Income Tax Return Filing by CA

The e-filing of income tax return (ITR) is the process of electronically submitting your income tax details and computation to the Income Tax Department using the official website or an authorized e-filing portal like Easy Return. This digital approach simplifies tax filing as it saves time and is more convenient compared to filing paper forms.

Filing taxes in India requires a taxpayer to have all their income proofs ready, such as salary slips, bank statements, interest certificates, and all other relevant documents like investment proofs for deductions claimed. There is also a need to declare any taxes already paid, such as in TDS certificates. Afterward, all one must do is select the correct ITR form for their income and fill it out, which is available online or by using tax preparation software. The completed return must be submitted using the income tax portal or through e-filing platforms like Easy Return.

Filing your Income Tax Return (ITR) is usually obligatory if the employer pays TDS on your earnings and your total income surpasses the basic exemption limit for the financial year. You should always ensure to file your ITR as it gives you the opportunity to claim available deductions, reconcile your tax liability, and possibly receive a refund for any excess amount of tax paid.

Choosing an ITR form for e-filing should largely depend on your particular income and other relevant financial details. For instance, salaried workers tend to use ITR-1 (Sahaj) while those with business or professional commercial activities may take advantage of ITR-3 or ITR-4 (Sugam). It is very important that you ensure all your income sources are correctly identified so that there are minimal problems with your tax. Most online ITR filing websites assist the user in selecting the appropriate form.

Your tax income can be paid through several online and offline channels. Most people prefer payment via the internet, which is possible through net banking as well as via debit and credit cards in the e-pay tax section of the tax department or e-filing sites. In-person payments are also accepted through bank branches with provided Challan 280.

You can still file your return if you are a salaried individual and do not have Form 16. For this, you will need to obtain your salary slips, supporting bank statements showing salary credits, and other documentation to estimate your total income and available deductions. With this information, you can complete an appropriate ITR form by yourself on an e-filing website, usually ITR-1, or recruit an expert. However, it is better to ask your employer for Form 16 because it makes things much more straightforward.

ITR or Income Tax Return - Verification is a form that you receive as an acknowledgement when you file your income tax return through an e-filing method without using a digital signature or an EVC (Electronic Verification Code). This step can be done by signing this ITR-V and posting it to the CPC (Centralized Processing Centre situated in Bangalore) within a month, or completing the verification online through Aadhaar OTP, net banking, or even an ATM.

Not really, in most cases, there is no need to add any hard copies of supporting documents to an income tax return that has already been e-filed. Although, in this case, you will have to store any proof of income, proof of investments, TDS certificates, and other receipts because if you go for an assessment or scrutiny, the Income Tax authorities might require these documents.

ITR-1 may be filed if you possess agricultural income as long as the income is not more than ₹5,000. If your agricultural income is greater than ₹5000, you will have to use another ITR form such as ITR-2 or ITR-3 depending on your other income.

Refunds are processed by the Income Tax Department after an individual's tax return (ITR) is examined. The return will indicate whether the excess amount paid requires reimbursement. This is generally done by direct credit to a pre-established bank account disclosed in the ITR, using electronic transfer (ECS). The status of the refund can be monitored online through the portal of the Income Tax Department.

It still might be necessary to file a return even when there isn’t any positive taxable income. This holds true when your total income prior to earning any deduction is greater than the basic exemption limit. Furthermore, ITR filing can be helpful for some other purposes like carrying forward losses, claiming refunds, applying for loans, or even for Visa applications even when there is no tax payable.

Any person who is assessed for filing an income tax return in India is allowed to file their tax return using Easy Return. This categorizes employees, self-employed individuals, business people, pensioners and even people earning income through other channels such as house property, capital gains and so on. Most taxpayers would find the platform provided by Easy Return user-friendly because it simplifies e-filing.

You are free to e-file your ITR by yourself, but it isn’t required. You may give permission to other people, including tax experts, Chartered Accountants (CAs), or tax advisors, to file your ITR electronically. You will remain liable as the taxpayer, though, for any inaccuracies in the return.

There are many advantages that come with electronically filing your income tax return. It enables better access, allowing you to file at any time and from any location. Refunds are processed more quickly, accuracy is enhanced with built-in checks, and a digital record of submission is kept. E-filing also reduces the chances of errors common with manual processing and aids in quickly verifying your return.

For checking the pending status of your Income Tax e-Filing, visit the e-filing portal of the Income Tax Department. You will require the Acknowledgement Number which is created after e-filing is successful and your PAN (Permanent Account Number). The portal updates whether the return is submitted, processed or in the case refund has been issued.

The penalties I can incur if I have late e-Filed my income tax return include paying late filing fee (penalty) under Section 234F of the Income Tax Act. This penalty amount changes based upon your income and how late your filing is. Also it is quite possible that those with unpaid tax liability will incur interest and may lose the option of carrying forward certain loses.

Yes, The Income Tax Return (ITR) can be filed personally. The user friendly e-filing portal of the Income Tax Department along with other authorized e-filing websites such as Easy Return allows users to prepare and submit their own returns especially for simple cases like salaried people which require less documentation.

To submit an ITR, the necessary documents include a PAN card, Aadhaar card, Form 16 in case of a salaried employee, bank account statements, interest certificates (Form 16A/16B/16C), details of investments (if deductions under Chapter VI-A are claimed), property papers, if applicable, and any other receipts for income or documents related to deductions.

As a rule, any person whose gross total income is more than the basic exemption limit specified under the provisions of the Income Tax Act for a particular financial year is eligible and obliged to file an income tax return. This includes individuals, Hindu Undivided Families (HUFs), companies, firms, and other entities. Even people below the exemption limit have the option to file voluntarily for certain advantages like receiving refunds or carrying forward losses.