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INCOME TAX RETURN

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.

Budget 2020 has announced a new tax regime giving taxpayers an option to pay taxes as per the new tax slabs from FY 2020-21 onwards.

Income tax slabs under the new tax regime for all individuals for FY 2020-21 (AY 2021-22)

Up to Rs 2.5 lakh NIL
Rs 2.5 lakh to Rs 5 lakh 5% (Tax rebate of Rs 12,500 available under section 87A)
Rs 5 lakh to Rs 7.5 lakh 10%
Rs 7.5 lakh to Rs 10 lakh 15%
Rs 10 lakh to Rs 12.5 lakh 20%
Rs 12.5 lakh to Rs 15 lakh 25%
Rs 15 lakh and above 30%

Process We Follow

  • INCOME TAX RETURN (ITR)

    With advice of Allindiataxfiling.com Income Tax Expert, You will be assured with Timely and Accurate Income Tax Filing.

  • DOCUMENT COLLECTION

    Allindiataxfiling.com Income Tax Expert will let you know the required documents, which you can easily mail to us anytime.

  • RETURN PREPARATION

    Based on the documents and information presented, an Allindiataxfiling.com Income Tax Expert will prepare your Income Tax Return and send for your approval.

  • RETURN FILING

    Once the Income Tax Return is verified and approved by you, our Income Tax expert will file your Income Tax Return with the Income Tax Department.

FAQs

When is e-filing your Income Tax Return compulsory?

For the Assessment year 2017-18, e-filing of the Income Tax Return has become compulsory for the following cases: If your Total Income exceeds Rs. 5 Lakhs, then you must e-file your Income Tax Return. If you own foreign assets, you must e-file.

If I fail to furnish my return within the due date, will I be fined or penalized?

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.

Is it necessary to attach any documents along with the return of income?

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.

If I have paid excess tax, will it be refunded to me?

Yes, Excess tax can be refunded after filing of income tax return.

What are the benefits of filing the return of income?

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.

Is It Compulsory to file Income Tax Return if you have Foreign Assets?

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.

Is it necessary to file return of income when I do not have any positive 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.

Is there any disadvantage of not filing my Income Tax Return?

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.

Why is return filing mandatory, even though all my taxes and interests have been paid and there is no refund due to me?

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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