FAQ

FAQ on ITR Filing ( Income Tax Return Filing)

What is ITR?

Full form of ITR is income tax return. An income tax return is a declaration in a specified form about the details of income, savings and tax paid, if any, during a financial year. And ITR filing is the filing of an income tax return online or offline.

What is an income tax return?

An income tax return is a declaration by the taxpayer in a specified form about the details of his income, savings and tax paid, if any, during a financial year.

What is e filing?

E-filing is the filing of income tax return online (ITR). E-filing denotes electronically filing of income tax return.

Who should file ITR?

Individuals having a gross income more than the basic exemption limit i.e. rupees 250000 at present, must complete his ITR filing before due date. But, it is advised you should file ITR even though your income is less than the exemption limit.

What is the exemption limit for income tax filing?

According to the Income Tax Act 1961, the maximum amount of income exempted for paying any tax is termed as the basic exemption limit.
At present, the basic exemption limit filing ITR is rupees 250000 for individual below 60 years. However, the exemption limit varies in different age groups. For those who are above 60 but below 80 years the limit is rupees 300000. Individual above 80 years the maximum exemption limit ITR Filing is rupees 500000.

Is it compulsory to file an ITR?

As per IT ACT 1961 it is mandatory to file your ITR before the due date if your gross income before any deduction under section 80C to 80U is more than the basic exemption limit (presently Rs.250000). But, individuals having gross income less than Rs. 250000 do not need to file a return.
NB: At present, the basic exemption limit is rupees 250000 for individual below 60 years. However, the exemption limit varies in different age groups. For those who are above 60 but below 80 years the limit is rupees 300000. Individual above 80 years the maximum exemption limit is rupees 500000.

Can I file ITR without payment of tax?

ITR filing is not compulsory only when your gross income is below rupees 250000 ( basic exemption limit for individual below 60 years) and you have no claim of refund.
Though, IT return filing can be made even your gross income is less than the basic exemption limit.

What are the ITR forms?

Filing ITR is mandatory when your gross income before any deductions is above rupees 250000. And it must be done before the due date in a specified form. The form ranges from itr-1 to itr-7.

Can I file itr without form 16?

Yes, ITR filing can be done with or without form 16. You do not need any document to submit along with your income tax return. But, filing ITR you just need the details of your income, savings and tax paid, if any, during the last financial year readily available.

Who can file itr?

As per IT ACT 1961 every citizen of India whose annual gross income is more than the basic exemption limit (presently Rs.250000) before any deduction under section 80C to 80U must process his or her tax return.
Even in case of nil income or income having zero tax liability, you can also file your return. Filing even a nil return has its own benefits too.

what if I don't file ITR?

If you fail to file an income tax return before the last date declared by the CBDT, the Income Tax Department will impose a penalty of Rs. 5000 upon you. Even, the penalty may raise to Rs. 10000 unless you complete your filing your return within 31st December after the due date. Here to mention that if your taxable income is not more than rupees 500000, the maximum amount of penalty is rupees 1000.

What documents required to file ITR?

As per IT ACT 1961 every citizen of India whose annual gross income is more than the basic exemption limit (presently Rs.250000) before any deduction under section 80C to 80U must process his or her tax return.
You do not need any document to submit with your income tax return. But, filing ITR you just need the details of your income, savings and tax paid, if any, during the last financial year readily available.

When to file itr for fy 2018-19?

The last date for filing the ITR for the financial year 2018-19 is 31st July 2019. Income Tax Department may extend the deadline of tax filing for a further period.

When to file itr 1?

After completing the financial year you may proceed filing ITR in itr 1. With the help of your form 16, you can easily file your ITR. So, it is better to wait until you receive your form 16 from your employer.

Who should file ITR?

Filing ITR is mandatory for individuals having gross income more than the basic exemption limit i.e. rupees 250000 below 60 years. However, you can file your tax return even your income below the exemption limit.

Who should file itr in India?

As per IT ACT 1961 every citizen of India whose annual gross income is more than the basic exemption limit (presently Rs.250000) before any deduction under section 80C to 80U must process his or her ITR filing.

Why do we file ITR?

Filing an ITR is financial responsibility. Further, you need to file ITR to know your actual tax liability after the assessment of your return by the Income Tax Department.

Why should file ITR?

First of all, it is your responsibility to get your income assessed by the IT department for fixing up your actual tax liability, if any.
Next, it is mandatory to file your return if your income exceeds the maximum exemption limit i.e. rupees 250000 presently.
Moreover, if you fail to file your ITR before due date a penalty might be levied on you.

Why need to file ITR?

Tax Department may impose a penalty of Rs. 5000. Even, the penalty may raise to Rs. 10000 unless you complete your ITR filing within 31st December after the due date. If your taxable income is not more than rupees 500000, the maximum amount of penalty is rupees 1000.

Your taxable income may be or may not be more than the basic exemption limit. But, if your gross income is more than the basic exemption limit, the filing of income tax return is mandatory for you.

Is itr filing mandatory?

As per IT ACT 1961 it is mandatory to file an ITR if your gross income is more than the basic exemption limit (presently Rs.250000) before any deduction under section 80C to 80U.
In this context, the gross Income means the income from salary/wages/ pension/ business/ venture and income from house property. It also includes the income from investments, income from short term capital gain, income from long term capital gain and income from other sources too during the financial year. so, consider your gross income before skipping your ITR filing.

What are the benefits of filing an income tax return?

Benefits of filing an ITR as follows:

If you previously filed your income tax return, you should not discontinue even in case of your tax liability becomes nil to avoid receiving any notice from the income tax department.

The only way to claim your refund for excess recovery of TDS deducted from your savings is to file your ITR on time.

The acknowledgement after filing ITR is an essential document. It is an income proof certificate. Your bank will ask for IT return for passing your loan to check your financial status.

For processing your visa you need to furnish your tax returns.

If the IT department finds that you did not file your return that you have to be filled, They may levy a penalty of rupees 5000 to 10000 for not filing ITR. Hence, filing return keeps you free from the anxiety of being penalized from the income tax department.

What is ITR filing login page?

At first, you need to log in into the e-filing portal to file your income tax return. To visit the e-filing portal: https://www.incometaxindiaefiling.gov.in/home

What is the minimum income for ITR filing

As per IT ACT 1961 it is mandatory to file an ITR if your gross income is more than the basic exemption limit (presently Rs.250000) before any deduction under section 80C to 80U. But, individuals having gross income less than Rs. 250000 do not need to file a return.
Though you can file a return even your income is less than rupees 250000.