What do we mean by Income Tax Return (ITR)?
Income Tax Returns or ITR is a form filled by the people who pay taxes, which is then submitted to the Income Tax department. The income tax return form that is filled tells the income earned as well as the tax paid by people who are earning. The Income Tax Return (ITR) form should be filled in a particular financial year, i.e., between 1st April of the current year and 31st March of the next year.
Talking about Income Tax Return, let us now see who file for Income Tax Returns (ITR)?
Who All Should File for Income Tax Returns?
- Earning individuals who are up to the age of 59 whose total income is more than Rs. 2.5 lakhs for one financial year.
- Senior citizens between the age of 60 to 79 whose total income is Rs. 3 lakhs
- Super senior citizens who are 80 and above earn up to Rs. 5 lakhs in one financial year.
- All income rendering companies
- Individuals who want to claim a refund on the excess tax deducted paid by them.
- Individuals who have bought assets, such as property outside India.
- Non-Resident Indians who are earning more than Rs. 2.5 lakh in India in a single or current financial year.
Let us now see what documents are required for the e-filing process of Income Tax Returns (ITR).
Documents Required for E-filing Process of Income Tax Returns
It is always recommended that the taxpayer should have all the documents ready for the e-filing process of the income tax return. This ensures that the taxpayer does not face any hassle or inconvenience later. The documents required e-filing process of the income tax return are
- Bank and post office savings account passbook
- PPF account passbook
- Salary slips
- Aadhar Card and
- PAN card
- Form 16
While filing for ITR, we must have come across Form 26AS and AIS. Have you ever thought about what exactly is Form 26AS and AIS ? Let us find out.
What is Form 26AS?
Form 26AS is a crucial document that shows the tax deduction at source or TDS on the payments made by individuals, income-generating companies, employees, etc. This helps the taxpayers file and claim for income tax return if additional tax payment is made to the taxpayer.
There are various new features of Form 26AS. Let us see.
New Features of Form 26AS
One of the key features of the new Form 26AS is that the financial transaction statement, made by the taxpayers, that will be used to their benefit while filing their returns.
What are the Options Available to Check Income Tax Return Status Online?
Option 1 - Without Using Login Credentials
If a taxpayer wants to check his or her Income Tax Return (ITR) status online in case he or she does not have the login details, the taxpayer can check it by clicking on the ITR status tab on the E-filing website, which will then redirect the taxpayer to a new page.
After being redirected, the taxpayer can fill in the PAN number and ITR acknowledgement number along with the captcha code. After filling in the captcha code, it will show the taxpayer the status of his or her ITR status.
Option 2 - By Using Login Credentials
If a taxpayer wants to check his or her Income Tax Return (ITR) status online by using his or her login credentials, the taxpayer can start by logging in to the e-filing website. After logging in, he or she can click on the option' view returns' and then click on income tax returns from the dropdown. After clicking on the Income Tax Return option, it will display the taxpayer's ITR status.
What are the Steps to Download Income Tax Return or ITR?
Every taxpayer should know how to file the Income Tax Return or ITR on time. This ensures that he or she does not face any inconvenience or uncertain discrepancies, which might result in penalties that the Income Tax department will impose. While filing for your Income Tax Returns, it is important to add your digital signature so that the IT department of the Income Tax department is ensured that the individual has filed the ITR.
A taxpayer can download the income tax return verification form in easy steps. Let us see how.
Step 1 - the taxpayer can log in to the official website of the Income Tax Department of India.
Step 2 - After logging in, the taxpayer can view his or her e-filed tax returns by clicking on the 'View Returns' options.
Let us now see why one should file for Income Tax Returns
Why should One File for Income Tax Returns?
- It makes you a responsible and honest citizen.
- Situations such as the registration of immovable properties may require information and proof of the income tax returns for the last three years. If you have already filed for ITR, it will make your transaction quicker and seamless.
- In case of a financial emergency, you may want to take a loan. In this case, the company providing you with a loan might require seeing the filed income tax returns.
you now have a conclusive and well-structured idea about what we mean by income tax returns and how they are filed in India. Moreover, we also know why one should file for an income tax refund and the eligible people to file for ITR.