Income Tax Return Filing

Income Tex Return Filing

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What is an income tax return?

An income tax return is a form where taxpayers declare their taxable income, deductions, and tax payments. This procedure of filing income tax returns is referred to as income tax filing. While filing, the total income tax you owe to the government is also calculated. If you’ve paid more tax than necessary for the financial year, the IT Department will refund the extra money to your account. If you have not paid the full amount of taxes for the year, please pay the remaining amount, and then file your income tax returns.

Income tax return forms are composed of ITR 1 to ITR 7, used for various kinds of income. Some forms are lengthier  than the others, and they may need additional disclosures such as balance sheet and a profit and loss statement information.

Why do you have to file income tax returns?

As per section 139(1) of the Income Tax Act, 1961, any individual whose total income in the financial year exceeds income tax exemption limit Rs. 2.5 lakh for FY 19 is liable to file the income tax return. Apart from that any private or public company based within territorial limit of India or doing business in India, firms, Hindu Undivided Family (HUFs), Association of Persons (AOP), Body of Individual (BOI) etc. are also liable to declare net profits/losses of the year and pay their tax liability by filing ITR.




PAN card

Bank statement

Interest certificates from banks or post offices

Proof of tax-saving investments

Form 16 (for salaried individuals)

Salary Slips

TDS certificate

Form 16A/16B/16C

Form 26AS


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.
Income-tax is to be paid by every person. The term 'person' as defined under the Income-tax Act under section 2(3) covers in its ambit natural as well as artificial persons.For the purpose of charging Income-tax, the term 'person' includes Individual, Hindu Undivided Families , Association of Persons , Body of individuals , Firms, LLPs, Companies, Local authority and any artificial juridical person not covered under any of the above. Thus, from the definition of the term 'person' it can be observed that, apart from a natural person, i.e., an individual, any sort of artificial entity will also be liable to pay Income-tax.
The NSDL website provides online services called as Challan Status Enquiry. You can also check your tax credit by viewing your Form 26AS from your e-filing account.Form 26AS will also disclose the credit of TDS/TCS in your account.
Under the Income-tax Act, every person has the responsibility to correctly compute and pay his due taxes. Where the Department finds that there has been understatement of income and resultant tax due, it takes measures to compute the actual tax amount that ought to have been paid. This demand raised on the person is called as Tax on regular assessment. The tax on regular assessment-400 has to be paid within 30 days of receipt of the notice of demand.
A return can be revised u/s 139(5) before processing by the department or before the expiry of 1 year whichever is earlier. While uploading original return if assesse forgot to disclose any income or claim any deduction or he wants to change particulars of ITR he can do revision in his ITR by uploading revised return.
Yes, as per the latest government announcement, all the business units and taxpayers are obliged to present their Aadhar 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 Aadhar numbers, and on a strict basis, the PAN cards which are not attached to the Aadhar Numbers will be deemed invalid.
An exempt income is not charged to tax, i.e., Income-tax Law specifically grants exemption from tax to such income. Incomes which are chargeable to tax are called as taxable incomes.
The counter-foil of the Income-tax Challan filled by taxpayers, should be stamped and returned by the bank. Please ensure that the bank stamp contains BSR (Bankers Serial number code), Challan Identification Number (CIN), and the date of payment.
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