It’s a prescribed form through which a person can furnish the details of his /her income earned through different sources of income and taxes paid for the relevant financial year to the Income Tax Department.
Yes, you are required to file your income tax return if your income exceeds Rs. 2,50,000 in a Financial Year i.e. the basic exemption limit without giving effects to any type of deductions/investments.
Yes, even if your employer deducts and deposits your TDS on regular and timely basis, you are still required to file your tax return if your income exceeds Rs. 2,50,000. This helps in determining any dues or eligibility for refunds.
E-Filing is mandatory in certain cases. For example, if your total income exceeds Rs. 5,00,000 p.a. or if you want to claim refund then you are compulsorily required to e-file your Income Tax Return. It is a much simpler process than filing a paper return and also your refunds are processed faster if your return has been E-Filed.
You can yourself e-file your return with us for free by using our website. It is a simple, secure, and fully automated platform for you to file your Income Tax Return. If you want an expert assisting you through this process, you can buy our ‘CA-Assisted Plans’ starting from just Rs. 299 only.
- Login to the Department e-filing website
- Select e-filed Returns/Forms from My Account dropdown.
- Click on "Click here to view your returns pending for e-verification"
- Select the AY you want to e-verify your return for and then you can choose from the given three options available there to e-verify your return.
Exempt Incomes are not chargeable to tax as per Income Tax law i.e. they are not included in the total income for the purpose of tax calculation while Taxable Incomes are chargeable to tax under the Income Tax law.
No, you don’t have to attach any document along with your income tax return. You are required to submit documents only when the Income Tax Department asks you to submit.
E-filing your income tax return is faster, secure and simpler than filing offline. As the returns are filed online, they are processed by the systems automatically and, therefore, the refunds are issued faster. Moreover, it is now mandatory to file your income tax return online if your income exceeds Rs. 5,00,000 in a financial year or if you want to claim the refund.
Normally Income Tax Department can ask for the documents of 6 years prior to the current Financial Year. Therefore, you must maintain your documents at least for this period. However, in some special cases, Income Tax Department can also ask for documents pertaining to periods older than 6 years, so it is advisable to keep your documents as long as possible.
Financial Year is the actual financial year for which you’re filing your return and the Assessment Year will always be next year of financial year. For example, if you file return for F.Y. 2015-16, then the assessment year will be 2016-17.
Form 26AS is a statement maintained and generated by the Income Tax Department for each individual assesse (person). Form 26AS contains the details of your:
- TDS
- TCS
- Advance Tax or Self-assessment tax
- 15G/H details
- Details of paid refund
Full form of TDS is Tax Deducted at Source. Under Income Tax Act, there are certain payments including salary, interest etc. in which the one who makes such payment is liable to deduct tax. TDS is finally adjusted with the final tax payable at the time of computation of income tax return.
Form 26AS sometimes does not reflects some TDS entries due to various reasons like If the deductor has not filed his TDS statements or If you’ve quoted incorrect PAN number to the deductor, etc. You should contact the deductor for determining the reasons for the same.
Your employer gives you Form-16 as a certificate of total TDS deducted from salary. Details of TDS deducted and the details of salary, allowances & deductions are mentioned in Form-16.However the details of deductions mentioned are subject to the proof of deductions submitted by you to your employer. Hence real computation may change from the computation mentioned in Form-16.
It is given at the end of year and helps you file your income tax return. Remember Form-16 is not an alternative for Income Tax Return. Filing Income tax return is mandatory even if correct TDS has been deducted as per Form—16.
The bank from which you receive your pension income will issue your Form 16.
No, you cannot claim deduction for personal expenditures while computing your income tax as per the Income Tax Laws.
For the purpose of Income Tax, anyone who has attained the age of 60 years is called as Senior Citizen and if the age of any person exceeds 80 years, he’ll be called Very Senior Citizen.
Full form of PAN is Permanent Account Number which is a 10 digit alpha numeric identification which is issued to each tax payer by the Income Tax Department.
Full form of TAN is Tax Deduction Number which is a 10 digit alpha numeric number allotted to those who are liable to deduct TDS by the Income Tax Department.
Yes, it’s very simple, intuitive and hassle-free to file your income tax return with File My Tax online.
We at File My Tax online, provide our users with an easy to use interface while taking care of all the nitty-gritty tax details in the background. You just have to provide us with the relevant details and we’ll make sure that you save your taxes and get the most of your hard-earned money. With us, income tax filing is not anymore a burdensome work, as anyone can file their return by answering few simple questions.
Yes, being a NRI does not stop you from filing your return with us. Thousands of NRIs have filed their returns with us and our support team has been providing constant support to NRIs in their tax planning.
With our excellent online support services, you don’t even have to visit our offices while filing your returns.
Yes, our expert team of Chartered Accountants works really hard all year round to plan and save your taxes. Our CA team ensures that you always get thorough assistance while doing your taxes.
Yes, we use bank level encryption and backup systems for our data so that your personal information and identity is always secured.
Yes, you can file your return without Form-16. You’ll just have to enter your total salary received and TDS deducted on it with the help of your payslips and you’re good to go.
In this case, ensure that you have sent a signed acknowledgment to CPC Bangalore after filing your return or it has been e-verified. You can then check the status of your refund as mentioned above. Also, ensure correct bank account number is given in the return. In case of any further queries you can contact us.
Please ensure your return is filed within the due date otherwise you won’t be file revise return. All you need is your ITR-V of original return to file a revised return with the IT Department and facts to support the revision of return.
ITR-V is a one page acknowledgement of the income tax return filed by you which needs to be sent to the CPC, Bengaluru in case you don’t e-verify your return.
You have to send a signed copy of your ITR-V to Bangalore at:
Bengaluru Centralized Processing Centre (CPC)
Post Bag No.1,
Electronic City Post Office,
Bengaluru, Karnataka - 560100
This serves as a proof of your return filing. The signed copy has to be sent within 120 days of filing your return.
Alternatively, you can also, electronically verify your return using the newly introduced Electronic Verification Code or through Aadhaar Number .
In case you do not e-verify your income tax return, the process of income tax return filing doesn’t get complete until you send your ITR-V to CPC, Bengaluru. In case if, you forget to send it within 120 days of filing your return then you’ll have to file a fresh return as if you’re filing a new return.
Yes, you can still file your return. Belated returns can be filed in the next two years till 31st March of the second year.
For example – if you miss your due date of 31st July, you can still file your return till 31st March.
However, after the due date has beencrossed, interest is charged on the amount of tax that has to be deposited with the department and if return is filed after the end of one year from 31st march of financial year for which you missed return, then penalty can be imposed of Rs 5000/- u\s 271F by department. Keep in mind that returns filed after the due date cannot be revised.
In case you don’t file your return, a notice can be issued by the Income Tax Department. Any business losses during the year will not be allowed to carry forward to the next years. A penalty may be imposed u/s 271F and interest will be charged at the rate of 1% per month on your tax liability. Other consequences may also be there as per Income Tax Act, 1961.
Normally, the due date of filing of income tax return for individuals is 31st July falling after the end of every financial year i.e. 31st March.