FILING INCOME TAX RETURN

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Breaking: Long Awaited Updated ITR (ITR-U) is Now Live On Income Tax Portal

Income Tax E-filing Portal has posted an update that: E-filing of Updated ITR u/s 139(8A) has been enabled for AY 2020-21 and AY 2021-22 using Excel utility for ITR 1 and 4. Refer details in News section. Please click Downloads | Income Tax Department to access and download the same for clicking respective AY folder. …

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Can I File My ITR Without Quoting PAN?

​​​It is mandatory to quote PAN on the return of income. Apart from return of income, PAN is also to be quoted in all challans for making payment of tax, correspondence with the Income Tax Department, etc. However, w.e.f., 01-09-2019, every person who has been allotted a PAN, and who has linked his Aadhaar number …

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Is A Senior Citizen Exempts From Filing ITR?

Income-tax Act, 1961 provides no exemption to senior citizen or very senior citizen from filing of return of income. However, to provide relief to the senior citizens (whose age is 75 years or more) and to reduce the compliance burden on them, the Finance Act, 2021, has inserted a new section 194P. This provision requires a …

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Why is ITR Filing Mandatory, Even Though All My Taxes And Interests Paid And No Refund Due To Me?

​​Amounts paid as advance tax and withheld in the form of TDS or collected in the form of TCS will take the character of your tax due only on completion of self-assessment of your income. This self-assessment is intimated to the Department by way of filing of the return of income. Only then the Government …

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How Many Times Can I Revise ITR?

​​​If a person after furnishing the return finds any mistake, omission or any wrong statement, then return should be revised within prescribed time limit. A return can be revised at any time 3 months before the end of the Assessment Year or before the completion of the assessment; whichever is earlier. If original return has …

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Can I File ITR After Due Date?

Return of income which has not been furnished on or before the due date specified under section 139(1) is called belated return. Belated return of income is furnished under section 139(4). Any person who has not furnished a return of income within the time period allowed under section 139(1) or within the time period allowed …

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Who Can Use ITR-5?

Form​ ITR – 5 can be used by a person being a firm, LLP, AOP, BOI, Artificial Juridical Person (AJP) referred to in section 2(31)(vii), local authority referred to in section 2(31)(vi), representative assessee referred to in section 160(1)(iii) or (iv)​, cooperative society, society registered under Societies Registration Act, 1860 or under any other law …

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Who Can Use ITR-4 (Sugam)

Form ITR-4 (SUGAM) can be u​sed by an Individual/ HUF/ Firm (Other than LLP)​ whose total income for the year includes: (a) Business income computed as per the provisions of section 44AD or​44AE; or​; (b) Income from Profession as computed as per the provisions of​44ADA; or (c) Income from salary/pension; or (d) Income from one house property …

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Who Can Use ITR-3?

​​Form ITR-3 can be used by an individual or a Hindu Undivided Family who is having income from profits and gains of business or profession.​​​ITR – 3 is also required to be filed by a person whose income is chargeable to tax under the head “Profits and gains of business or profession” is in the …

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New Update On Income Tax Return You Must Know

Income Tax E-filing Portal has posted an update that: ITR5 is also now available for efiling . Excel offline Utility for preparing and filing ITR 5 is released. Please click Downloads | Income Tax Department to access and download the same. Once prepared, you can upload the JSON at Income-tax website. Downloads Excel Based Utility: …

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Who Can Not Use ITR-2?

Form ITR-2 cannot be used by an individual and HUF whose total income for the year includes income from profit and gains from business or profession and also having income in the nature of interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from partnership firm. Also Read: …

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Who Can Use ITR-2?

​​Form ITR-2 can be used by an individual and Hindu Undivided Family who is not eligible to file​​ITR-1 Sahaj​ and not having income from “profit and gains of business or profession” and also not having income from “Profits and gains of business or profession” in the nature of interest, salary, bonus, commission or remuneration, by …

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Who Can Not Use ITR-1 (Sahaj)?

​​​​​​​​​​​Return Form ITR-1 (SAHAJ) cannot be used by an individual: Who is a Non-resident or Not Ordinarily Resident Who is a Director of a company Whose total income exceeds Rs. 50 lakhs Who has income from more than 1 house property Who has held unlisted equity shares at any time during the previous year Who …

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Who Can Use ITR-1 (Sahaj)?

​​​​​​​​​​​Return Form ITR – 1 (SAHAJ) can be used by an individual whose total income includes: (1) Income from salary/ pension; or (2) Income from one house property (excluding cases where loss is brought forward from previous years); or (3) Income from other sources (excluding winnings from lottery and income from race horses, income taxable under section 115BBDA or …

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What is Difference Between E-filing And E-payment Under Income Tax?

