Complete Step by Steps process for file your online Income Tax Return:
Phase-I : Just visit via Log on to the official website portal of Income Tax e-filing – incometaxindiaefiling.gov.in.
Phase-II : tap on New to e-filling if you are registering for the first time, else click on the registered user.
Phase-III : Select the Type of User.
Phase-IV: Write/Enter your Permanent account number card information like a surname, Residential status, middle name, first name & DOB.
Phase-V: Complete Fill the Income-tax return registration form online.
Phase-VI: After that Verify your registration of Income-tax login.
Phase-VII: After successfully registering Login and file your Income-tax return, providing all the required documents in the correct format.
Kind of Income-tax Form For filling of Income Tax return:
|ITR-1 (SAHAJ)||Individuals with Salary & interest Income only|
|ITR-2||Individuals and HUF not having income from business/profession|
|ITR-3||Individuals/ Hindu Undivided Families being partners in firms & not carrying out business or profession under any proprietorship|
|ITR-4||Individuals & Hindu Undivided Families having a proprietary business or profession income|
|ITR-4S (SUGAM)||Individuals or Hindu Undivided Families having presumptive business Income|
|ITR-5||In order for AOP & BOI, LLP, & Partnership firms to report their income and tax computation.|
|ITR-6||Co that are registered in India uses this form.|
|ITR-7||In case entities are claiming an exemption as colleges, scientific research institutions, political parties or universities, and religious or charitable trusts, this form must be used.|
The income tax return is a form in which taxpayers declare their taxable income, deductions, and tax payments in accordance with the form applied. Form ranges from ITR 1 to ITR 7. The process of filling out the income tax return form and submitting it to the revenue tax office is known as income tax filing.
kind of documents do you need to acquire
Normal details: Enrolment ID, PAN number, or Aadhaar number if you don’t remember your Aadhaar number
Income from Salary/Pension: Form 16 from your employer or different employers if you have changed your job during the year.
Home property income : rent receipts, housing loan for the interest deduction
Other sources Income: In order to do so, you will need to have a bank statement or a bank account or a bank account bank account bank account, fixed deposits, time deposits, post office savings passbook, lottery details, clubbed income details.
For whom it is mandatory to file ITR: –
If a person come under any of the following conditions, then he has to file the income tax returns: –
- If the gross total income (before allowing any deductions under section 80C to 80U) exceeds the basic exemption limit i.e. Rs.2,50,000 (for individuals below 60 years) or Rs. 3,00,000 (for individuals of 60 years and above but less than 80 years old) or Rs. 5,00,000 (for individuals of 80 years and above) as the case may be.
- In case you hold any asset including financial interest in any entity located outside India or has signing authority in any account located outside India as a beneficial owner or otherwise.
- If you are a beneficiary of any asset located outside India.
Various documents required to claim deductions in The ITR
In order to claim the deduction under different sections, you will need the following documents or numbers ready before filing your income tax return:
- Details of Principal repayment of your home loan
- Receipt of Payment of Mediclaim insurance premium
- Payment receipt of Stamp duty and registration fees
- In case the Payment of Contribution to the Provident Fund, NPS
- Payment of Tuition fee of children school fees paid during the financial year
- Acknowledgment of mutual fund investment or Equity-linked savings scheme
- All the Receipts containing details of the donation eligible for 80G
- Complete Payment of insurance premium
The due date of tax filing of all type of taxpayer is given below: –
|Category of Taxpayer||Due Date for Tax Filing|
|Individual||Aug 31st (extended date )|
|Body of Individuals (BOI)||Aug 31st (extended date)|
|Hindu Undivided Family (HUF)||Aug 31st (extended date )|
|Association of Persons (AOP)||Aug 31st (extended date )|
|Businesses (Requiring Audit)||September 30th|
|Businesses (Requiring TP Report)||November 30th|
You have to calculate the total income tax you owe to the government while filing an income tax return. So, if you have paid more tax than is necessary for the financial year, the Income-tax dept will refund the extra money to your verified/pre-validated bank account. And if you have underpaid taxes for the financial year, you will have to pay the balance while submitting your income tax return.
What is section 234F in the language of the law: –
In Budget our honorable Finance Minister, introduced a new section 234F to ensure timely filing of returns of income. As per section 234F of the Income Tax Act, if a person is required to file Income Tax Return (ITR forms) as per the provisions of Income Tax Law [section 139(1)] but does not file it within the prescribed time limit then late fees have to be deposited by him while filing his ITR form. The quantum of fees shall depend upon the time of filing the return and total income.
Without prejudice to the provisions of this Act, where a person required to furnish a return of income under section 139, fails to do so within the time prescribed in sub-section (1) of said section, he shall pay, by way of fee, a sum of
- 5 thousand rupees, if the return is furnished on or before the 31st day of December of the assessment year;
- 10 thousand rupees in any other case:
Provided that if the total income does not exceed five lakh rupees, the fee payable shall not exceed one thousand rupees.
The provisions of this section shall apply in respect of the return of income required to be furnished for the assessment year commencing on or after the 1st day of April 2018.
Fees of late filing of ITR
If ITR for AY is filed after the due date but before 31st Dec of the Assessment year then fees of Rs.5000/- will be levied and If ITR is filed after 31st Dec, then Rs. 10000 will be levied as extra fees.
There is one exception that if your total income is below or equal to Rs. 5 lakhs then the maximum penalty is Rs. 1000.
How these fees are payable?
As per Finance Act, Late fees under section 234F can be paid by the way of Self-Assessment Tax u/s 140A. Therefore, through Challan 280, under the head of Self-Assessment Tax, these fees can be paid from FY 17-18 and onwards.
Normal Due date of Advance Tax under the income tax act
|Installments||Rate of Advance Tax||Total Liability/due under adavnce Tax|
|First Installments||15 %||4,80,000*15%= 72,000|
|Second Installments||45%||4,80,000*45%= 2,16,000|
|Third Installments||75%||4,80,000*75%= 3,60,000|
|Fourth Installments||100%||4,80,000*100%= 4,80,000|
kind of Interest under section 234 of the income tax act
There are three kind of Interest payable u/s 234 of the I Tax Act 1961. as below mention here under :
- Interest under section 234A- Delay in Filing of Income Tax Return
- Under Section 234B interest – Delay in payment of Advance Tax
- Interest under section 234C- Short payment of Advance Tax
NEW UPDATE FOR FY 2021-22
- The tax Dept had notified the launch of pre-filled returns for ease and accuracy of filing. To facilitate this process, authorizing various entities to report such transactions to the Tax Dept. These specified entities will be responsible for providing the details of capital gains transactions, dividends, and interest income of the taxpayers. (Central Board of Direct Taxes issued a circular on March 12, 2021)
- Taxpayers need to keep in mind high-value transactions they made while filing their ITR. The tax Dept is using analytics to scrutinize data to find out people who have not filed ITR or under-reported income despite doing a high-value transaction.
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