File Your Income Tax Return

As per the provisions of Income Tax, every assessee is required to file Income Tax Return every assessment year in the prescribed ITR having particulars of the Income Earned during the assessment year. To avail certain benefits extended to assessees under the Income Tax Act, returns must to filed on or before the due dates.

The prescribed due dates for filing the Income Tax Return are summarized below:

Filing of Income Tax Return is Mandatory?

In general, Income Tax Return is mandatory to be filed for all the assessees. However, some of the assessees are exempted to file their Income Tax Returns based on the Income earned during the Assessment Year.

Following are the situations under which assessees are required to file their tax returns mandatorily. If any assessee is not covered under any of the below situations then he/she is not mandatorily required to file the Income Tax Return but may file the return voluntarily,

• If the gross total income of the Assessee (before allowing any deductions under chapter VI-A. i.e. section 80C to 80U) exceeds Rs. 2,50,000/- in the Assessment Year.

• A Company registered under the Companies Act or a firm irrespective of whether it has income or loss during the Assessment Year.

• In case the assessee wishes to claim Income Tax Refund then Income Tax Return needs to be filed.

• In case Assessee has unabsorbed losses and wishes to carry forward the same to next Assessment Years (as allowed under Income Tax Act).

• In case Assessee holds any asset or financial interest in an entity located outside of India. (Not applicable to NRIs or RNORs).

• If the assessee is a Resident and also a signing authority in a foreign account then the return of Income needs to be filed mandatorily. (Not applicable to NRIs or RNORs).

• Assessee is required to file an income tax return when he/she is in receipt of income derived from property held under a trust for charitable or religious purposes or a political party or a research association, news agency, educational or medical institution, trade union, a not for profit university or educational institution, a hospital, infrastructure debt fund, any authority, body or trust.

• Assessee who has deposited an amount or aggregate of the amounts exceeding one crore rupees in one or more current accounts maintained with a banking company or a co-operative bank.

• Assessee who has incurred expenditure of an amount or aggregate of the amounts exceeding two lakh rupees for himself or any other person for travel to a foreign country.

• Assessee who has incurred expenditure of an amount or aggregate of the amounts exceeding one lakh rupees towards consumption of electricity.

E-filing process

The e-filing process has been simplified by the Income Tax Department to the extent possible. The process is briefly described below:

• Download the Applicable Income Tax Return Forms (offline) from www.incometaxindiaefiling.gov.in.

• Select and download the applicable ITR Form based on the particulars of income earned during the previous year.

• Fill up the form with your basic details, Income details and tax details. Validate every sheet/tab of the form to ensure that the information filled is accurate.

• Upon completion of the Income Tax Return Form in all respect then Click on 'Generate XML file' button to generate the XML file of IT return and save it on the computer.

• Open the Income-tax Department e-filing website i.e. www.incometaxindiaefiling.gov.in and create a user id and password to log in.

• After logging in, click on 'Submit the IT return' button on the website.

• Browse and select the XML file corresponding to your IT return that is saved on your computer and chose the Assessment Year. You must be connected to the Internet during this entire process. You can e-file your IT return with or without a digital signature.

• Income Tax Return can also be filed electronically through the help of Chartered Accountants or e-return intermediaries who would assist you with efiling and verification of return filed.

• After successful upload of details and validations at the website, the Income Tax Department would generate an electronic receipt of the IT return known as ITR-V which needs to be verified. There are 4 methods for verifying the Income Tax Return as below,

• Filing the Return with Digital Signature of the Assessee. If the form is filed using the Digital Signature of the assessee then no further verification is required. Receipt of the same may be kept for the records of the assessee.

• Income Tax Return may be verified by using One Time Password (OTP) sent on the Phone number linked with unique identification number (Aadhar Number) of the Assessee.

• The income Tax return also may be verified using the EVC number sent to the registered email of the Assessee.

• Take a printout of the ITR-V form. Please sign on the ITR-V at the appropriate place to verify and acknowledge the electronic submission of your IT return.

Income Tax Return can also be filed electronically through the help of Chartered Accountants or e-return intermediaries who would assist you with efiling and verification of return filed.

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For any queries or questions, you may please write to us at info@corpliance.in

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