Income Tax Return

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E-filing Income Tax Returns in India - An Overview

Income Tax Return is a form which is used to file the income tax with the Income Tax Department.

Income tax is a tax imposed by the Central Government on income of a person.

The form that contains information of income and tax paid of an assessee is called Income Tax Return.

The Income Tax Department of India has various forms for it such as ITR 1, ITR 2, ITR 3, ITR 4S, ITR 5, ITR 6 and ITR 7.

Income tax is a tax imposed by the Central Government on income of a person.

The form that contains information of income and tax paid of an assessee is called Income Tax Return.

Why file IT returns?

Loans

Bank loans like education loans, vehicle loans, personal loans, can be availed easily as they require last three year’s IT returns.

Visa

As Immigration centres scrutinize many documents and IT returns proofs is a mandatory document for visa applicants.

Avoid penalties

Hefty amounts would be charged for non-filing of income tax returns and hence it is always better to file it to avoid legal repercussions.

Documents required for Income Tax Filing in India

Bank statements

Proof of investments

T.D.S. Certificates in Form 16 or 16A as applicable

Documents on purchase and sale of investments/assets

Challan of tax paid such as advance tax or self-assessment tax

If PAN is applied but not received, a copy of filed PAN application and its acknowledgment

In case not applied for PAN, a PAN application form duly filled in and two passport size photographs

For businesses - a copy each of the audit report, balance sheet, trading, profit and loss account, personal account of proprietor or partners

Statement of receipts and payments when no regular books are maintained

How to file your income tax return online?

Step 1

Log on to www.incometaxindiaefiling.gov.in.

Step 2

Register at the website using the PAN number. It becomes your ID.

Step 3

View Form 26AS. It shows the tax deducted by the employer. The TDS on Form 16 should match this amount.

Step 4

Download the ITR Form that is applicable to you. If you do not know the right form, consult Vakilsearch.

Step 5

Complete the entire form by filling in the required details and then submit it.

Step 6

Click the Calculate Tax button, to know your payable amount.

Step 7

If applicable, pay the required tax.

Step 8

Enter the challan details on the tax return section of the form.

Step 9

Certificate of Incorporation

Due dates for filing IT return

July 31

A firm or individuals who are not liable for audit.

September 30

A company or other who is liable to audit.

March 31

All individuals and companies filing belated returns.

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