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).
- 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.
- 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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