INSUBCONTINENT EXCLUSIVE:
Income tax returns (ITR) are to be filed electronically on the income tax website.An income tax return, as the name suggests, is a return or
form of 'income' which also incorporates pertinent tax information for the relevant year
If your total income exceeds the basic exemption limits (e.g
5 lakh for very senior citizen, Rs
3 lakh for senior citizens and Rs
2.5 lakh for others), it is mandatory for you to file income tax returns
The same rule holds true for hindu undivided families (HUFs), trusts etc
However, for companies, firms, and ordinary residents holding foreign assets, it is mandatory to file income tax returns irrespective of
income returns, TheIndianSubcontinent has listed out answers for all your queries here:How to file income tax returnsIncome tax returns
(ITR) are to be filed electronically for which the taxpayer has to be registered on the website of income tax -
incometaxindiaefiling.gov.in, Ashok Shah, Partner, N.A
Shah Associates LLP, told TheIndianSubcontinent
While registering on the income tax portal, a one-time-password ('OTP') is sent on the registered email id and mobile number for
The e-filing can either be done by selecting the 'prepare and submit online' option or by uploading the 'xml file' on the web portal, which
is prepared either using excel or java utility of the return forms as released by the department annually.Once the return is e-filed, it is
The verification can either be done by generating an electronic verification code ('EVC') by various modes such as net banking, Aadhaar OTP,
or by sending a hard copy of the signed return filing acknowledgment ('ITR-V') to the Central Processing Centre - Bengaluru, Mr Shah
said.Documents required for filing income tax returnsITR return forms are attachment-less forms
This means the taxpayer is not required to attach any document like proof of investment, TDS or tax deducted at source certificates, etc
along with the return of income
There is simply no need to attach any document irrespective of whether ITR has been filed manually or filed electronically
However, do remember that these documents should be retained by the taxpayer in a safe place
This is because the documents may need to be produced before the tax authorities when demanded in situations like assessment, and inquiry,
said Anil Rego, Founder CEO.Popular documents are Form 16 (given by the employer of a salaried taxpayer), investment proofs, rent receipts,
Rs 2.5 lakh, you do not need to pay any income tax.)If you are filing income tax returns on your own, here are the mistakes you must avoid
making:Mr Rego listed out the following most often-committed mistakes when you file income tax returns on your own:1) You may put in
incorrect details like salary income, investments, tax deductions and personal details like bank account numbers etc.2) You may forget to
add fixed deposit interest in your total income
Some people forget to disclose all the details about every bank account they own.(: You Can Now Avail An Instant E-PAN Card - 10 Things To
Know)3) You should not forget to report exempt income like public provident fund interest.4) You may choose the wrong ITR form.5) Do not
forget to verify income tax returns after filing them
One can e-verify through five different ways, or send documents (ITR-V) physically to the income tax department.
