Income Tax Return
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INCOME TAX RETURN
Income tax return (ITR) in India is being regulated by the provisions, rules & regulations specified in the Income tax act, 1961. These rules & regulations are for every registered income tax payer in India who possess a valid PAN Card and falls under the Income tax net.
Income tax return (ITR) is formed in which the assesse furnishes the information related to his Income in the previous year to the Income Tax Department. ITR should be filed before the due date; if you fail to do so then you will have to a penalty up to INR 10,000.
Different ITR Forms which an individual needs to fill depending on the source of Income of the assesse are as follows:
| FORM | 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 |
DOCUMENT REQUIRED FOR ITR 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 into 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 the year. This is an auto-generated form that an individual can download from the income tax website.
Investments under section 80: Investments such as PPF, NSC, ULIPS, and LIC qualify to be specified and form part of deductions under section 80.
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 are 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 a stock trading statement that will specify your tax on capital gains.
WHAT IS THE PROCEDURE FOR 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 Income tax return (ITR)
- OFFLINE METHOD (Paper verification):
- ONLINE METHOD
- Click on 'Preview and Submit' button, Verify all the data entered in the ITR.
- Submit the ITR.