enjoy earning money but when
comes to filing of Income Tax Returns; lots of
our mind and filing of returns gets postponed till
the last date !
are some FAQs
to help you understand Income Tax Returns
clearly and to remove many of your doubts about Income Tax
so that filings are not postponed till the last date.
Who is required to file Income Tax Return?
Any individual having total income above the basic exemption limit is
file Income Tax Return. For Financial Year 2018-19
Basic Exemption limit is:
individuals male/ female;
300000/- for senior citizens above the age of
for super senior citizens above the age of 80 years;
I am a Salaried Person. Which Income Tax Return Form should I
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:
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.
salaried person having other
incomes including income from
shares and/or Capital Gains and/or any other income shall file ITR 2.
with salary income if you
have some Business Income than ITR 3 will be the right Form for you.
Who is required to file IT Returns electronically?
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.
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?
Why should I file Income tax return when TDS is deducted by
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.
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
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
Q7. By mistake I did not fill
the details of Taxes paid by me in my IT return? What should I do now?
should revise your return filling in the details of taxes paid that you
missed earlier. Any such mistake should be corrected by filing
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?
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?
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?
here to understand how
to reset password on Income Tax India's e-filing website in
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?
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
adjusted against that demand. So it is important to clear the old
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