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Income Tax Return Filing

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E-filing Income Tax Returns in India

Income Tax Return is a form which is used to file the income tax with the Income Tax Department. Income tax is a tax imposed by the Central Government on income of a person. Filing income tax is every citizen’s responsibility. The IT department verifies these declarations of income and if any amount has been paid in excess, the department refunds the amount to the assessee’s bank account.

All entities are required to file the taxes on time to avoid penalty. The form that contains information of income and tax paid of an assessee is called Income Tax Return. The Income Tax Department of India has various forms for it such as ITR 1, ITR 2, ITR 3, ITR 4S, ITR 5, ITR 6 and ITR 7.

Things to remember during income tax return filing

  • Do not wait for the due date to file the IT return.

  • Always collate all the documents needed to file ITR

  • Pick the correct IT return form. This is important.

Penalty for Late Filing Income Tax Return

Taxpayers who do not file their income tax return on time are subject to penalty and charged an interest on the late payment of income tax. Also, the penalty for late filing income tax return on time has been increased recently. The penalty for late filing income tax return is now as follows:

  • Late Filing between 1st August and 31st December – Rs.5000

  • Late Filing After 31st December – Rs.10,000

  • Penalty if taxable income is less than Rs.5 lakhs – Rs.1000

Due dates for filing IT return

  • July 31: A firm or individuals who are not liable for audit.

  • September 30: A company or other who is liable to audit.

  • March 31: All individuals and companies filing belated returns.

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Benefits of filing Income Tax Returns

1. Avoid late fees under 234F

Avoid a maximum penalty of Rs 10,000, if your total income exceeds Rs 5 lakh.

2. Build Financial Documentation

Your Tax Return documents are proof of your financial investments and will be useful when you apply for a loan or a visa.

3. Carry Forward your losses

You can carry forward losses against house property and depreciation.

4. Tax Refund

You can claim your tax refund and the earlier you file the sooner you will get the refund.

5. Avoid Tax Notices

Taxpayers are often served notices from the IT department for delayed & missed return submissions.

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Documents Required

  • Form 16 or Salary Slips

  • Deduction details under Section 80C to 80U of the Income Tax Act

  • All bank account details and statements for relevant assessment year.

  • PAN Card

  • Adhaar Card

  • Capital Gain Statement

  • Rent Agreement

  • Proof of any other Income (Saving, Dividend, FD Interest, etc)

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