INCOME TAX RETURN

INCOME TAX RETURN FORM

What is Income Tax Return?

The income tax return is a form wherein taxpayers declare their taxable income, deductions and tax payment. This process of filing income tax return is called income tax filings. While filing, the total income tax that you give to the government is also calculated. If you have paid more tax for a financial year, the IT department will refund the extra money to your account. If you have paid less taxes for the year, please pay the balance amount, and then file your income tax return.
The range of income tax return form ranges from ITR 1 to ITR 7, which is used for various types of earnings. Some forms are longer than people, and may require additional disclosure such as balance sheets and profit and loss statement information.

Who is required to file Income Tax Return?

If your income exceeds the basic discount limit, you are required to file income tax returns before deducting the fiscal year. The same rule applies to NRIs (ITR form ITR-2 for NRIs). You must file a return regardless of the fact that you have paid the tax or not. So, even if you are under assumption that there is no need for you to file income tax returns since the employer has deducted the TDS in full, you are wrong.

Particulars Amount (Rs)
For individuals below 60 years 2,50,000
Senior Citizens (60 years or more but below 80 years) 3,00,000
Super Senior Citizens (80 years or more) 5,00,000

Other Instances where return filing is required:

  • You want to claim refund.
  • You wish to carry forward the loss under any head of income to the next year.
  • You have an asset or financial interest in an entity located outside India.This point is applicable only on resident individuals and not on NRI or NRO’s.
  • You are a signing authority in a foreign account.This point is also applicable only on resident individuals and not on NRI or NRO’s.
  • You are a firm or a company.
  • You are trust (charitable/ religious/political/research association etc.) and derive income from the activities / property held by trusts.

Mandatory E-Filing of Income Tax Returns

  • Your gross total income exceeds Rs. 5,00,000/-
  • You wish to claim refund due.
  • Your accounts are required to be audited u/s 44AB of the Income Tax Act.
  • You have paid taxes outside India and wish to claim relief for avoiding double taxation u/s 90 , 90A or 91 of Income Tax act.
  • You are an ordinary resident and have a signing authority in a foreign account.
  • You are an ordinary resident and has assets or financial interest in an entity placed outside India.

FREQUENTLY ASKED QUESTIONS

The income tax return is a form wherein taxpayers declare their taxable income, deductions and tax payment. This process of filing income tax return is called income tax filings. While filing, the total income tax that you give to the government is also calculated. If you have paid more tax for a financial year, the IT department will refund the extra money to your account. If you have paid less taxes for the year, please pay the balance amount, and then file your income tax return.
The range of income tax return form ranges from ITR 1 to ITR 7, which is used for various types of earnings. Some forms are longer than people, and may require additional disclosure such as balance sheets and profit and loss statement information.

If your total Indian income is more than Rs 2.5 lakh, it is mandatory to file an income tax return, whether you are a resident Indian or an NRI.
If you do not meet this threshold, it is a good practice to file your income tax return or e-file. Income tax returns are an important document that you must produce at the time of taking home loan, as it reflects your financial discipline and richness and also shows your ability to repay the loan.
If you are planning to go abroad for higher studies, or are going to work outside India, you will need at least three years of income tax returns to show as proof of income. People who process your Visa app can request your ITR documents to assess your financial health, which in turn shows that you can support yourself in your country.

You can file your income tax return online on the income Tax Department’s website or with us at www.crontax.in.
Income tax filings or e-filing crontax.in are made easier. You can only e-file your returns within 7 minutes!
Also note that the due date for filing your income tax return e-file for assessment year 2019-2020 is on or before 31st July, 2019.

  • Produce basic information such as PAN, Aadhar Card, and current address.
  • Details about all the bank accounts you've held in the given financial year is mandatory.
  • Income proofs like current salary details, income from investments (like FDs, savings bank account) etc.
  • Information about all the deductions you've claimed under Section 80.
  • Tax payment information such as TDS and advance tax payments.

No, you cannot file income tax returns online for the years prior to 2014. Since 2017-18 you can e-file income tax returns only for 1 year. For example, you can e-file the income tax return for the financial year 2017-18 only till 31st March, 2019. You cannot file any returns for years passed.

After you have filed your tax return online, you will see a 15-digit acknowledgement number on the screen confirming your submission. You will then need to verify your tax return, which you can do with your netbanking accounts.