Income Tax Return

Income Tax Return

An income tax (IT) return is the tax form or forms used to file income tax with the Income Tax Department. The tax return is usually in a predefined worksheet format where the income figures used to calculate the tax liability are written into the documents themselves.
The law states that tax returns must be filed every year for an individual or business that received income during the year, whether through regular income (wages), dividends, interest, capital gains or other sources.
Tax returns, regardless of whether it relates to an individual or a business, must be filed by a specific date.
If the return shows excess tax has been paid during a given year, the assesses is eligible for a ‘tax refund’, subject to the department’s interpretations and calculations.

Types

  1. Part-1 ITR for Individuals
  2. ITR-1 SAHAJ
    (For individuals having income from salaries, one house property, other sources etc.)
    You can use this form if you earn through ANY of the following means
    1. Salary
    2. Pension
    3. Profit or loss from One House Property
    4. Other income (not from lottery, winning or rare horses)
    5. Any exempted income (Agriculture income not more than 5000)
    ITR-2
    (For individuals and HUF, having income from business or Profession and capital gain and who hold foreign assets)
    Use the form ITR 2 if you earn through ANY of the following means
    1. Income from salary/ Pension
    2. Income from House Property. The house property can be more than one.
    3. Share of profits or partner from a partnership firm
    4. Capital gain/loss on sale of any investment or property
    5. Income from other sources. You can include the income from lottery, winning and race horse.
    6. Exempt income such as EPF, PPF, insurance, and agriculture income. In this form, you can report the agriculture income of more than ₹5,000.
    7. Clubbed income of family member. The income of the family member should be any of the above categories
    8. Any Foreign income/Foreign Asset
    ITR-3
    (for individuals and HUF having income from a proprietary business or profession) Use ITR 3 if you earn through the Number 1 and any of the following sources
    1. Income from proprietary business or profession (mandatory)
    2. Salary /Pension
    3. Profit & loss from one or more house property
    4. Capital gain / loss on sale of any investments or property
    5. Other income (including lottery, winning & race horse)
    6. Any exempt income
    7. Any foreign income / asset
    8. Share of profit or partner from partnership firm
    ITR-4
    ITR-4 Presumptive business income tax return Use ITR 4 if you earn through any of the following sources
    1. Income from presumptive business
    2. Salary/Pension
    3. Profit & loss from one house property
    4. Other income (not from lottery, winning or race horses)
    5. Any exempted income
  3. Part-2 ITR for Non- individuals
  4. ITR-5
    The ITR-5 form is to be used by only by the following entities for filing income tax returns
    1. Firms
    2. Limited Liability Partnerships (LLPs)
    3. Body of Individuals (BOIs)
    4. Association of Persons (AOPs)
    5. Co-operative Societies
    6. Artificial Judicial Persons
    7. Local Authorities
    ITR-6
    ITR-6 form is to be used only by companies except those companies or organizations that claim tax exemption as per Section 11.
    ITR-7
    ITR-7 income tax form is to be filed by individuals or companies
    Section 139(4A) Returns to be filled by the individuals who receive income from any charity or religion in the form of a trust or legal obligation
    Section 139(4B) Returns are to be filed by political parties
    Section 139(4C)
    1. Any institution or association mentioned under Section 10(23A)
    2. Any institution mentioned in Section 10(23B)
    3. Any news agency
    4. Any fund, medical institution or educational institution
    Section 139(4D) Returns are to be filled by colleges, universities or any other such institution
    ITR-8 ITR-8 is for Individuals who have no any income but only has Fringe Benefits

Procedure

The income tax department has released the ITR filing software utility for all seven ITR forms for the FY 2018-19 (AY 2019-20). Out of these only ITR-1 and ITR-4, can be filed completely online without having to download any software utility in Excel or Java format.
Using completely online method, a person can fill the income tax return (ITR) form online by entering the relevant information and finally submit it online as well.
This step by step guide will help you do the same.

