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Income Tax Return

Income Tax Return is the form in which assessee files information about his Income and tax thereon to Income Tax Department. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. While filing, the total income tax you owe to the government is also calculated. If you’ve paid more tax than needed for the financial year, 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.

. WHY Income Tax Return .

Income Proof

If you are planning to go abroad for higher studies, or are 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.

Easy Loan Processing

An income tax return is an important document you must produce at the time of availing a loan, as it reflects your financial discipline as well as shows your capacity to repay loan.

Refund of TDS Deducted

Salaried personnel receives the income after deduction of TDS. It may happen that after the eligible deductions, the tax liability is lower than the amount of TDS actually deducted.

Carry forwarded Losses

Income tax rules allow carry-forward losses to set them off against capital gains only to those who file ITR in the relevant assessment year, which makes your tax transaction easy.

ITR as important documents

Having an Income Tax return receipt is important because it is more detailed than Form 16, entailing your income and taxation along with revenue from other sources uses as proof.

Avoid penalties

Hefty amounts would be charged for non-filing of income tax returns and hence it is always better to file it to avoid legal repercussions and help governments for building better India

. DOCUMENTS .

For ITR
  • Cancelled Cheque
  • Copy of PAN Card
  • Current year Bank statements
  • Proof of investments and expenses
  • FORM 16
  • Income Tax Login Id and Password
  • For a Salaried Employee, Form 16 from his Employer is a must.
  • Filing ITR is mandatory for all Indians. If you have a total income of over Rs 2.5 lakh before permissible deductions under Sections 80C to 80U.
  • The Income Tax Department will now provide pre-filled ITR-1 forms.
  • Non filing of ITR shall attract penalty of Rs. 5000/-.
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. Frequently Asked Questions .

Ans:

Income tax returns or ITR are the tax forms used to declare the details of your income to the Income Tax Department for assess the amount you need to pay as income tax in a financial year.

Ans:

Every Indian citizen whose gross total income exceeds the taxable limit must file an ITR.

Ans:

No, it is not mandatory to file an income tax return if your annual income is below Rs 250,000.