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We  all  enjoy earning money  but  when  it  comes  to  filing of Income Tax Returns; lots of confusions disturb our mind and filing of returns gets  postponed till the last date ! 

Here are some FAQs  to  help  you understand  Income Tax Returns  more clearly and  to remove many of your doubts  about Income Tax Returns,  so that filings are not postponed till the last date.
tdsmaster.comFrequently Asked Questions

Q1.  Who is required to file Income Tax Return?

Ans. Any individual having total income above the basic exemption limit is required to file Income Tax Return. For Financial Year 2018-19 Basic Exemption limit is:
  •  Rs. 250000/- for individuals male/ female;
  •  Rs. 300000/- for senior citizens above the age of 60 years;
  •  Rs. 500000/- for super senior citizens above the age of 80 years;
Q2.  I am a Salaried Person. Which Income Tax Return Form should I file?
Ans. Income Tax Return Forms are introduced every year with some changes to old Income Tax Forms and depending on such changes you need to decide as to which Income Tax Return Form is for you. The Income Tax Return forms along with there applicability are very cleary published on the e-filing portal of Income Tax. Still basic guidelines to choose the correct Income Tax Return Form as applicable for financial year 2017-18 are:
  • A salaried person having other incomes only in the form of Income from one House Rroperty and interest from Saving Bank, FDs, RDs shall file ITR 1.
  • A salaried person having other incomes including income from shares and/or Capital Gains and/or any other income shall file ITR 2.
  • Along with salary income if you have some Business Income than ITR 3 will be the right Form for you.

Q3. Who is required to file IT Returns electronically?
Ans. It is required for almost every one to file their IT Returns electronically.

Only Individuals having total income not more then Rs. 500000 and claiming no refund and filing return ITR 1-SAHAJ or ITR 4- SUGAM have an option to file paper return.
Q4.  Why should I file Income tax return when TDS is deducted by my employer?
Ans. TDS deducted and taxes paid by you will take the character of taxes due and paid by you only on completion of assessment of your income. The assessment of income is done on your filing the return of income. Only then the government has right over the taxes paid/deducted by you. Thats why return filing is critical and has been made mandatory.
Failure in filing IT Return may attract Penalty.
Q5.  I am not required to file my IT return as my income is below taxable limit. My bank has deducted tax on my interest income. What should I do now?
Ans. You can claim the tax deducted by your bank as refund from the Income Tax department by filing your Income Tax Return. To receive the refund by direct credit to your account, you should clearly mention your correct Bank Account Number, IFS Code of your Bank branch in your Income Tax return.
To avoid TDS on your interest income you should submit Form 15G to your Bank.
Read more about Form 15G/ 15H

Q6. How can I check whether due credit is given to me of tax deducted by my bank on my interest income?
You can view your Tax Credit Satement(26 AS) using your net banking facility/ logging in to IT Department's Website. Click here How to View 26AS? to understand the step by step procedure.

Q7. By mistake I did not fill the details of Taxes paid by me in my IT return? What should I do now?
You should revise your return filling in the details of taxes paid that you missed earlier. Any such mistake should be corrected by filing a revised return. For revising a return, the original return should have been filed before the due date i.e. 31st July of the year for individuals.

Q8. How can I pay Income Tax?

Ans. Income Tax can be paid online using the net banking facility.
Click here 
How to pay Self Assessment Tax? to know the detailed process.

Q9. How can I create log in / register on Income Tax website?
Ans. For registering on Income Tax website you need to fill the online form filling the details of your PAN card.  Click here How to register/create log in on Income Tax E-filing Website? to know the step by step process.

Q10. I forgot my password to Income tax e-filing website. How can I restore the same?
Ans. Click here to understand how to reset password on Income Tax India's e-filing website in different situations.

Q11. I did not receive my last year's refund till now. I checked my return, the account number is correctly mentioned and also I had selected the electronic refund option. What can be the reason?
Ans.  First of all check if there is any past demand of income tax against you. Here is the link to- How to view if any past demand is outstanding against you?  If there is any demand outstanding then your refund will be first adjusted against that demand. So it is important to clear the old outstanding demands.

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