An income tax returns is a form where taxpayers declare their taxable incomes, deductions, and tax payments. This procedure of filing income tax returns is referred to as income tax filings. While filing, the total income taxes you owe to the government is also calculated. If you've paid more tax than needed for the financial years, the IT Department will refund the extra money to your account. If you have underpaid taxes for the year, please pay the remaining amount, and then file your income tax returns.
Income tax return form ranges from ITR 1 to ITR 7, used for different types of income. Some forms are longer than the others, and they may need additional disclosures such as balance sheet and a profit and loss statement information.
Whether you are a resident Indian or an NRI, filing an income tax return is compulsory, if your total Indian income exceeds Rs 2.5 lakh. Even if you don't meet this threshold, it's a good practice to file or e-file your income tax returns. An income tax return is an important document that you must produce at the time of availing a home loan, as it reflects your financial discipline and prosperity as well as shows your capacities to repay a loan. If you are planning to go abroad for higher studies, or about to take up a job outside of India, you'll need at least three years' filed income tax returns to show as proof of income. People processing your visa application may request for your ITR documents to evaluate your financial health, which in return shows that you can support yourself on your own in their country.
You can file your income tax returns online, either on the income tax department's website or with us on www.mytaxadviser.in Income Tax filing or e-filling is made easy for you by us. You can e-file your return within just 7 minutes! Also note that the due date to e-file your income tax returns for the assessment years 2019-2020 are on or before July 31, 2019.
No, you cannot file income tax returns online for years before 2014. From 2017-18 onwards, you can only e-file income tax return for 1 year. For example, you can e-file the income tax return for FY 2017-18 only up to 31 March, 2019. You can't file any returns for years passed.
Once you’ve filed your tax return online, you will see a 15-digit acknowledgement number on the screen confirming your submission. You must then verify your tax return, which you can do from your Netbanking accounts.
Avoid a maximum penalty of Rs 10,000, if your total income exceeds Rs 5 lakh.
Taxpayers are often served notices from the IT department for delayed & missed return submissions.
Your Tax Return documents are proof of your financial investments and will be useful when you apply for a loan or a visa.
You can carry forward losses against house property and depreciation.
You can claim tax refund; the earlier you file the sooner you will get the refund.
Most embassies and consulates require you to submit IT returns for the last 3 years.
Note – From F.Y 17–18 , Late fee u/s 234F shall be levied if return is filed after the due date by any assesse.
But, there is relief to small taxpayer, IT Department has stated if your total income does not exceeds 500,000 , then maximum penalty of Rs 1000 will be levied on delay of ITR filing.