ITR Form|
|ITR-1|| Also Known as SAHAJ is applicable for,
||Download ITR-1 SAHAJ|
|ITR-2||It is applicable for
|ITR-2A||It is applicable for
|ITR-3||It is applicable for
|ITR-4S||Also known as SUGAM and applicable for
||Download ITR-4S SUGAM|
|ITR-4||It is applicable for
|ITR-5||It is applicable for
|ITR-6||It is applicable for
|ITR-7||It is applicable for
||Download ITR- V|
For more Information regarding Income Tax Calculator, Income Tax login, Income Tax Refund, Income Tax Return, Income Tax Slab, income tax return, income tax rates, refer Income Tax Department official website: www.incometaxindia.gov.in or www.incometaxindiaefiling.gov.in.
Manner of filing the Return of Income
The Income tax return forms can be filled with the Income-tax Department in any of the following ways,
- By filing the return in a paper form.
- By furnishing the return electronically with a digital signature.
- By transmitting the data in the return electronically along with electronic verification code.
- By sending the data in the return electronically and after that submitting
the audit of the ITR-V form.
Mandatory e-filing of IT return
Taxpayers mentioned below shall file their return of income only through e-filing mode as following.
- From the assessment year 2015-16 onwards, any assessee filing ITR-1/ITR-2/ ITR-2A (other than an individual of the age of 80 years or more at any time during the P.Y) having a refund claim in the return / having the total income of more than Rs. 5,00,000/- is required to furnish the IT return electronically with or without digital signature or by using electronic verification code.
- Each and every company shall provide the IT return electronically with the digital signature.
- A firm/an individual or a Hindu Undivided Family’s book of accounts are required to be audited under section 44AB shall furnish the return of income electronically with the digital signature.
- A resident assessee having any assets located outside India or signing authority in any account located outside India shall furnish the return of income electronically with/without digital signature.
- Assessees claiming relief under section 90/90A/91 shall furnish the IT return electronically with/without digital signature.
- Taxpayer is required to furnish a report of audit under sections 10(23C)(iv)/ 10(23C)(v)/ 10(23C)(vi) /10(23C)(via)/ 10A/ 10AA/ 12A(1)(b)/ 44AB/ 44DA/ 50B/ 80-IA/ 80-IB/ 80-IC/ 80-ID/80JJAA/80LA/92E/115J/115VW will have to furnish the report electronically on or before the date.
Time limit for filing Return of Income
The due dates for filing the Income tax return is as follows.
|S.no||Nature of the taxpayer||Due date for relevant assessment year|
|1.||Where the assessee is a company. (not having international/ Specified domestic transaction)||September 30|
|2.||Where a taxpayer is required to furnish a report under 92E about international specified domestic transactions.||November 30|
|3.||Where the assessee is the person(not having internal or specified domestic transactions) other than the company.
|4.||In any other case.||July 31|
Important Sections of the Income Tax Act
Let us take a look at some of the relevant articles under Income Tax Act 1961.
Return of Loss [Sec 139(3)]
Any person who has sustained loss should file a return of loss by the due dates mentioned as above.
Belated Return [Sec 139(4)]
If the return in not furnished within the time allowed under [Section 139 (1)] or whom within the period permitted under a notice issued under [Section 142(1)] the person may before the assessment made. (or) Furnish the return of any previous year at any time before the end of one year from the end of relevant assessment year. A penalty of Rs. 5000/- may be imposed under [Section 271 (F)], if belated return is submitted after the end of assessment year.
Revised Return [Sec 139 (5)]
If any person having filed a return under [Sec 139(1)]. (or) In pursuance of a notice issued under [Section 142(1)] discovers any omissions or wrong statement then, he may furnish a revised return within one year from the end of the relevant assessment year or before the assessment is made, whichever is earlier.
Precautions while filing the return of Income
The Following is the list of few important precautions to be kept in mind while filing the return of income:
- File restitution of revenue on or before the due date. Assessee should avoid the practice of filing belated return. Following are the outcomes of delay in filing the return of revenue.
- Loss (other than house property loss) cannot be carried forward.
- Levy of interest under [Section 234A].
- The penalty of Rs. 5,000/- under Section 271F.
- Exemptions/deductions under following sections are not available which are 10A, 10B, 80-IA, 80-IAB, 80-IB, 80- IC, 80-ID and 80-IE.
- Belated return is cannot be revised under [Section 139(5)].
- Assessee should download 26AS Form and also confirm actual TDS/TCS/Tax paid. If the verification observes any discrepancy, then suitable action should be taken to reconcile it.
- Carefully study the documents to be used while furnishing the return of income, such as bank statements or passbook, interest certificate, books of account and balance sheet and P/L A/c (if applicable), etc. No need to attach any other documents along with the return of income.
- The Assessee should identify the correct return form applicable to his case(Nature of Taxpayer).
- Carefully provide all the information in the IT return form.
- Verify the calculation of total income, deductions (if any), interest (if any), tax liability/refund, etc. while furnishing a return fo income.
- Ensure all details mentioned in the return of income are correct, like PAN, address, e-mail address, bank account details, etc.
- After filling all the details in the return of income and after verification of all the details, one can proceed with filing the return of income.
- In any case, the return is furnished electronically without digital signature do not forget to post the acknowledgement of filing the return of income at CPC Bengaluru.
Frequently Asked Questions – FAQ
Can a return be filed after the due date?
Yes, if you could not file the return of income on or before the prescribed due date, then you can file a belated return. A Belated return under [Sec 139(4)] can be furnished within a period of one year from the end of the assessment year or before completion of the assessment, whichever is earlier. A Belated return[Sec 139(4)] attracts interest and penalty.
What is the Interest and Penalty for not filing the return within the due date?
If you have not filed the return within the deadline, you will have to pay an amount of interest on tax due. If the return is not furnished up to the end of the relevant assessment year, in addition to interest, a penalty of Rs. 5,000/- shall be levied under section 271F.
How long have I to keep the copy of return?
According to the Income Tax Act legal proceedings, the case may be initiated up to four or six years before the current financial year, so assessee should maintain IT return documents at least for this period. However, in some cases the legal proceedings can be initiated even after six years, so, it is better to preserve the copy of return as long as possible. After the introduction of the Income Tax eFiling facility, it is very straightforward and easy to maintain the copy of return of income.