INCOME TAX RETURNS
Income Tax Return (ITR) – The details about the individual’s income provided to the income tax department in the form of a file. This file is said to be an Income tax return. Every individual earns more than the limit set by the government per year, needs to pay the income tax to the government. This income is calculated depending on the income of the individual/ institution.
ITR is must be filed by each individual to overcome the losses in further years. Filing an ITR keeps a record of your earnings and the tax you paid on it to the government. Income Tax helps the country to get developed.
IMPORTANT POINTS FOR ITR-
Because of this pandemic period of the coronavirus the last date of filing an IT for the financial year of 2018-19 has been extended. This date was extended till 31st, March to 30th June of 2020. On 13th May 2020, this announcement was made by our Financial Minister Nirmala Sitharaman.
Along with this the last date to file all ITRs also been extended for this financial year. These dates are extended of July 31st, 2020 is from October 31st, 2020 to November 30th, 2020. And finally, the last date for the tax audit is also extended from September 30th, 2020 to October 31st, 2020.
NECESSARY DOCUMENTS REQUIRED TO FILE ITR ONLINE.
Below are documents that are required to file ITR.
- Bank statements
- Tax saving investment proof.
- PAN Card
- Banks or post office interest certificate.
- Form 26AS
- TDS Certificate
- Salary slips
- Tax- saving investment proof.
- For salaried individuals Form 16.
- Form 16A/16B/16C.
To know more and more details about the ITR you can follow the below article. This article provides you the following details-
ONLINE PROCEDURE For FILING Income Tax Returns-
The government has made it easy for the citizens for filing their ITR with easy procedures using online. It Department released the software of e-filing ITR forms in the FY 2017-18. Details about the necessary documents are given below. To file ITR online follow the below-given steps one by one.
- Visit the official website which is the Income Tax e-Filing Website.
- Official Website – Check Here
- This is the page you will get when you open the website.
- If you are filing it for the first time then here first you have to register yourself.
- To register select the “register yourself” option given on the right side corner.
- In the below image you can check for the option with the red mark.
- Once registration is done you can follow the further procedures. If anyone is already registered in it then they have to login to the page. Log in can be done by selecting the Login Here option which is given right next to the Registering option.
- One can log in into there IT account by giving the User ID which can be PAN ID, password, and Captcha details.
- After this, you have select the particular year, and according to your applicability, you need to select the ITR Forms among two options which are ITR-1 or ITR-4.
- Follow the procedure by selecting, prepare, and submit online mode.
More Steps After Login
- If anyone has already filed ITR, they can directly login and you can directly select the pre-filling options and go on by clicking the Continue
- Read all the General Instructions given there before filing ITR. This helps you to avoid mistakes and with proceed the work carefully.
- After this all the details such as about details of income/ general details/ tax details/ tax paid details and all will be asking in the ITR form. Fill the asking details carefully.
- Once providing the details re-check the given details again and again. Once checking the details select the Preview and submit
- After the submission is done you can see your submitted form with all the details you provided.
- IT returns completion post ECV which is Electronic Verification Code. Nowadays it is not required to send the ITS form to the CPC center and wait for 120 days. You can do it online.
- After the completion of the complete procedure and successful submission, an ITR v or acknowledgment will be sent to your provided email address.
DIFFERENT TYPES OF ITR FORMS.
As there are different sources of income there are different types of Income Tax Returns forms made for them. On the India website, the IT department has released different kinds of ITR forms based on the income sources and types of taxpayers. As per the IT Department, there are a total of 7 different forms which are ITR-1 to ITR-7. For better understanding here are the details of all types of forms like which form is used for which profession.
- Form 1- This ITR-1 form is also called as the SAHAJ form. The individual who gets income from the following sources such as pension/ salary/ interest/one house property and also from other sources. These other sources exclude income from horse races, amount winning from the lottery. Even the one whose income is up to Rs.50 lakhs.
- Form 2- This is to be used by the HUFs which is Hindu undivided Families. In HUfs who are having income but not profits from their business.
ITR Form 2 – Download
- For the individuals Form 3- ITR- 3 is for the different persons or HUFs who is having the profits and gains in their professions or their business.
- Form 4- For the individuals who are having business presumptive incomes.
- Form 5- This is exempted from the individuals, company, the one who is filing ITR-7, and HUF. Rest everyone needs to register the ITR- V.
- Form 6- This is applicable for those who do not want to avail exemptions under Sec 11.
- Application Form 7- This is applicable for all the individuals even including the enterprises who need to file ITR under Sec 139(4A), 139(4B), 139(4C), 139(4D), 139(4E), or 139(4F).
DOWNLOADING ONLINE INCOME TAX RETURN FORMS –
To download the ITR forms from the official websites the individuals need to first visit the official websites which are the Income-tax Department Website. Then after visiting here select ‘Form/Downloads, option. After that select the ITR ‘Income tax return’, option. After this download the form as per your criteria and the particular year.