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All about Income Tax and Income Tax Return Filing

 

A certain amount or percentage of a person's earning is subjected to pay as government tax, if the person exceeds a specified amount of earning. This is called income tax, and the rate of income tax is pre-decided at the beginning of the year by the Union Budget. A person's source of income can be through profit from a business, salary, sale of a property, interest from savings, and mutual funds, or it can be professional income. The two main types of taxes in India are Direct tax and Indirect tax.

 

Direct tax is directly paid on your income like the tax on your salary. And indirect tax is calculated and charged indirectly on purchasing goods or services. Most of the indirect taxes come under GST (Goods and Service Tax).

 

To maintain and track your income tax record, you have to fill and submit it electronically to the Income Tax department; this is the form of Income Tax Return or Income Tax efilling. This form contains all the details regarding the taxes you have paid or the taxes that have been deducted from your income. The efilling Income tax form is of various types depending upon the source and type of income, and you have to submit it every year within the specific date. Individuals will be eligible for Income Tax Refund if he/she has paid excess tax during a particular year.

 

Benefits of Online Income Tax Return filling

•    There are many instances where Corporates or Individual assessee (who requires to file the ITR) do not file it. In those cases, a penalty of up to Rs 10000 is charged.

•    Timely filing of income tax return eases out the process and increases the chances of loan approval for corporates or individuals assessee from banks and financial institutions. They put income tax return on the top priority before finalizing your credit loan approval.

•    Compensate for losses becomes easy. Income tax law states that one can carry forward losses to subsequent financial year if you file your income tax returns within the due date. One cannot carry forward unadjusted losses to the upcoming financial year if e filing income tax is not done.

•    In situations where you paid excess tax in form of TDS, TCS, Advance Tax, and Self-assessment tax over and above required as per your Income, then you can claim a tax refund. In order to become eligible to claim a TDS refund, you have to file your income tax return.

•    The income tax India e filing form, Form 16 is an official document for salaried employees. It’s not only proof of your income and tax charged but also an address proof.

•    The ITR receipts are also necessary for VISA. Income tax return receipts help foreign embassies to assess your income which indicates that you will be able to take care of the expenses on the trip.

 

Who are liable to file Income Tax Return?

•    Every assessee other than company, partnership firm or LLP whose total income exceeds the specified limit prescribed in Income Tax Act must file an income tax return. In case of Company, partnership or LLP, they have to file an Income tax return irrespective of their income or loss.

•    A person whose source of income is from property under religious trusts or charitable trusts or the income is generated from voluntary contribution is also liable to file ITR if income exceeds the prescribed limit.

•    A person has to file an income tax return even if his source of income is from a bond, fixed deposits, or property.

•    Every Indian citizen who has an asset, financial interest in foreign or has signing authority in a foreign account is liable to file an income tax return. For ease of doing, they can choose online income tax return filing.

•    Filing an income tax return is very important for VISA sanctioning, and it also helps to take a loan. So, a person who requires these must file an income tax return.

 

ITR Due Date Extended

Previously the important dates for income tax e filing F.Y. 2019-20 were; July 31st for firms and individuals who are not liable for auditing, September 30th for companies who are liable for auditing, and March 31st for filing late returns.

 

But recently the central government of India in an attempt to give relief to income taxpayers has extended the due date for income tax e filing F.Y. 2019-20. The filing date for individual, firms not liable for tax audit has been extended to 31st December 2020, otherwise 31st January 2020. The dates for filing the tax audit report have also been extended to 31st December 2020.

 

Guideline for Income Tax e-filing

Income tax return filing is the process through which individuals, businesses, and companies provide information about their income and taxes throughout the financial year. The final income is computed, and subsequent income tax is calculated during the e-filing of ITR. There are different types of forms according to your source of income; choosing the right one is very important.

 

The Indian government has introduced the Income Tax India e filing portal F.Y. 2019-20 in order to improve the income tax return filing process. The new e filing portals with the advent and extended reach of technology made the ITR process user friendly.

 

Before filing an income tax return, two forms are very important Form 16 and Form 26AS (can be downloaded from TRACES website). As per the Income Tax Act 1961, a consolidated annual statement is issued as Form 26AS. This form holds all the information’s about the taxes that have already been deducted from your income along with the details about advance taxes (if any) and self-assessment tax. This form also contains details about TCS (tax collected at source) and detail of income tax refund if received during the relevant financial year.

 

For employees, Form 16 is very important as it contains all the necessary information that would require to prepare and file an online income tax return. This form is issued by an employer which indicates that the Tax Deducted at Sources (TDS) has already been calculated and deducted from your salary. The form has to be issued every year by the employer. Form 16 is divided into two-part –

 

Part A – this part of Form 16 can be downloaded easily through the TRACES website. Before issuing it to the employee, the employer needs to make sure every content of the form is correct and authentic. Some of the vital information which has to be filled in the form is the name and address of the employer, TAN number and PAN number of the employer, PAN number of the employee, summary of TDS and deposited.

 

Part B – this other part can also be easily generated online. The components of Part B – Form 16 are; the detailed break-up of the salary, tax deduction certified under the income tax act, and relief under section 85.

 

Individuals and companies need to fill in all the information for income tax efiling. When there is a need to claim deduction or interest for a house loan or deduction under 80C, confusion can arise regarding which income tax return to file. To avoid all this confusion, go for CA services online or reach out to your nearest income tax consultant. It is hard to maintain all the things like a technical issue in calculating taxes, claiming of expenses, or carry forward losses. These are a very important matter for a company, that’s why their tax consultant looks after all of this, as there are different documents needed based upon the type of company. Audit balance sheet, deduction under 80C, Form 26AS, bank account details are all the necessary documents required in income tax India e-filing.

