Income Tax Return

7 Points You Must Know About Income Tax Return

1. Correct ITR Form Selection :

You must file your ITR by using the correct form. Selection of wrong ITR form may result in rejection of your ITR.

2. Cross-checking of Figures with 26 AS:

It would help if you cross-checked the figures appearing in your 26 AS generated by the income tax website with the mentioned figures in ITR. Otherwise, it will result in a notice from the department.

3. Outstanding Demand :

You must also check any outstanding demand from the department by clicking the relevant section of the website. If you do not check it, it may adjust your current year refund with previous demand or increase interest or penalty on earlier outstanding demand.

4. Personal Assets and Liabilities :

If you are a salaried employee with a total income of more than Rs.50 Lacs, you must correctly mention your assets and liabilities in the ITR form. Usually, salaries person tends to forget this column or fill it incorrectly.

5. Next Year Tax Planning :

When you file your income tax return, you come to know the various ways you could have saved your taxes but missed. This is the right time to sit with your consultant and ask him about the tax planning tips you can implement in the coming year.

6. E-Proceeding Tab :

It is a good practice to check your E-proceeding tab so that you don’t miss any important mail or communication from the department. This tab contains all records of any notice or communication sent to you by the income tax department.

6. Correct Deductions :

Before filing your return, you must cross-check that you are claiming all the available deductions correctly.

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FAQ`s Regarding Income Tax Return

The acronym evc stands for Electronic Verification code. It is a 10-digit alphanumeric code which the income tax department sends to your registered mobile. In the context of itr, it is used for electronically verifying your income tax return. You do not need to sign the income tax return acknowledgement and send it by post after verifying by this method. It makes the verification process simple and effective.

The itr form types are ITR-1, ITR-2, ITR-3, ITR-4, ITR5, ITR-6 and ITR-7. The applicability of the form will depend on the nature and amount of income and the type of taxpayer.

The acronym ITR-V means Income Tax Return Verification. This is a one-page summary of your return which you need to sign and send to the income tax processing office in Bangalore. However, a physical signature is required if you have not used a digital signature while filing your return. You have other options of verifying it like Aadhar OTP, through Net banking etc. But if you don’t verify it, the return filed with you will not be treated valid and rejected by the department.

Step 1: Log-in to the Income Tax website with your PAN number and password.
Step 2: Click on “View Returns / Forms”> “Income Tax Return” > “Assessment Year”. Click “Submit”.
Step 3: Click on the acknowledgement number link which you want to download.
Step 4:Now, your required ITR-V is downloaded.

The amount of penalty depends upon your total income.
The penalty is Rs.1000 if the total income is below Rs. 5 lacs.
If the total income is Rs. 5 lacs or more, then the penalty is Rs.10000.

There are many benefits of filing an ITR. Some of them are:
● Easy loan approval from the banks.
● Quick Visa Processing.
● Carry Forward of Losses.
● Works as Income Proof
● Easy returns if you paid extra taxes

ITR-2 is a type of income tax return form, which can be used by individuals and HUFs who are ineligible to file Form ITR-1. Also, there should not be any income under the head profits and gains from business or profession to use this form.

The income tax return filing date for FY 2020-2021 has been extended. The new due dates are as follows:
For Non- Audit Cases (General Due date): 31.12.2021
For Audit Cases: 15.02.21
For Transfer Pricing Cases: 28.02.21

ITR-4 is a type of income tax return form, which can be used by individuals, HUFs, and firms (other than LLP). Further, to use this form, they must be residents in India, have total income up to ₹ 50 lacs, and have income from business or profession computed under section 44AD, 44ADA, or 44AE.

ITR-3 is a type of income tax return form, which individuals and HUFs can use. But to use this form, they must have income from profits and gains from business or profession. Apart from income from business or profession, their income may also include income from house property, Salary, Capital gain or Income from other sources.

You can e verify your ITR in any one of the following ways suitable to you.
1. Via Aadhar OTP
2. Via Net Banking
3. Via EVC on Income Tax Website

ITR-1 is a type of income tax return form that a resident individual can use. Further, to use this form, the total income must be less than Rs.50 lacs and from the following sources only :1.Income under the head Salary 2. Income from one house property 3. Income from other sources (excluding winning from lotteries and income from horse races) 4. Agriculture income up to ₹ 5,000.