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An income tax return is a form that a taxpayer files to the Income Tax department of India. This form contains information related to a taxpayer’s income and tax paid during the previous year.
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An income tax return is a form that a taxpayer files to the Income Tax department of India. This form contains information related to a taxpayer’s income and tax paid during the previous year. Whereas, Income tax return filing is a process through which a taxpayer calculates his or her income and tax liability for the financial year and pays it to the government. The tax liability paid is calculated after making a lot of adjustments and deductions from the income earned during the previous year.
Under income tax return filing, income can be of various forms like:
Filing an income tax return helps an individual in several ways such as:
A taxpayer can file an income tax return, regardless of the amount of income (a nil return can also be filed), through the official website of the income tax department, i.e.,incometax.gov.in. The income tax department of India has provided the facility of electronic filing of income tax returns to all taxpayers and the step by step process for that is as follows:
Step 1: Calculate taxpayer’s income and tax liability paid after taking into consideration all the deductions and exemptions prescribed under the income tax act. Pay any balance tax payable calculated as per self assessment.
Step 2: Verify the details of taxpayer’s tax deducted at source, tax collected at source and advance tax paid during the year with the help of Form 26AS downloaded online from TRACES
Step 3: Visit the official website of income tax department of India and login with the taxpayer’s valid username and password. If the taxpayer is a new assessee then click on the register option instead of login to register the taxpayer on the website
Step 4: Go onto the File income tax return option under e-filing tab
Step 5: After this choose the category of assessee that the taxpayer fall in i.e., individual, HUF, company, firm or any other
Step 6: Select the ITR form applicable to the taxpayer according to his income
Step 7: After this, verify the pre-filled bank account and ITR details. You can make the changes if required.
Step 8: If all the details provided on the portal are correct then confirm the same and validate it.
Step 9: Once you have validated the ITR details on the portal the process will be completed.
Step 10: Then at the last step verify the income tax return and file its copy to the income tax department
Yes, it is mandatory for every assessee falling under the tax regimes to file an income tax return.
An assessee can check the status of his itr online through the common portal of income tax department by entering the PAN and valid password.
Yes, an income tax return can be filed after the due date. However, a late fee will be charged in that case.
If an assessee has sustained losses in a financial year which he proposes to carry forward to subsequent year for adjustment from income then he must file the return before the due date. Carry forward loss cannot be claimed if the return is filed after the due date
Form 26AS is a consolidated annual tax statement of the assessee which contains the following information in relation to PAN: TDS TCS Details of advance tax and self assessment tax paid Details of refund Details of AIR transactions
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