  1. Visit the e-filing website
  2. If you are a first-time user or filing your returns for the first time then click on the 'New Registration' tab and register yourself by providing relevant details and creating your profile and password. While creating your user ID, you must ensure that you have an active e-mail id and mobile number and it is mentioned correctly.
    It is important as communication by the department will be sent on this. Registration will be completed by clicking activation link sent via email and providing one-time password (OTP) received on the mobile. Click on the 'Registered user' if you have already registered yourself on the website. For any assistance, one can click on 'Customer care tab' to get the helpline number and call the customer care centre.
  3. Next click on login tab and enter the required details: your user ID i.e. your PAN, password and captcha code. Click on log-in button at the bottom to sign in.
  4. After signing in, your account dashboard will open up as shown in the picture below. Click on the 'e-file' tab and select 'Income Tax Return' option. Please note that the process of filing returns for FY 2018-19 has been changed by the tax department as compared to that used for filing returns for FY2016-17 in 2017.
  5. Next, select the assessment year, i.e., 2019-20, relevant form i.e. ITR-1 or ITR-4 and submission mode- prepare and submit online. Click on Submit.
    Here you will also be required to select the option to verify your returns Three options are given to verify your returns:
    1. Via Aadhaar OTP (valid for 30 minutes),
    2. Generated EVC option through My Account or Bank ATM (Valid for 72 hours) or
    3. By sending signed copy of ITR-V to Centralised Processing Centre, Income Tax Department, Bengaluru -560500.
  6. After selecting one of the options, click on submit. You also have an option to fill your ITR form in Hindi. Click on that button before clicking.
  7. The website will redirect you to the page for filling the form as selected by you. Before starting to fill the ITR form, one should read the 'General Instructions' given at the start of the form to know do's and don'ts.
  8. After that you will be asked to fill in required information in different tabs i.e. 'General information', 'Income details', 'Tax details' 'Taxes paid and verification' and '80G' in the ITR form. One should ensure that the Tax payable shown in the online form matches your calculations.
  9. Before making the final submission, it is advisable to save the data entered and recheck it to avoid any mistakes. Once 'Preview and Submit' button is clicked, your form will appear allowing you a preview of your ITR form before final submission is made.
  10. Once you hit 'Submit', your ITR will be uploaded and you will be asked to verify your return using any of the options available.
  11. For FY 2016-17, individuals had the option to submit their ITR using their digital signature. They could select the option to digitally sign their ITR while submitting information of ITR form using which they wish to file their return.
  12. You can verify your return either electronically using the Aadhaar OTP or Electronic Verification Code method or by offline method of sending a signed printout of the ITR V to CPC, Bengaluru within 120 days from the date of e-filing.
  13. An Acknowledgement/ ITR V will be simultaneously sent to you on your registered email once your return is successfully uploaded. This acknowledgement will also show up in your account on the e-filing website from where you can download it if required.
  14. The department will process your ITR once you verify it. After your ITR is processed, you will be intimated about the same via email and SMS on your registered mobile number

FAQ's

    Return Form can be filed with the Income-tax Department in any of the following ways, -
    1. by furnishing the return in a paper form;
    2. by furnishing the return electronically under digital signature;
    3. by transmitting the data in the return electronically under electronic verification code;
    4. by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V;
    Note- Where the return of income is filed in the manner given at (iv) without digital signature, then the taxpayer should take two printed copies of Form ITR-V. One copy of ITR-V, duly signed by the taxpayer, is to be sent (within the period specified in this regard, i.e., 120 days) by ordinary post or speed post to "Income-tax Department - CPC, Post Bag No. 1, Electronic City Post Office, Bengalore-560100 (Karnataka). The other copy may be retained by the taxpayer for his record.

ITR return forms are attachment less forms and, hence, the taxpayer is not required to attach Is any document (like proof of investment, TDS certificates, etc.) along with the return of income (whether filed manually or filed electronically). However, these documents should be retained by the taxpayer and should be produced before the tax authorities when demanded in situations like assessment, inquiry, etc. As discussed above, no documents are to be attached along with the return of income, however, in case of a taxpayer who is required to furnish a report of audit under section 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, 115JB or 115VW or to give a notice under section 11(2)(a) shall furnish it electronically on or before the date of filing the return of income.

Income-tax Department has established an independent portal for e-filing of return of income. The taxpayers can log on to www.incometaxindiaefiling.gov.in for e-filing the return of income.

No, on the contrary by not filing your return in spite of having taxable income, you will be liable to the penalty and prosecution provisions under the Income-tax Act.

Filing of return is your duty and earns for you the dignity of consciously contributing to the development of the nation. Apart from this, your income-tax returns validate your credit worthiness before financial institutions and make it possible for you to access many financial benefits such as bank credits, etc.

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 generally processed faster as compared to returns filed manually.

If you have sustained a loss in the financial year, which you propose to carry forward to the subsequent year for adjustment against subsequent year(s) positive income, you must make a claim of loss by filing your return before the due date.

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