What is Income?
Money received from doing something, especially on regular basis, or through investments.
What is Income Tax?
Tax levied directly on personal income is known as Income Tax.
What is an Income Tax Return?
Income Tax Return is the form in which assessee files information about his Income and tax thereon to Income Tax Department.
Who all are required to file Online Income Tax Return (ITR)?
Assesses, whose gross total income exceeds Rs.2,50,000 (Rs.3,00,000 in case of senior citizen having age of 60 years) before claiming benefits of Section 80C (investment allowance) is required to file his/her Income Tax Return (ITR) as per the due date as given below.
When to file ITR?
- For assessee not subject to tax audit: Due date is 31st July from the end of relevant year.
- For assessee who is subject to tax audit: Due date is 30th September from the end of relevant year.
- For assessee on whom Transfer Pricing provision is applicable: Due date is 30th November from the end of relevant year.
Benefits of Income Tax Returns Filling on Time
Documents Required for Online Income Tax Filing in India
Basic Documents Required
- SAVING ACCOUNT PASSBOOK
- INVESTMENT DETAILS (PF, PPF, MUTUAL FUND, LIC, FDRs, NPS etc)
- HOME LOAN REPAYMENT SCHEDULE (if any)
- DONATION RECEIPTS (IF ANY)
- HRA DETAILS: RENT SLIPS, EXPENSE PROOF
- LTA: PROOF OF EXPENDITURE INCURRED
- SALARY SLIPS
Income From House Property
- KYC DETAILS OF TENANT
- ADDRESS OF HOUSE PROPERTY
- INTEREST CERTIFICATE OF HOME LOAN TAKEN (if any)
- MUNICIPAL TAXES PAID
Income from Business Profession
- CURRENT ACCOUNT STATEMENT
- DETAILS OF PURCHASES MADE DURING THE YEAR
- DETAILS OF SALES MADE BY WAY OF CASH
- DETAILS OF EXPENSES INCURRED SUCH AS ELECTRICITY, TELEPHONE BILL etc
- DETAILS OF ASSET PURCHASED FOR DEPRECIATION PURPOSE
Income from Capital Gain
- IF CAPITAL GAIN IS FROM SALE OF LAND: SALE & PURCHASE DEED
- DETAILS OF BROKERAGE PAID
- DETAILS OF ANY AMOUNT INCURRED AFTER 2001 BY WAY OF IMPROVEMENT IN BUILDING
- DETAILS OF SALE & PURCHASE INVOICE IN CASE OF CAPITAL GAIN FROM SALE OF GOLD, JEWELLERY etc
- OPENING & CLOSING HOLDING
- CERTIFICATE OF SHARES & MUTUAL FUND
- TRANSACTION SUMMARY FOR THE PURPOSE OF COMPUTING GAINS u/s 111A/ 112A
Income from Other Sources
- DETAILS OF GIFT RECEIVED IN A YEAR EXCEEDING Rs. 50,000.
- DETAILS OF COMMISSION INCOME
- DETAILS OF TUITION INCOME
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Types of Income Tax Returns
SALARY, INTEREST & HOUSE PROPERTY
FOR INCOME FROM CAPITAL GAINS, FOREIGN INCOME,
HOLDING DIRECTORSHIP, UNLISTED SHARES IN A COMPANY
FOR EVERY INCOME IN ITR-2 & INCOME AS A PARTNER IN A FIRM OR PRESUMPTIVE INCOME > Rs. 50 LACS
FOR PRESUMPTIVE TAX (SEC 44AD/ADA)
FOR PARTNERSHIP FIRMS AND LLPs
INCOME OF TRUSTS, CO OPERATIVE SOCIETIES
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Frequently Asked Questions
Yes, deducting TDS and filing a tax return are two different things. You file a tax return to show that you have paid all the taxes you needed to pay. The income tax return is also a useful document when it comes to applying for a loan or visa.
You can pay the tax directly on the Income Tax Department website using your Netbanking account with challan 280.
Yes, in any given financial year, you can file for the last two years. For e.g in FY 2016-17, you can file for both FY 2015-16 and FY 2014-15 online.
Taxpayers are not required to attach any documents like proof of investment, TDS certificates, for ITR return forms along with the return of income (whether filed manually or filed 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.
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