Income Tax Return

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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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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 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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Know ITR Status Without Logging in to Income Tax Portal

How to know ITR status without logging in to Income Tax Portal First, Please Visit Here A new window will open. You have to fill ITR acknowledgement number and mobile number on which ITD will send OTP. Click Continue. In new window, please fill OTP as received on said mobile number and click Submit. You …

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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

New Update On Income Tax E-Filing Portal You Must Know

Income tax e-filing portal has posted an update that: E-filing of ITR 1, ITR 2 and ITR 4 for AY 2022-23 is enabled ( ITR-1 & ITR-4 offline & online both, ITR-2-only offline). Taxpayers can download ITR Offline Utility through “Downloads” Menu option, fill and file the ITR through the same. Common Offline Utility (ITR-1 …

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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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Alert: Not filing ITR can result in higher TDS next year; Know more

Not filing ITR can result in higher TDS next year. The last date to file ITR for AY 2021-22 is 31st March, 2022.Let’s not wait for the last day! FileNow Pl visit: https://t.co/GYvO3n9wMf What Might Happen If You Don’t File ITR By March 31? Under Section 270 of the Income Tax Act, 1961, the I-T …

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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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Income Tax Return: Be Ready to Pay Higher TDS if you Do Not Do this by March 31

If you have not linked your Permanent Account Number or PAN with Aadhaar card, be ready to pay higher Tax Deducted at Source (TDS) from next month. The last date for linking your Aadhaar number and PAN has been extended to March 31. Failing to link these two documents within the mentioned deadline, will have …

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Benefits Of Filing Income Tax Return (ITR)

Benefits Of Filing Income Tax Return (ITR)

If you have not filed Income Tax Return (ITR) yet, then the last date for filing ITR for the financial year 2020-21 is near. March 31, 2022 is the last chance to file the return (belated) with penalty. ITR has many advantages. Increases the ability to take loan If you are going to take a …

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Watch Episode-1 Of Returns And Refunds Under Income Tax

Watch Episode-1 Of Returns And Refunds Under Income Tax

Income Tax Department’s Episode-1 of Returns & Refunds- Know about the Department’s Centralized Processing Centre and how well taxpayers have complied this filing season. With- Dr. Sibichen Mathew, IRS [Director of Income Tax (Centralized Processing Centre – ITR), Bengaluru] Get an insight into- Functions of CPC, How well the taxpayers complied this season and The …

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BREAKING: Government Should Consider Glitches in The New Income Tax Portal- Gujarat High Court

BREAKING: Government Should Consider Glitches in The New Income Tax Portal- Gujarat High Court

In a petition filed by Chartered Accountants Association, Surat (CAAS), the Gujarat High Court has stated that “portal is something which is within the control of the respondents and if there are any technical problems in the same, it only the respondents who can take care of such problems.”– CAAS has intimated in a statement …

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