Frequently Asked Questions (FAQs) on Income Tax Return (ITR) Filing

Introduction

Filing Income Tax Returns (ITR) is an essential task for every taxpayer in India. It is a legal requirement that helps the government keep track of an individual’s financial activities and ensure that they are paying the right amount of tax. The process of ITR filing can be overwhelming for many, especially for first-time filers. In this article, we have answered some of the frequently asked questions on ITR filing online, including e-filing income tax, ITR return, and ITR online.

Frequently Asked Questions on ITR Filing

1. What is an ITR Return?

An ITR Return is a form that is used to file an ITR with the Income Tax Department of India. This form contains details of the income earned, taxes paid, and tax liabilities for a particular financial year. It is mandatory for every taxpayer to file an ITR return every year.

2. Who is required to file an ITR Return?

Any individual, Hindu Undivided Family (HUF), or firm that earns income above the minimum threshold limit as specified by the Income Tax Department is required to file an ITR Return.

3. What is the due date for filing an ITR?

The due date for filing an Income Tax Return is usually July 31st of the assessment year. However, the deadline may vary for certain taxpayers, such as companies and individuals, who are required to get their accounts audited.

4. What is E-filing Income Tax?

E-filing income tax is the process of filing an ITR Return electronically on the Income Tax Department’s website. It is a faster and more convenient way of filing returns compared to the traditional method of filing returns on paper.

5. How do I file an Income Tax Return Online?

To file an ITR online, taxpayers can visit the Income Tax Department’s website and follow the instructions. They will need to register themselves on the website and provide the necessary details, such as their PAN, Aadhaar Card, and bank account details.

6. What are the documents required for E-filing of ITR?

The documents required for e-filing income tax returns include PAN, Aadhaar Card, Form 16, bank statements, and other income-related documents.

7. Are PAN and Aadhaar cards mandatory for filing Income Tax Return?

Yes, PAN and Aadhaar cards are mandatory for filing income tax returns in India.

8. How do I correct errors in the ITR Return after filing?

Taxpayers can rectify errors in their ITR returns by filing a revised return within the prescribed time limit. They can do this by logging in to their account on the Income Tax Department’s website.

9. What are the consequences of not filing an Income Tax Return?

If you fail to file an ITR Return, it can lead to penalties, fines, and even imprisonment, depending on the severity of the case.

10. How do I check the ITR Return Status?

Taxpayers can check their Income Tax Return Status by logging in to their account on the Income Tax Department’s website and selecting the appropriate option.

11. Can I claim a refund of the excess tax paid in the ITR Return?

Yes, taxpayers can claim a refund of excess tax paid in their ITR Return. The refund can be claimed by selecting the appropriate option while filing the return.

12. How do I know if ITR Return has been processed by the Income Tax Department?

Taxpayers can check the status of their Income Tax Return by logging in to their account on the Income Tax Department’s website. They can also receive an intimation from the department via email or SMS once the return has been processed.

13. How many types of ITR filing are there and who files it in India?

There are currently 7 types of ITR forms for filing income tax returns in India. They are:

• ITR-1 SAHAJ: For individuals being a resident (other than not ordinarily resident) having total income up to Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.).

• 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 Sugam: For Individuals, HUFs, and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE.

• ITR-5: For persons, other than individuals, HUFs, companies, and persons filing Form ITR-7.

• ITR-6: For companies other than those claiming exemption under section 11 (Income from property held for charitable or religious purposes).

• ITR-7: For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) or section 139(4E) or section 139(4F) of the Income Tax Act, 1961.

Conclusion

In conclusion, filing an Income Tax Return is a crucial task for every taxpayer in India. Filing ITR online is a faster and more convenient way of filing returns compared to the traditional method of filing returns on paper. Taxpayers must ensure that they file their returns on time and provide accurate details to avoid penalties and fines.