- What is Income Tax?
It is a tax levied by the Government of India on the income of every person. The provisions governing the Income-tax are covered in the Income-tax Act, 1961. - Do I Need to File Income Tax Return?
If you satisfy any one of the below conditions you need to file Income Tax Return –- when gross total income (before allowing any deductions under section 80C to 80U) exceeds Rs.2,50,000.
- Rs 3,00,000 for senior citizens ( who are more than 60 years old but less than 80 years old)
- Rs 5,00,000 for super senior citizens (who are more than 80 years old)
- If you have entered into any transactions which falls under the following heads of income –
- Salary Income
- Rental Income
- Income from Business or Profession
- Sale or Purchase of Immovable Property
- Made Credit Card Payments exceeding INR 2 Lakh
- Made Fixed Deposits exceeding INR 2 Lakh
- Made some Large Investments / Sold Assets of High Value
- When I should file my Income tax Return?
Before 31st July 2018 for F.Y.2017-18 - What is 26AS?
Form 26AS is an annual consolidated credit statement available for PAN holders. It contains details of all taxes deducted on your income by deductors – be it your employer, bank, or even a tenant. - How do I know how much TDS deducted?
Log in to Income Tax department website (www.incometaxindia.gov.in) & get yourself registered there. After getting registered, log in, Click on My Account tab, You will see option of View Tax Credit Statement (26AS), Then click on Form 26AS. - What are the deductions allowed under section 80C of the Income Tax?
Click here to know all the options available for deduction under 80C. - What documents are required to file Income Tax Return?
- Abstract of bank statements
- Proof of investments and Form 16 (Salary certificate issued by the employer)
- Form 16A / TDS certificate
- Challan of tax payment made like advance tax or self assessment tax
- Proof of investments in property
- Documents on purchase and sale of investments/assets
- Other documents as your tax Advisor may request.
- Abstract of bank statements
- Is there anything to be done after filing the Income Tax Return?
Yes, that ITR you have filed has to get verified through the following ways.- Using One Time Password (OTP)
- Generating EVC using net-banking
- Receiving EVC by using bank account based validation system
- Verifying returns through Demat Account Number
- Using Physical Method (by sending signed copy of ITR-V/Acknowledgement receipt) to CPC by Registered Post.
- Is Aadhaar Number necessary while filling income tax return?
Yes, as per the latest government announcement, all the business units and taxpayers are obliged to present their Aadhaar number while filling income tax returns and also when applying for a new Permanent Account Number (PAN). Further, the taxpayers are required to link their PAN number with Aadhaar numbers and the PAN cards which are not attached to the Aadhaar Numbers will be deemed invalid. - Is it mandatory to quote GSTIN and Turnover in the Income Tax Return?
All assesses, who have business income will have to furnish their GST registration number and its turnover. - Can I file Return on my own?
Yes, you can. Just login to the income tax website, There will be an option for online submission of ITR. But for doing this, you should have an idea of which income is to be declared under which head. Which expense can be claimed under different sections mentioned in the ITR. Which expenses need to be declared, but cannot be claimed for exemptions. If you know how to calculate all these, you can submit your ITR on your own.If you lack knowledge about the Act then it is advaisable to seek help of a professional for filling of ITR.
- Is there anything else I need to do before filing the return?
Yes. Verify whether you have outstanding demands and make sure that it is paid, if there are other pending actions under the worklist section of your income tax login- it is advisable to seek the help of a professional/Expert.
-Contributed by Puttha Sateesh Kumar