 

Documents required for ITR in short

You don’t have to attach any such document during e filing income tax, but these documents will help you to complete the process.

 

•    PAN card

•    Aadhar Card

•    Form 26AS

•    Form 16

•    Bank Statement

•    Receipt of investment as proof to claim deductions of PPF, LIC, donation, and charity.

•    Documents on sale and purchase of assets or investments.

•    Receipt or challan of advance tax or self-assessment tax paid.

•    For a company, a copy of all the audit report and balance sheet.

•    Income statement

•    Details of the Director and partners.

 

Why you should consult an expert for Income Tax E-filing

Filing an income tax return is a very important process, and the income tax return is a vital document, so any fault in this process can lead to several other problems and can even attract a penalty.

 

The faults can occur in the process of choosing the correct income tax return form; you can miss the reporting source of income. Putting incorrect personal information and wrong information regarding deductions to be claimed can harm the ITR process. All of this can lead to paying excess tax or incorrect tax information. To minimize your income tax and ITR errors, it is best to consult an expert and do proper e-filing income tax.

 

Frequently Asked Questions (FAQs) related to Income tax return

  • How to file an income tax return online?

    Income tax e filing 2019-20 has become easy as the Indian government introduced an online method of filing. One can download all the necessary documents from the online portal (ITR official website, TRACES website) and register there for e-filing income tax. For detailed and accurate information, consult an income tax consultant near you as there are different income tax return forms for different purposes, and you have to choose the correct one.

  • What is the last date for filing ITR 2019-20?

    The previous date of filing ITR for AY 2019-20 was 31st July 2020. But ITR due date was extended by the Indian government to 31st December.

  • Is ITR due date extended?

    Yes, in an attempt to give relief to income taxpayers, the Indian government has extended the due date of income tax return e filing.

  • How can I check my ITR?

    One can easily check details about his/her income tax return through the official e-filing portal. Go to www.incometaxindiaefiling.com and do as follows -  log into your account and click on 'My account menu.'


    * Click on e-filed returns/ Forms
    * then select the applicable option from the dropdown menu
    * click ‘submit’ and view details of the income tax return or forms.

  • Is it compulsory to file ITR?

    Yes, it is very much compulsory to file your income tax return. If someone avoids filing ITR, then it will attract a penalty up to Rs. 10000 and legal actions could be taken against you. Filing income tax returns not only increases your chance of getting a loan or a VISA but also give you the ability to carry forward losses into the subsequent financial year.

  • Can I file my ITR myself?

    Yes, you can file your income tax return yourself in two different ways. One is to register on the official ITR e-fling portal and downloads the applicable forms and fill them correctly then save it and upload to complete the process. The other option is to file the Return Online.

  • What is the specified limit for income tax e-filing 2019-20?

    The income tax varies accordingly to your income. The different slabs of ITR percentage are discussed in the following table.

    Income

    Percentage of Tax

    Rs.2.5 lakhs to Rs. 5 lakhs

    5%

    Rs.5 lakhs to Rs.7.5 lakhs

    10%

    Rs.7.5 lakhs to Rs.10 lakhs

    15%

    Rs.10 lakhs to Rs.12.5 lakhs

    20%

    Rs.12.5 lakhs to Rs.15 lakhs

    25%

     

  • What is the procedure for online IT Return Filing?

    You have to file an income tax return electronically. There are some important documents and Forms which you have to prepare. Form 26AS and Form 16. In Form 16, there are two parts, section A and section B; the employer has to fill both accordingly. There are different IT forms according to individual/ business/company type and source of income, and choosing the correct one is very important. You will need your PAN card, Aadhar card, bank statement, TDS certificate, proof of investments, etc. for more details contact income tax consultant for e-filing income tax.

  • How can I check the status of my income tax e-filing 2019-20?

    You can check your income tax e filing status online through ITR official website. First, you need to visit www.incometaxindiaefiling.com and find 'ITR status' on the left side menu. Then click on ITR status and a new window will appear. In the new window, fill your details like name, PAN number, Acknowledgment number, and captcha. Click submit to view every detail and status of your Income-tax e-filing.

  • What happens if I miss the due date of income tax e-filing 2019-20?

    You are subjected to pay the penalty in case you miss the due date of income tax efiling. According to section139 of the Act, 1961, if a taxpayer fails to furnish the income tax details on or before the due date has to pay the penalty. The amount of penalty can range from 1000 – 5000 and 10000 in other cases.

  • Is it possible to apply for income tax e-filing 2019-20 on my own?

    It is possible for every taxpayer, whether it is an individual, company or others can avail the benefit of online ITR filing. There are no restrictions mentioned by the Indian government about who can and cannot file an income tax return. Depending upon the source of income, the tax filing expert will calculate the nearest figure that will match the income and cover every aspect of your income.

  • If I do not have a positive income, then is it necessary to file ITR even?

    In case you do not have a positive income and faced loss in a financial year, that if you want to carry forward to the subsequent year for adjustment, you have to file an income tax return and claim your loss.

    The due date for income tax return filing has been extended to 31st December with certain exceptions for 31st January for everyone.

  • What is the ITR due date extended for FY 2019-20?

    For the COVID-19 pandemic, the Indian government has decided to extend the due date for filing the Income-tax return in order to give relief to taxpayers. The due date for individuals/ association/ HUF where no auditing account is needed, is December 31st, 2020. For individuals/associations/ HUF where an audit account is needed, the due date is extended to January 30th, 2021.

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