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Income Tax Return Related FAQ's

What is electronic filing of income tax returns (ITR)?


All taxpayers, with the exception of seniors, are required to submit their income tax returns electronically (often referred to as "e-filing") online.

An income tax return is a document that needs to be delivered to the Income Tax Department. It contains information on how much someone made and how much tax they paid throughout the course of the fiscal year, which is from 1 April to 31 March. The Income Tax Department has developed seven ITR forms based on the quantity of income, the source of the income, and the category to which the taxpayer belongs.


Tax returns are electronically filed by the Returnfiler.com team.


How do you file an income tax return in India?


You can collaborate with our team at www.returnfiler.com to submit your income tax returns online through the income tax department's website.


It is straightforward to file income taxes electronically when working with knowledgeable professionals like Returnfiler.


Also keep in mind that you must submit your income tax returns online by July 31st, 2022, or sooner, for the assessment year 2022–23.


My employer is a TDS collector. Do I still need to file my ITR?


It is true that there are two distinct legal criteria for submitting tax returns and claiming TDS. You must pay income tax on your taxable income in accordance with the provisions of the Income Tax Act. In contrast, you file a tax return to show that you have paid all necessary taxes. The income tax return is a crucial document when requesting a loan or visa.


Which tax return should I pick to file electronically?


The government has announced seven forms: ITR 1, 2, 3, 4, 5, 6, and 7. These are for different taxpayer categories. ITR-1 through ITR-4 cover both individuals and HUFs. They can choose the appropriate ITR form based on the revenue generated and its source. AOPs, BoIs, artificial judicial persons (AJPs), partnership firms, limited liability partnerships, estates of the deceased and insolvent, business trusts, and investment funds are all subject to ITR-5.

An ITR-6 should be submitted by every company. It does not apply to businesses that claim an exemption from income from property kept for charitable or pious purposes. Such companies ought to submit an ITR-7.


How do I pay my taxes to the government?


You can submit a direct tax payment using challan 280 and your net-banking account or debit card on the income tax department's website. For reduced taxes, the following payment options are available:


Before to Taxes (100) Prior to tax

tax on self-employment (300) Self Assessment Tax vs. Routine Assessment (400) Regular Assessment Tax


I don't have a Form 16 because I am paid a salary. How should I file my tax return?


You can still utilise Returnfiler to submit your tax return even if you don't have a Form 16. You only need your pay stubs. Follow the instructions in this manual to file electronically without Form 16.


Explain ITR-V.

You will receive an ITR-V, a one-page document, after electronically filing your income tax return and while e-verification is still active. You can check your income tax return online or offline. There are several methods for performing online verification. But, if you want your return to be offline verified, you must print the ITR-V, sign it, and deliver it to the Income Tax Department within 120 days of the day you filed your tax return online.


Are any supporting documents necessary to be included with the income tax return?

Since ITR return forms are attachment-free, the taxpayer is not required to provide any supporting documentation with their income tax return (such as evidence of investment, TDS certificates, etc). (whether manually or electronically filed). Nonetheless, in situations like assessments, enquiries, etc., the taxpayer should maintain these records and provide them to the tax authorities upon request.


Can I file an ITR-1 with exempt agricultural income?


You may submit an ITR 1 if your agricultural earnings is up to Rs 5,000. To be aware of ITR 2, file an ITR 2 if your agricultural earnings exceeds Rs 5,000. Click here.


What if I overpaid taxes and want my money back?


You can ask for a refund of the additional tax you paid by filing your income tax return. Your bank account will be credited with the reimbursement through an ECS transfer. The information pertaining to your bank account needs to be pre-validated before being included in your income tax return.


Do I still need to file a return of income if I don't have any positive income?


If you didn't generate a profit during that year, you must file your return by the deadline if you wish to carry a loss from one year to the next to be used against the revenue of the following year. A loss can only be carried forward if your return claiming the loss was submitted before the deadline.

