Everything You Should Know About Filing Income Tax Returns in India
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ITR filing is the process by which a taxpayer has to file a report of his total income earned in the financial year. Through the Income Tax Department official portal individuals can complete their filing of returns. It has seven various forms - ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.
In an attempt to offer relief to all the taxpayers, the Central Board of Direct Taxes (CBDT) had extended the deadline for filing ITR for FY 2020-21, ie.; (AY 2021-22). The new deadline is 31 December 2021. The Income Tax department has also extended many other tax compliance deadlines. The extension of these due dates and the tax filing due date for taxpayers is crucial as the pandemic is raging through many states in India.
Why Should You File ITR?
It is mandatory for one to file income tax returns in India, if he comes under any of the following conditions:
- Individuals who fall within the respective tax slabs.
- If it’s a Company or Firm, irrespective of the profit or loss made in a financial year.
- If a tax refund needs to be claimed.
- If a loss under a head of income needs to be carried forward.
- If being a resident of India, one has an asset or financial interest in any entity located outside India.
- If being a resident of India, one is a signing authority in a foreign account.
- If one receives income derived from property held under a trust for charitable or religious purposes or a political party or a research association, news agency, educational or medical institution, trade union, a not for profit university or educational institution, a hospital, infrastructure debt fund, any authority, body or trust.
- If one is applying for a loan or a visa.
- If an NRI derives any or all of his/her income through sources in India, that income is liable to be taxable in India, and income tax returns for the same will be necessary.
How to Download ITR Form?
Here is a step-by-step procedure to download the ITR forms from Income Tax Department of India's website
Step 1: Visit the official income tax department (ITD) website at https://www.incometaxindia.gov.in
Step 2: From the menu bar on the home page, click on the ‘Forms/Downloads’ option and navigate to the ‘Income Tax Returns’ menu.
Step 3: You will be redirected to a new webpage wherein you can find a list of all the ITR forms. Click on the ‘PDF’ option next to the respective forms to download them.
Documents Required To File ITR
For Filing IT returns Online, the following documents are needed:-
- Pan card
- Form 26as
- Form 16A, 16B, 16C
- Salary Pay slips
- Bank statements
- Interest certificates
- TDS certificate
- Proof of tax-saving investments
How To File ITR?
You can file the ITR by visiting the official website of the Income Tax Department. However, the registration process must be completed before you can file the IT Return online. The steps to file the ITR online is follows:
- Visit http://www.incometaxindiaefiling.gov.in/.
- Click on ‘Login Here’.
- Enter the user ID, password, and captcha.
- Click on ‘Login’.
- Select the assessment year and ITR form.
- On the next page, enter the relevant details. Ensure that all the relevant guidelines have been followed and no mistakes are made.
- click on ‘Preview and Submit’.
- Next, the ITR must be verified. This can be done with the help of your Aadhaar number or by using the electronic verification code.
- Once the verification process has been completed, you will receive an SMS and an email.
Conclusion
The status of the Income Tax Return can be checked on the official website of the Income Tax Department of India. The status can be checked with the help of your Permanent Account Number and password.
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