How to file ITR
- Form 26AS: 4 new things that your tax passbook will now show
- How to register yourself on income tax e-filing website
- ITR filing: How to download Form 26AS
- TDS certificates should be available now: 4 steps to prepare to file income tax return
Videos on ITR filing
- ITR filing: How to get errors in Form 26AS corrected
- Income tax return filing: Here's your step by step guide
- How to fill 'Tax Details' section in ITR1
- How to report tax-exempt incomes in ITR-1
What taxpayers will now see in Form 26AS while filing ITR16 Sep 2020, 16:15
How to work with your investments while filing income tax re...30 Jul 2020, 16:37
Income Tax Return: Smart things to know30 Jul 2019, 18:33
The five income heads under Income Tax Act9 Jul 2019, 12:44
Types of tax notices and how to respond to them20 Jun 2019, 17:41
4 things a taxpayer shouldn't miss23 Feb 2018, 14:37
Red flags to avoid while filing income tax return31 Jul 2018, 16:44
Smart things to know about Form 1614 May 2019, 18:23
What is TDS and why you need to submit tax-saving proofs7 Feb 2018, 11:07
This year ITR-1 form has introduced schedule DI to provide details of the tax-saving investments made in the extended period till July 31, 2020. To avoid payment of excessive tax, it is advisable that you should fill the information in the required columns.
A taxpayer is required to provide bifurcation and sources of the other incomes received by him/her during the financial year 2019-20 while filing his/her income tax return.
With effect from April 1, 2019, it is mandatory to quote your Aadhaar number while filing ITR unless specifically exempted.
Even if you don't have Form 16, there are several documents such as salary slips, Form 26As etc. you can use as a reference to file your income tax return (ITR). Follow this guide to know how you can easily your ITR without having your Form 16 from your employer.
ICICI Bank customers can download the TDS certificates i.e. Form 16A and interest certificates via Net Banking facility. Here is the step by step guide to download both the documents without visiting the bank branch.
Under the current income tax laws, the deadline to file an income tax return varies for different categories of taxpayers such as individuals, company etc.
This year the last date to issue Form 16 by your employer has been extended to August 15, 2020 from usual deadline of June 15. If you are confused about what figures you should check in the revised Form 16, here's everything you need to know.
Every taxpayer should verify and validate the TDS certificate before claiming any tax deduction.
The income tax return forms have been notified by the Central Board of Direct Taxes (CBDT). It is important to file your tax return using the correct ITR form. If the tax return is filed not using the correct form, then the ITR will be termed as 'defective return' and you will be asked to file the ITR again.
The government has extended the deadline to complete tax-savings to June 30, 2020, via an ordinance dated March 31, 2020. However, this might lead to individuals filing ITR to claim excess tax deducted from their salary income.
The government has extended ITR filing deadline for FY 2019-20 to November 30, 2020. As per chartered accountants, the deadline for issuing Form 16 (TDS certificate for salary) to employees for FY2019-20 has been extended to June 30, 2020.
A State Bank of India (SBI) customer can get the interest certificate and TDS certificates either by visiting his/her bank branch or by downloading the same from the Net banking facility. Having these documents handy makes it easier to file the income tax return.
Even though the deadline to file an income tax return for FY 2019-20 has been extended by four months, it is always a good practice to collect all the required documents well before the deadline to make it easier to file the tax return.
As announced by the government via a press conference, the due date for all income-tax return (ITR) for FY 2019-20 has been extended from July 31, 2020, and October 31, 2020, to November 30, 2020, and tax audit from September 30, 2020, to October 31 2020.
Punjab National Bank customers can get the Form 16A and interest certificates either by visiting the bank branch or download the same using Net Banking facility. Further, those who do not have the Net banking facility can also download Form 16A.
The extension has been done to provide further relief to taxpaying individuals.
It is now easier to claim HRA exemption- you just need to copy details from Form-16 and paste them in ITR-1.
The latest ITR-1 has introduced a new schedule 'Schedule DI' to allow an individual to claim the deductions from the gross total income for the tax-saving investments made between April 1, 2020, and June 30, 2020.
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.
Gifting is often used to transfer property or money within the family or to relatives by way of will or inheritance.
Use ET Wealth's income tax calculator to know whether you will save more income tax by opting for the new tax regime or staying with the existing tax regime for the current financial year 2020-21.
According to a press release issued by the Central Board of Direct Taxes on June 24, 2020, no extension has been granted to individuals having self-assessment tax liability of over Rs 1 lakh for FY 2019-20. Further, delayed tax-payment would attract penal interest.
To reduce your gross total income and thereby your income tax liability, you have to enter details of deductions that you want to claim under sections 80C to 80U of the Act.
Do keep in mind that you will only get the refund if into a pre-validated bank account.
If your ITR is not processed by the tax department, then you can raise a grievance for the same.
As per the Income Tax Act, a person is required to file his/her return in the relevant assessment year by July 31 (unless deadline extended) to claim the tax refund.
While processing ITR, the department on a prima facie basis checks your income details, TDS claimed by you and if that matches with Form 26AS and so on.
After uploading ITR, if you want to make changes in, say, your bank account, address etc., you can update them through 'Change ITR Form Particulars' option on the e-filing portal.
You can file a belated ITR before the end of the relevant assessment year. However, a penalty will be levied.
If you file your return after midnight of Aug 31, then you are liable to pay a late fee of upto Rs 10,000.
Individuals can file ITR-1 either by downloading excel utility from e-filing website or by 'Prepare and Submit Online' option without downloading any software.
An individual taxpayer can still file a tax return after the expiry of the due date of filing income tax return for FY 2019-20. However, he/she will be liable to pay late filing fees as applicable.
You can verify your ITR either electronically, using OTP, EVC, or physically by sending a signed copy of ITR-V to CPC, Bengaluru.
Recently, CBDT had issued a circular according to which every income tax notice issued by the department will have a computer-generated Document Identification number.
This notice is sent to you on your registered email ID to inform you whether income tax calculation in the ITR filed by you matches that of the tax department.
Section 139(5) of the I-T Act states that after filing their return, if someone discovers any omission or wrong statement, he can furnish a revised return.