Notwithstanding the fact that the Income Tax Act does not require filing an ITR, it is typically advisable to do so. This is done in order for the ITR return to be accepted as proof of income for a number of purposes, such as loan approval, VISA and credit card applications, requesting income tax refunds, offsetting and carrying forward losses, etc.


Who is eligible to file their taxes using the Returnfiler team?


People are required to file income tax returns in accordance with section 139(1) of the nation's Income Tax Act of 1961 if their aggregate income for the prior year exceeds the maximum amount exempt from taxation (ITR).

those who are salaried Individuals who have changed jobs a. (Multiple Form 16)

c. Those with a source of income like interest, a business or profession, a home, or investments (mutual funds, stocks, etc.).

d. Non-Resident Indians, Foreign Holdings, and Foreign Income (Onsite delegation)

Is it necessary for me to file my ITR electronically, or may someone else do it on my behalf?

You can seek advice from chartered accountants and organisations dedicated to ITR filing. It is best to keep your PAN and password confidential in order to prevent any kind of fraud. Furthermore, CA is always willing to assist you with your IT taxes. You can use Returnfiler to e-file your tax return and hire a professional to calculate your taxes. It is a completely safe platform. Prepare to file your tax returns here.


Why should I submit my tax return online?


You must electronically file your income tax returns if your income is higher than the basic exemption threshold. Even if your income is below the basic exemption ceiling, you must still file an ITR if the following conditions are true:


possessing deposits totaling more than Rs. 1 crore in all of your current accounts

if you spent at least Rs. 2 lakh on your foreign travel

If you spent at least Rs. 1 lakh for power

If your company generates more than Rs. 60 lakh in annual sales and you have signing authority or beneficial interests abroad

If your total savings bank deposits total more than Rs. 50 lakh, if your yearly gross professional income exceeds Rs. 10 lakh, and if TDS and TCS together cost at least Rs. 25,000. (Rs 50,000 or more in case of senior citizens)


Notwithstanding the fact that the Income Tax Act does not require filing an ITR, it is typically advisable to do so. This is done in order for the ITR return to be accepted as proof of income for a number of purposes, such as loan approval, VISA and credit card applications, requesting income tax refunds, offsetting and carrying forward losses, etc.


How can I find out if my income tax e-filing has been received?


To verify the status of your ITR file, take the steps outlined below:


Step 1: To access the new income tax e-filing site, enter your PAN as both your user ID and your login password.

2nd step: After logging in After selecting "Income Tax Returns" under the "e-File" option in the top bar, select "View Filed Returns" from the drop-down menu.

Information about all previously filed returns that you have submitted will be organised by year when you choose "View Filed Returns". Also, you can download your ITR forms and the ITR-V acknowledgment using the "Download Receipts" option. By selecting the "See Details" link, you may view the status of your ITR as well as the status of any granted refunds.


What is the late filing ITR (Income Tax Refund) penalty?


For submitting income tax returns after the due date, the Income Tax Act levies penalties. Section 234F imposes a maximum late fee of Rs 5000 for filing ITR after the deadlines.

The biggest late payment penalty for small taxpayers is simply Rs 1000 if their total annual income is less than Rs 5 lakh.



Interest charges for overdue tax debts

A taxpayer who owes back taxes is obligated to pay interest at a rate of 1% per month until the overdue ITR is submitted, as per Section 234A of the Income Tax Act.


May I submit my own ITR?

ITR-1 and ITR-4 returns are undoubtedly streamlined and easy to complete with a basic understanding.

For more complicated ITRs, such ITR 2 or 3, it is preferable to obtain information or seek professional advice.


What documents must be submitted with an ITR?

As you are well aware, PAN and Aadhaar are the two most important and necessary documents to file an ITR.


Let's look at the extra documentation needed to file your ITR:


Form 16: Your business is responsible for producing the Tax Deducted at Source (TDS) certificate, often known as Form 16. Your company submits this form after providing the details regarding the taxes that were paid on your behalf. This form allows you to view your pay, benefits, and deductions.

