It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. Different forms of returns of income are prescribed for filing of returns for different Status and Nature of income.
As an Individual you are required by law to file your Income Tax Returns, if your total income without allowing deductions (such as Section 80C etc.) exceeds the basic exemption limit. For Assessment Year 2017-18, the basic exemption limits are the following
Individual resident aged below 60 years- Rs 2,50,000
Individual resident who is of the age of 60 years or more but below the age of 80 years- Rs 3,00,000
Individual resident who is of the age of 80 years or more- Rs 5,00,000
For the Assessment year 2017-18, e-filing of the Income Tax Return has become compulsory for the following cases:
Yes, if you have not furnished the return within the due date, you will have to pay interest on tax due. If the return is not filed up to the end of the assessment year, in addition to interest, a penalty of Rs. 5,000 may be levied under section 271F.
ITR return forms are attachment-less forms and hence, the taxpayer is not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income (whether filed manually or electronically). However, these documents should be retained by the taxpayer and should be produced before the tax authorities when demanded in situations like assessment, inquiry, etc.
Yes, Excess tax can be refunded after filing of income tax return.
Filing of return is your duty and earns for you the dignity of consciously contributing to the development of the nation. Apart from this, your income-tax return validate your credit worthiness before financial institutions and make it possible for you to access many financial benefits such as bank credits, etc.
For the Assessment 2015-16, it is mandatory to file your Income Tax Return if you have any Foreign Assets, even though you may not have any Taxable Income.
If you have sustained a loss in the financial year, which you propose to carry forward to the subsequent year for adjustment against subsequent year(s) positive income, you must make a claim of loss by filing your return on or before the due date.
Yes, by not filing your return inspite of having taxable income, you will be liable to the penalty and prosecution provisions under the Income-tax Act.
Amounts paid as advance tax and withheld in the form of TDS or collected in the form of TCS will take the character of your tax due only on completion of self-assessment of your income. This self-assessment is intimated to the Department by way of filing of the return of income. Only then the Government assumes rights over the taxes paid by you. Filing of return is critical for this process and hence, has been made mandatory. Failure will attract levy of penalty.
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