DUE DATES OF ONLINE ITR FILING?

HOW TO TACKLE THE APPROACHING DUE DATES OF ONLINE ITR FILING?

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For some online ITR filing is more like a stressful issue while for some it is not. Ever wondered why? The only thing which differentiates both is the income tax consultant, a financial expert who is guiding you throughout your financial year. Finding the best CA Services online was a difficult task up till now, but now it’s pretty much easy to find an income tax consultant in your area and get your online ITR filing done, before the due dates dodging every scope for non-filing of income tax return on time.

DUE DATES OF ONLINE ITR FILING:

Income tax return is done via a prescribed form which specifies the income earned throughout the financial year and taxes paid on it thereafter. This information on income tax return filing must be provided in the format prescribed to the income tax department before the due dates. Since income tax return filing requires calculations to be done, therefore it’s a sheer possibility that there are some miscalculations or some over or underestimations made. This is when you will have to focus on online ITR filing.

Online ITR filing is an electronic mode of ITR filing which through which a taxpayer can carry forward they lose or claim refunds from the income tax department. There are different ITR filing forms which are associated with different categories assesse?

ITR FORMS PARTICULARS
ITR-1/Sahaj Individuals having income from salary, House property & other sources Total income up to 50 lacs.
ITR-2 Individuals/HUF not carrying business or profession under proprietorship.
ITR-3 Individuals/HUF earning income from proprietorship
ITR-4/Sugam Opting for Presumptive tax scheme
ITR-5 LLP, Firm, Trust, Co-operative society etc. Those covered under ITR-7 shall not fill this form.
ITR-6 Companies other than those claiming exemption under section 11 of Income tax act.
ITR-7 Entity (person or company) required to furnish details u/s 139 [4A, 4B, 4C, 4D, 4E] of Income tax act, 1961

You can make your IT Return filing much more effective and less burdening process if you follow the checklist: (1) Don’t forget the due date of online ITR filing. (2) Plan your investments beforehand. (3) Find Online CA Service. (4) E-Verification of IT Return. (5) ITR Form which you are eligible for. (6) Documents required for online Income tax return filing. (7) Check your online ITR filing status.

FREQUENTLY ASKED QUESTIONS (faqs)

Q       What is the procedure of online ITR filing?

*  Go to e-Filing portal on Income tax website [www.incometaxindiaefiling.gov.in]

*   Enter PAN Card number which is the user ID, Password, Captcha code and then ‘Login’.

*   Tap on the ‘e-File’ and then ‘Income Tax Return’ link.

* Select Assessment Year, ITR Form Number, Filing Type, Submission Mode and Submit Online.

*   Click on ‘Continue’

* E-verify your IT Return (ITR)

*   OFFLINE METHOD (Paper verification)

*    ONLINE METHODClick on ‘Preview and Submit’ button, Verify all the data entered in the ITR.

*   Submit the ITR.

DUE DATE OF ONLINE ITR FILING?

Q       What is the last date for online ITR filing for FY 2019-20?

Status of Taxpayer Due date (Assessment year)
Individuals/HUF/Association whose accounts does not requires to be audited July, 31st
Persons whose accounts needs to be audited: –          Company –          Partner of a firm –          Individuals September, 30th
Assessee who needs to furnish report under section 92E November, 30th

Q       How to check the status of your Income tax return?

1.  Checking your online ITR filing status is a very easy process, just follow the steps with the help of reference links mentioned foreside:

2. Go to Income tax website [https://www.incometaxindiaefiling.gov.in/home]

 3. Find “ITR Status” on the left side vertical bar menu

 4. Click on “ITR Status”

5. A new window of “ITR Status” will pop-up [https://www1.incometaxindiaefiling.gov.in/e-FilingGS/Services/ITRStatusLink.html?lang=eng]

6.  Fill in your details such as PAN card number, Acknowledgment number & Captcha.

7. Click “Submit”

Q       What are the documents required for Income tax return filing?

·         PAN Card: PAN is a ten-digit alphanumeric number which is issued to an individual by the income tax department.

·         Form 16 issued by the employer: Form 16 is divided in 2 parts viz. Part-A & B. Part-A contains the details of tax deducted/deposited in the central government account. Part-B contains the details of the salary paid and any other income tax deducted.

·         Interest income documents: Bank statement, Interest statement on fixed deposits, TDS Certificate & any other form which specifies the interest income which you have earned in the previous year.

·         Form 26AS: 26AS is an annual consolidated credit statement which contains all information of tax being deducted on your income throughout year. This is an auto generated form which an individual can download from the income tax website.

·         Document required to claim the expenses: Certain deduction depends on the actual expenditure being done on the same therefore keeping the track of these expenses is needed such as:

–          Contribution to provident fund

–          Children’s school fees

–          LIC premium

–          Stamp duty/registration charges

·         Other documents: Interest on housing loan, education loan and stock trading statement which will specify your tax on capital gains.

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ITR Filing

Mobile & E-Mail Validation Before ITR Filing

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Income tax department has released an advisory for all the income taxpayers that they must validate their mobile numbers & E-Mail ID before online ITR filing. This advisory came up in the wake of many online ITR filing being declined rather they were not submitted properly. It is much to your convenience because Mobile & E-Mail ID validation before online ITR filing will help in smooth functioning of your business with any hurdle. You will receive all income tax updates on time, Notifications, Due dates, Circulars/Notice etc.