Payslips: It's critical for salaried taxpayers to keep their pay stubs on hand at all times. Your pay stub contains information about your salary, Home Rent Allowance (HRA), Dearness Allowance (DA), Traveling Allowances (TA), tax deducted, Statutory Deductions, etc. Some information must be provided in order to prepare income tax forms.

Form 26AS contains information on taxes, including TDS, advance tax, self-assessment tax, and TCS collected on your PAN. If you have made investments or paid out money, generally in high-value transactions, Form 26AS also integrates information from the Annual Information Return (AIR), which is submitted by various businesses.

Statement of Information for the Year: Your yearly information statement includes a detailed description of your financial facts. The transaction data are still present even though TDS/TCS are not relevant. You get access to data on your rental income, mutual fund activities, and interest rates on your savings accounts.

If you have any TDS on fixed deposit interest, rental income, insurance commission, or any other income that is subject to tax deductions, you must indicate this on Form 16A/16B/16C. Form 16B will provide TDS information if you purchased a property in the preceding year. TDS taken from rental income from your equipment is documented on Form 16C.

Interest earned on bank or post office savings accounts, fixed deposits, recurring deposits, and post office savings accounts is taxed. Even though you are well inside the TDS limitations and your bank does not collect any TDS, you should nevertheless obtain the interest certificates to calculate the total amount of interest received. If you are unable to get interest certificates, make sure your passbook is updated with information on interest income.

Details about the home: If you live in a rental property, you must collect your PAN, rental receipts, and homeowner information before you can submit an HRA claim. If you reside there, make a note of the address, your share of ownership, etc. If you took out a loan to acquire or construct the property, make sure to obtain the "loan payback certificate" from your bank or NBFC. This certificate is required to claim interest paid under Section 24 and principal repayment under Section 80C.

Details on capital gains: Every profit you make from the sale of any property is subject to tax. You must keep your sales deed on hand if you sold any property in the preceding year. If you bought shares, mutual funds, etc. in the previous year and sold any, you must get a capital gain statement from your brokerage company. It contains all of the transaction-level data for both short-term and long-term capital gains.

Business PL and BS (with schedules): The income of your business, which must be reported in your ITR, must be determined using the profit and loss account and balance sheet. As a result, in order to file an ITR if you are conducting business, you should have the PL and BS on hand.

Further income details: If you receive any money, such as but not limited to: a. dividend income; b. family pension; c. loan interest; d. honoraria; e. tuition; f. earnings from freelancing; g. winners from the lottery, game shows, or riddles, etc.


You should have the required paperwork on hand so that you don't forget to add these data when you file your ITR.


Investment proofs: You must keep the supporting documentation for the following papers in order to claim deductions under chapter VI-A of the Income Tax Act. Examples of these confirmations include payments for life insurance premiums, Employees Provident Fund (EPF), Public Provident Fund (PPF), and ELSS plans contributions.

g. National Pension System Contribution (NPS) Child education expenditures, health insurance premiums, student loan interest payments, etc.


You should have your paperwork prepared if you are eligible for any deductions under sections 80D to 80U in addition to the aforementioned deductions.

Who is eligible to file an income tax return?

An individual or HUF is required to submit an income tax return if their combined income exceeds the basic exemption threshold without accounting for any of the approved exemptions and deductions.



A person who is a resident and ordinary resident in India is required to file his ITR even if his income does not go over the maximum exemption level if he or she: Has signing authority on any international accounts; and is the beneficial owner of any asset (including any financial interest in any organisation) that is located outside of India.

has any asset that is situated outside of India and is a beneficiary of such asset, including a financial stake in any entity.

more than Rs 1 billion in current account deposits (one or more current accounts maintained with a banking company or a co-operative bank)

if the annual electricity bill is more than Rs. 2 lakh, if he or any other person incurs overseas travel expenses of more than Rs.

For taxpayers such as enterprises, partnership entities, and local governments, there is no fundamental ITR exemption cap. For each fiscal year, such taxpayers must submit an ITR.

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