- Correcting mistakes
- Documents to file ITR
- ITR verification
- Claiming deductions
- Form 16/Form 16A
- Form 26AS
- Income tax notice
- Income tax refund
- Form to file ITR
- HRA exemption
- Who has to file ITR
- ITR filing deadline
Preparation to file ITR
One of the things you should check in your Form 26AS is the information related to income-tax payments such as advance tax and self-assessment tax paid.
Fill and File ITR
Many taxpayers make errors in their income tax returns. Find out how you can file an error-free tax return.
After ITR filing
While processing your ITR, if the assessing officer finds that you have paid less tax than what he has calculated, you will be served with an outstanding tax demand notice.
ITR Filing News
In the press statement dated October 24, 2020, the Central Board of Direct Taxes said, "The due date for furnishing of Income Tax Returns for the taxpayers [for whom the due date (i.e. before the extension by the said notification) as per the Act was July 31, 2020] has been extended to December 31, 2020."
My total income from pension and investments is Rs 13 lakh. Which ITR form should I use for filing ITR?
Your pension income will need to be declared under salary head and offered to tax at your applicable slab rate after standard deduction of Rs 50,000. LTCG on FMP maturity will be taxed at 20% after indexation. Read Full Article
Can I claim deduction on principal of home loan EMI paid if I have not received possession of property?
The principal portion of the EMI paid for the year is allowed as a deduction under Section 80C in the year of payment. Do remember that the property should not be sold within five years of possession. Read Full Article
I bought a flat in February and want to sell it in October 2020. What will be the tax implication?
If you are selling the flat in less than 24 months of purchasing it, the gains will be short term capital gains. These will be taxed at your applicable slab rate and there will be no indexation benefit. Read Full Article
I am a senior citizen and I did not incur capital gains in FY 2019-20. Can I file ITR-1?
As per the ITR forms notified by the government, an individual is eligible to file a tax return using ITR-1 if the total taxable income from the specified sources does not exceed Rs 50 lakh in the financial year 2019-20. Read Full Article
What other deductions can I claim from my salary part from common ones like 80C, 80D?
The current income tax laws allow various other deductions from the income chargeable to tax apart from common ones such as section 80C, 80D, section 24 etc. Read Full Article
Can I file ITR-1 for AY 2020-21 if I have made tax-free long term capital gains?
Form ITR-1 is for ordinary residents having total income up to Rs 50 lakh from salaries, a single house property and any other sources (interest etc.), and agricultural income up to Rs 5,000. Read Full Article
Can I get rebate of Rs 12,500 against tax paid on long-term capital gains on equity?
An individual cannot claim rebate under section 87-A of the Income-tax Act on the tax payable on the long-term capital gains on the sale of the listed securities. Read Full Article
Can I claim HRA tax exemption for rent paid to spouse while filing ITR?
You can certainly claim the rent paid to your wife as an expense for the part of the premises used for your business or profession but generally, it is more onerous to prove a commercial relationship between husband and wife. Read Full Article
After leaving job, how long will my EPF account earn interest? Will interest stay tax-free?
Despite the tax on the interest, EPF continues to have the highest returns among small saving schemes. So it makes sense to make small periodic withdrawals to ensure that the account does not become inoperative. Read Full Article
Employee’s contribution to PF will be reduced to 10%. Will it increase the tax burden?
The reduction in contribution will lead to an increase in your takehome pay which, in turn, will be taxed at your income-tax slab rate. This reduction has to be undertaken by all companies falling within the ambit of EPF. Read Full Article
How can I set off losses from share trading against income tax liability in current FY?
Short term capital losses are allowed to be set off against both long and short term gains. However, if you are not able to set off your entire capital loss in the same year, both short and long term loss can be carried forward for 8 assessment years. Read Full Article
What is self-assessment tax?
Self-assessment tax is the tax an individual has to pay before filing his income tax return. The self-assessment tax is calculated after considering TDS and advance tax.
If excess tax has been deducted, how will it be refunded?
To get the refund of excess tax deducted, an individual is required to file income tax return. The amount will be credited to the tax payer's pre-validated bank account.
Can I claim HRA tax-exemption while filing income tax return?
Yes, HRA tax-exemption can be claimed while filing income tax return.
How long does it take for income tax refund to get credited in bank account?
The income tax refund will be credited to bank account once your tax return has been processed by the tax department, provided the department accepts that the refund is due. You have to make sure that your bank account is pre-validated for timely credit of tax refund.
How to file income tax return online?
Income tax return can be filed online either via the tax department's e-filing portal: incometaxindiaefiling.gov.in. You can also file your tax return using private e-filing websites.
Is income tax refund taxable?
No, the income tax refund amount payable to you is not taxable. However, the interest on tax refund paid to you is taxable in your hands. It is taxable as per the income tax slab applicable to your income.
What is standard deduction?
Standard deduction is a flat amount that is available to a salaried/pensioner. The deduction is claimed from the salary or pension before arriving at the net salary/pension income taxable. For FY 2019-20, an individual can claim deduction of up to Rs 50,000.
What is the last date to verify ITR?
ITR must be verified within 120 days from the date of filing return either via electronic methods or by physically sending ITR-V to the income tax department.
How to e-verify income tax return?
Income tax return can be electronically verified using any of these options: Aadhaar-based OTP, EVC via Net-banking, EVC via bank account, EVC via demat account and EVC via bank ATM.
Do I need PAN to file income tax return?
From September 1, 2019 onwards, the income tax return can be filed either using PAN or Aadhaar, provided PAN is linked with Aadhaar.