What is ITR Filing?

Income tax return (ITR) is form in which the assessee furnishes the information related to his Income in the previous year to the Income Tax Department. ITR should be filed before the due date or else you will miss on to your Income tax return. There are different ITR Forms which an individual needs to fill depending on the source of Income of the assessee.

FORM PARTICULARS
ITR-1/Sahaj Individuals having income from salary, House property & other sources Total income upto 50 lacs.
ITR-2 Individuals/HUF not carrying business or profession under proprietorship.
ITR-3 Individuals/HUF earning income from proprietorship
ITR-4/Sugam Opting for Presumptive tax scheme
ITR-5 LLP, Firm, Trust, Co-operative society etc. Those covered under ITR-7 shall not fill this form.
ITR-6 Companies other than those claiming exemption under section 11 of Income tax act.

Why the need of Mobile & E-Mail ID validation before online ITR Filing Arise?

Income tax department has identified various cases where the default Mobile & E-Mail ID of the chartered accountants were provided instead of the actual income taxpayers because of which they are unaware of the government scheme, notifications, updates, notice & circulars. Since the access of the Income tax account is being held by their Chartered accountants the actual income taxpayers remains unaware.

To know more visit: What is Advance Tax and Due Dates for Advance Tax Payment

How Mobile & E-Mail ID validation before online ITR Filing is done?

This is a much simpler process and anyone can do this validation within 5 minutes.

  1. Login [http://www.incometaxindiaefiling.gov.in/home]
  2. On the top right corner there are three options
  3. New to e-filing
  4. Registered user
  5. Forgot your password
  6. Choose the option as per the requirement.
  7. Fill in your Mobile number & E-Mail ID.
  8. You will receive an OTP
  9. Put in the OTP there and your Mobile & E-Mail ID is validated.

[Note: In case you change your Mobile number or E-Mail ID in future, don’t forget to validate it and on your income tax portal]

Income Tax Return filing

Confused about Income Tax Return filing? Find answers to all your questions

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If you are earning taxable income, then you should contribute some amount by way of taxes for the benefit of Nation. It is the responsibility of all taxpayers to declare Income and deposit tax their on for the benefit of economic growth of the country. Many people are confused about the Income Tax Return filing process, income tax return form applicable for them and documents required for it.

To help you, we are providing answers to all your common questions regarding income tax return filing:

  • Who is required to file an income tax return?

Online income tax return filing is mandatory for Individuals having annual income exceeding Rs2, 50, 000. There is a relaxation in this income limit for senior citizens i.e. Rs.3, 00,000 for senior citizens (more than 60 years old, but less than 80 years old) and Rs.5, 00,000 for super-senior citizens (more than 80 years old).

Related Blog – INCOME TAX EXEMPTIONS/DEDUCTIONS

  • What is the due date to file an income tax return form?

The due date for online income tax return filing not liable for a tax audit is July 31 of the assessment year. If you miss this deadline of ITR filing, and if you have a tax liability, then you have to file a belated return and pay your tax along with simple interest of 1 percent per month.

  • How to file an income tax return?

You can either file an income tax return form yourself by visiting the website of income tax department or take help of professionals through our online platform CAONWEB for filing and any queries relating ITR filing, income tax return form and, ITR due date.

  • What are the documents required to file an income tax return?

The documents required for ITR filing are PAN, Aadhar Card, Form 16 and 16A, Form 26AS, bank statements, interest statements, details of investments, insurance, and home loans. If you earn more than Rs.50 lakhs than you will also have to fill an additional column “AL” or assets and liabilities.

  • Which income tax return form to fill?

You have to select the applicable income tax return form for Online income tax return filing as per your income. Income Tax Department has provided seven forms ranging from ITR 1 to ITR 7 for ITR filing.

Read more:  New ITR filing date for A.Y 2019-20
  • Why you should file an income tax return even if your annual income is not taxable?

You should file an income tax return even if your annual income is not taxable as there are various benefits of ITR Filing like you can claim income tax refunds, apply for a loan, and carry forward capital losses.

  • Why there is tax due even after TDS was deducted?

There may be tax due even after TDS was deducted as your employer deducts TDS based on the tax slab you fall, which is based on your annual income. However, if you haven’t declared your investments or income from a previous employer, the calculations may go wrong. And, Banks also do not know your slab and they deduct TDS at 10%, which may lead to a tax due in your return if you belong to the 20% or 30% tax slab.

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  • Is it mandatory to report all your bank accounts?

Yes, it is mandatory to report all your savings and current bank accounts other than dormant accounts while online income tax return filing.

  • How do I verify income tax return?

Online income tax return filing process is incomplete and ITR is invalid unless your ITR V is verified. For verification of ITR-V, you can electronically verify or mail the signed ITR V to the processing center in Bengaluru within 120 days of filing the return.

  • What happens if you do not file an income tax return?

If you do not file an income tax return, then you will be liable for interest, late filing fees and penalties levied under the Income Tax Act.

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