It is obligatory in India to file the Income Tax Return whether or not one has any tax due or not. As an Individual a person is required by law to file his Income Tax Returns, if his total income without allowing deductions exceeds the basic exemption limit. In other words, his tax during the previous year exceeds the maximum amount which is not chargeable to income tax or wealth tax under the provisions of Income Tax Act, 1961.
Documents required for Income Tax Return:
1. Acknowledgment slip in duplicate.
2. Statement of Computation of Income and Tax.
3. Ensure that Challan Identification Number (CIN) is mentioned in your Income-tax Challan. Attach copy of the acknowledgment of Challan.
4. Attach original T.D.S. Certificate in Form No. 16 or 16A or 16AA as applicable.
5. Certificates/Receipts of payment of insurance premium, provident fund, purchase of NSCs, new equity shares, mutual fund, NSS, medical insurance, donations etc. in support of deductions/rebates claimed. Requisite evidence where ever prescribed by law in support of your claim for any deduction/exemption, must be attached alongwith the return. Failure to do so may deprive you of the deduction and such evidence, even if produced later may not be entertained by the Assessing Officer.
6. Certificate of interest on housing loan from the lender, in support of deduction from house property income.
7. Other documents/statements as specified in the return itself and in support of income.
8. Quote your PAN clearly and correctly.
9. In case the assessee has applied for PAN but has yet not received allotment, a copy of PAN application form filed earlier and its acknowledgment should be enclosed with the return.
10. The name of the employer needs to be mentioned. Salaried employees to mention whether they are pensioners /Sr. Citizens.
11. Details of bank account to be mentioned to help in issue of electronic refunds.
Types of Income Tax Return Forms:
To file tax returns Income Tax Department had issued a series of forms applicable to different type of assessees:
ITR 1: This form is applicable for an individual who has no income other than Salary/ Pension and Interest.
ITR 2: This form is applicable for an individual who has income under different heads but not business /profession income.
ITR 3: This form is applicable for an individual who is partner in a partneship firm .
ITR 4: This form is applicable for an individual who has income from business/profession.
ITR 5: This form is applicable for a Firms, AOP,BOI, Local Authority.
ITR 6: This form is applicable for a Company.
ITR 7: This form is applicable for a Trust.
ITR 8: This form is used for filing only FBT Return.
ITR V: This form is applicable for those who are e-filing without digital signature.
Where to file the Income Tax Returns?
An existing assessee must file his Income-Tax Return with the Assessing Officer who had previously assessed him or with the Assessing Officer where his case stands transferred.
A new assessee should file the Return with the Assessing Officer having territorial jurisdiction over the area where he resides or his principal place of business is situated or with the Assessing Officer having special jurisdiction over specific assessees or classes of income.
The return may be delivered at the counter in the concerned Range/Circle or it may be sent by registered post.
The return is attached with two acknowledgement forms which should be duly filled in by the assessee. One copy of the acknowledgement form is to be returned by the official at the counter duly signed, stamped, numbered and dated in support of having received the return.
In case of any doubt or problem, the taxpayer should contact the Public Relations Officer for guidance and help.
Consequences of not filing Income Tax Return
If a return is submitted after the due date, the following consequences will be applicable:
1. The assessee will be liable for penal interest under section 234A.
2. A penalty of Rs 5,000 may be imposed under section 271 F if belated return is submitted after the end of the assessment year.
3. If the return of loss is submitted after the due date, a few losses cannot be carried forward.
4. If the return is submitted belated, deductions allowable under certain sections will not be available.
How to e-file your Income Tax Return?
- Select appropriate type of Return Form
- Download Return Preparation Software for selected Return Form.
- Fill return offline and generate a XML file.
- Register and create a user id/password.
- Login and click on relevant form on left panel and select "Submit Return".
- Browse to select XML file and click on "Upload" button.
- On successful upload acknowledgement details would be displayed. Click on "Print" to generate printout of acknowledgement/ITR-V Form.