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INCOME TAX E-FILING | Online Income Tax Return Filing in India
Income Tax E-Filing is a process through which Individuals/HUF/Associations/Businesses provide information about their income throughout the financial year & accordingly the Income tax if filed. The process of Income tax e-filing comes into existence once the final income of the assesse is computed from all sources & subsequent income tax is calculated. Different ITR Form is prescribed which is based on the sources of income.
The source of income means how it is generated-it is income from salaries, income from housing assets, income from business or occupation, income from capital gains, income from other sources (interest). Income etc.
The government of India has introduced a taxpayer friendly income tax e-filing portal 2020-21. With the advent & extended reach of technology, the Income tax e-filing process has also been improved.
WHY YOU NEED AN EXPERT ADVICE FOR INCOME TAX E-FILING?
There some of the common mistakes which most of the individuals do during the process of income tax e-filing, such as:
· Choosing an incorrect ITR form
· Missing to report source of Income
· Putting in incorrect personal information
· Possible deductions that could be claimed
· Failure in reconciliation of Form 26AS & TDS information
Income tax e-filing 2020-21 contains lot many deductions, new income tax slab rates, new ITR forms & ITR due date extended etc. So as to minimise your Income tax & maximise your effective Income you must get in touch with our Income tax e-filing experts.
Income Tax Return Filing Procedure
Before filing an individual IT Return, In case of a salaried person- he should have Salary slip, Form 16, interest certificate from bank or post office if any, Form 26 AS (This can be downloaded from TRACES website), chalan of advance tax paid if any and bank account details. As the online IT Return filing procedure has been simplified over the years, mostly individual ITR such as by salaried taxpayer is done on their own.
when they need to claim deductions for a house loan and interest or when they claim deduction under 80 C there is much confusion which makes them file an incorrect return. In that case, they reach out to tax consultants nearby them for online IT Return filing. In the case of companies, Tax Consultants such as Chartered Accountants can help file the Income-tax return form. For companies, technical issues such as claiming of expenses, calculation of taxes, carried forward of losses etc are an important matter which is looked after by a consultant. For company various documents are required, the primary documents required in income tax India efiling are audited balance sheet, Form 26AS, deductions details under section 80, details of bank accounts. Various other documents are required based on in which sector a company operates.
ADVANTAGES OF ONLINE INCOME TAX RETURN FILING
Avoid penalties & scrutiny
Not adhering with income tax e-filing norms, will attract a hefty amount of penalty & subsequent scrutiny of accounts by income tax authorities. Income tax e-filing will dodge such penalties.
Improve credit net worth
Financial institution places the ITR on the top of the checklist before finalising your credit loan approval. Timely IT Return filing without any defaults will improve your Credit score.
Compensate for losses
Unadjusted losses or shortfalls cannot be carrying forwarded to subsequent financial year, if income tax is not filed. Carry forward of business losses is possible only by way Income tax e-filing.
Income Tax Refund
There are various instances in a financial year in which there has been tax deducted at source on investment. In order to claim TDS refund, IT Return filing become mandatory for taxpayers.
Official Document
Form 16 is an official document, entailing your income & tax charged there upon, along with revenue from various other sources. Multiple uses of ITR filing viz. address proof & income proof.
VISA Processing
Foreign embassies ask for your ITR receipts at the time of visa application. ITR receipts help them assess your income and indicate that you will be able to take care of the expenses on the trip.
DOCUMENTS REQUIRED FOR ONLINE IT RETURN FILING
-
1
Form 16 (conditional)
-
2
PAN Card/Aadhar Card
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3
Bank Account Statements
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4
Investments under section 80
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5
Tax Audit Report (if applicable)
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6
Income tax e-filing payment proof
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7
Receipts required to claim expenses
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8
Consolidated credit statement (Form 26AS)
INCOME TAX E-FILING 2020-21 UPDATE: ITR DUE DATE EXTENDED
In an attempt to give relief to income taxpayers, the ITR due date extended by the central government. Income tax e-filing 2020-21 (AY 2020-21) has been extended to 30th November, 2020 instead of 31st July, 2020. Hence the IT Return which was to be filed by 31st July & 31st October can now be filed by 30th November, 2020. Subsequently, the date for furnishing tax audit report has also been extended to 31st October, 2020.
