Income tax Return filing

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Frequently Ask Questions and Answers : INCOME TAX RETURNS

Here are some frequently asked questions (FAQs) related to Income Tax Returns:General FAQs

1. What is an Income Tax Return?

An Income Tax Return is a form that taxpayers use to report their income, expenses, and tax liability to the Income Tax Department.

2. Who is required to file an Income Tax Return?

Individuals, Hindu Undivided Families (HUFs), companies, and other entities that earn income are required to file an Income Tax Return.

3. What are the benefits of filing an Income Tax Return?

Benefits include avoiding penalties, getting refunds, and being eligible for loans and credit cards.

4. Is it mandatory to link PAN and mobile number with Aadhaar before filing an ITR?

Yes, it is mandatory to have PAN and mobile number linked with Aadhaar before filing an ITR.

5. How do I choose between the old and new tax regimes before filing an ITR?

Evaluate your financial situation annually by calculating taxes with deductions and exsumptions under the applicable tax slabs to determine which regime maximizes your savings.

6. How flexible is it to choose between the old and new tax regimes for salaried individuals and businesses?

Salaried individuals can switch between the old and new tax regimes every financial year. Business owners and professionals can switch to the new tax regime once.

7. How can I get assistance for ITR filing?

You can consult a tax professional, chartered accountant, or use online tax filing platforms that provide step-by-step guidance.

Filing Income Tax Returns FAQs

1. What are the different types of Income Tax Return forms?

Forms include ITR-1 (Sahaj), ITR-2, ITR-3, ITR-4 (Sugam), ITR-5, ITR-6, and ITR-7.

2. How do I choose the correct Income Tax Return (ITR) form?

Choosing the correct ITR form depends on your income source, type of taxpayer, and financial activities.

3. What is the due date for filing Income Tax Returns?

The due date is July 31st of each year, unless extended by the government.

4. Can I file my Income Tax Return online?

Yes, you can file your Income Tax Return online through the Income Tax Department's website.

5. Can I file my ITR after the due date?

Yes, you can file a belated return by December 31st of the assessment year. However, a late filing fee and interest on unpaid taxes may apply.

Documents Required FAQs

1. What documents are required to file an Income Tax Return ?

Required documents include:
1. PAN card
2. Account Details
3. Form 16 A/B
4. Mobile No and E-mail Id
5. Interest certificates
6. Capital gains statements

2. Do I need to attach any documents with my Income Tax Return?

No, you don't need to attach any documents, but you must keep them ready for verification.

Refund and Payment FAQs

1. How do I check the status of my Income Tax Return refund?

You can check the status on the Income Tax Department's website.

2. What are the modes of payment for Income Tax?

Modes of payment include:
1. Net banking
2. Debit card
3. Credit card
4. Challan

Audit and Assessment FAQs

1. What is the purpose of an Income Tax audit?

The purpose is to verify the accuracy of the Income Tax Return.

2. How do I respond to an Income Tax assessment notice?

You must respond within the specified time limit, providing required documents and explanations.

Other FAQs

1. Can I revise my Income Tax Return?

Yes, you can revise your Income Tax Return within the specified time limit.

2. What are the consequences of not filing an Income Tax Return?

Consequences include penalties, fines, and even prosecution.

Key Dates
- Due date for filing Income Tax Returns: July 31st of each year
- Last date for payment of taxes: March 31st of each year
- Last date for filing revised return: December 31st of each year