​​​E-payment under Income Tax E-payment is the process of electronic payment of tax (i.e., by net banking or SBI’s debit/credit card). E-filing under Income Tax E-filing is the process of electronically furnishing of return of income. Using the e-payment and e-filing facility, the taxpayer can discharge his obligations of payment of tax and furnishing of …

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What Are Different Modes Of Filing ITR?

​​​​​​The Return Form can be filed with the Income-tax Department in any of the following ways, – (i) by furnishing the return in a paper form; (ii) by furnishing the return electronically under digital signature; (iii) by transmitting the data in the return electronically under electronic verification code; (iv) by transmitting the data in the …

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What Precautions Should Be Taken While Filing ITR?

​​​​​The followings are the important steps/ points/ precautions to be kept in mind while filing the return of income: 1) The first and foremost precaution is to file the return of income on or before the due date. Taxpayers should avoid the practice of filing belated return. Following are the consequences of delay in filing …

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Do You Need To File ITR Even When You Have Paid All The Taxes in Advance?

​​Filing of Income-tax return is mandatory for every person whose income (before considering certain exemptions and deductions) exceed maximum exemption limit. With effect from Assessment Year 2020-21, it is mandatory for every person, who is not required to furnish return of income under any other provision of section 139(1)​, to file return of income if …

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Step By Step Process Of Filing ITR Offline

Offline ITR Filing: Download the applicable ITR, fill the form offline, save the generated XML file and then upload it. To e-File the ITR using the upload XML method, the user must download either of the following ITR utility: Excel Utility Java Utility Perform the following steps to download the Java Utility or Excel Utility, …

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Is It Necessary To Attach Any Documents Along-with ITR?

​​​​​​​​​​ITR return forms are attachment less forms and, hence, the taxpayer is not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income (whether filed manually or filed electronically). However, these documents should be retained by the taxpayer and should be produced before the tax authorities when …

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What Are Different Modes Of Filing ITR?

​​​​​​The Return Form can be filed with the Income-tax Department in any of the following ways, – (i) by furnishing the return in a paper form; (ii) by furnishing the return electronically under digital signature; (iii) by transmitting the data in the return electronically under electronic verification code; (iv) by transmitting the data in the …

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Income Tax: Taxpayers Will Now Have To Give Additional Information in ITR For AY 2022-23

Income Tax Department has recently released new ITR (Income Tax Return) forms for assessment year 2022-23 (FY 2021-22). All the forms from ITR-1 to ITR-6 are almost same as last year. No major changes have been made to these. Nevertheless, income tax payers will have to provide some additional information while filling the ITR form …

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Breaking: CBDT Notifies JSON Schema For ITR-7

The CBDT, on 20th May 2022, has notified JSON Schema for ITR-7. To Download the Schema, Please Click Here Date of First Release of JSON Schema: 20th May 2022 To Download the Validations, Please Click Here Date of First Release of Validation: 5th May 2022 ITR-7 Notified For AY 2022-23, Please Click Here To Download

CBDT Releases JSON Schema For ITR-1 To ITR-4 For A.Y. 2022-23 (F.Y. 2021-22)

CBDT Releases JSON Schema For ITR-1 To ITR-4 For A.Y. 2022-23 (F.Y. 2021-22)

On 4th April 2022, the CBDT has released JSON Schema for ITR-1, ITR-2, ITR-3 and ITR-4 for the A.Y. 2022-23. Download JSON Schema ITR-1: Download JSON Schema ITR-2: Download JSON Schema ITR-3: Download JSON Schema ITR-4: Download JSON Schema Reportedly, the CBDT has notified ITR-1 to ITR-6 for the A.Y. 2022-23 on 1st April 2022. …

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CBDT Notifies ITR-1 To ITR-6 For A.Y. 2022-23 (F.Y. 2021-22)

CBDT Notifies ITR-1 To ITR-6 For A.Y. 2022-23 (F.Y. 2021-22)

Vide Notification dated 30th March 2022, the CBDT has notified SAHAJ ITR-1, ITR-2, ITR-3, SUGAM ITR-4, ITR-5 and ITR-6, ITR-V and ITR- Ack for the Assessment Year 2022-23 (Financial Year 2021-22). Income Tax (Fourth Amendment) Rules, 2022 have been notified for this purpose. To Download the Notification, Please Click Here

Don't Miss Last Chance To File Income Tax Return For A.Y. 2021-22

Don’t Miss Last Chance To File Income Tax Return For A.Y. 2021-22

The deadline set by the Income Tax Department for filing income tax returns for A.Y. 2021-22 has ended on December 31, 2021. But if you have not yet filed Income Tax Return, you still have a chance. You can file it till 31st March, 2022. ITR will have to be filled with penalty Let us …

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