FREQUENTLY ASKED QUESTIONS (FAQ’s)
If your gross total income exceeds INR 2,50,000 (Less than 60 years age), INR 3,00,000 (60-80 years age), INR 5,00,000 (Above 80 years of age); then you will have to file the IT Return before the due date to avoid penalties.
For the purpose of Income tax e-filing 2020-21 procedure, you must follow the steps:
* Go to e-Filing portal on tax filing website [www.incometaxindiaefiling.gov.in]
* Enter PAN Card number which is the user ID, Password, Captcha code and then 'Login'.
* Tap on the 'e-File' and then 'IT Return' link.
* Select Assessment Year, ITR Form Number, Filing Type, Submission Mode and Submit Online.
* Click on 'Continue'
* E-verify your IT Return (ITR)
1. OFFLINE METHOD (Paper verification)
2. ONLINE METHOD
* Click on 'Preview and Submit' button, Verify all the data entered in the ITR.
* Submit the ITR.
Connect with our IT Return filing experts to solve your queries. Click on the link to find income tax consultants near me.
To check your online IT return filing status, you need to follow the steps with the help of reference links mentioned foreside:
* Go to Tax Filing website [https://www.incometaxindiaefiling.gov.in/home]
* Find “ITR Status” on the left side vertical bar menu
* Click on “ITR Status”
* A new window of “ITR Status” will pop-up
[https://www1.incometaxindiaefiling.gov.in/e-FilingGS/Services/ITRStatusLink.html?lang=eng]
* Fill in your details such as PAN card number, Acknowledgment number & Captcha.
* Click “Submit”
A penalty has to be paid to the tax filing authorities if you don’t file your ITR on time. Persons as specified under section 139 of the IT Act, 1961 fails to furnish the Income tax details on or before the due date will have to pay a sum of:
· INR 5000, if the ITR is furnished on or before 31st December of the assessment year.
· INR 10,000 in any other case
· If the total income does not exceed INR 5, 00,000 in that case the late fees shall not be more than INR 1000.
In the context of FY 2020-21, the ITR due date extended from 31st July, 2020 to 30th November, 2020.
CBDT, Government of India has introduced a more simplified version online IT Return Filing forms which will ultimately help the taxpayers e-filing 2020-21.
|
FORM |
PARTICULARS |
|
ITR-1/Sahaj |
Individuals having income from salary, House property & other sources Total income upto 50 lacs. |
|
ITR-2 |
Individuals/HUF not carrying business or profession under proprietorship. |
|
ITR-3 |
Individuals/HUF earning income from proprietorship |
|
ITR-4/Sugam |
Opting for Presumptive tax scheme |
|
ITR-5 |
LLP, Firm, Trust, Co-operative society etc. Those covered under ITR-7 shall not fill this form. |
|
ITR-6 |
Companies other than those claiming exemption under section 11 of IT Act. |
|
ITR-7 |
Entity (person or company) required to furnish details u/s 139 [4A, 4B, 4C, 4D, 4E] of IT Act, 1961 |
Yes, any taxpayers whether it is an individual or a body corporate can avail the benefit of online ITR filing. There is no restriction on who would file the ITR whatsoever from the tax filing department or Government of India.
There are various sources of income therefore, a tax filing expert will cover every aspect and calculate the most nearest figure which will match your actual income.
If you have sustained a loss in the financial year, which you propose to carry forward to the subsequent year for adjustment against subsequent year positive income, you must make a claim of loss by filing your IT Return before the ITR due date.
Following table depicts the ITR due dates extended for FY 2020-21:
|
Status of Taxpayer |
Due date (Assessment year) |
|
Individuals/HUF/Association; where accounts need not be audited: |
November, 30th |
|
Individuals/HUF/Association; Where accounts needs to be audited: - Company - Partner of a firm - Individuals |
November, 30th |
|
Assessee who needs to furnish report under section 92E |
November, 30th |
In the wake of COVID-19 pandemic, ITR due date extended for FY 2020-21 with immediate effect. Last dates for Income tax e-filing 2020-21 has been extended by the government of India.
Following table contains the information related with the ITR due date extended recently by Government of India:
|
Status of Taxpayer |
Due date (Assessment year) |
|
Individuals/HUF/Association; where accounts need not be audited: |
November, 30th |
|
Individuals/HUF/Association; Where accounts needs to be audited: - Company - Partner of a firm - Individuals |
November, 30th |
|
Assessee who needs to furnish report under section 92E |
November, 30th |