Income Tax Return Individual Resident

Documents Required for Income Tax Return Individual Resident

  • 1 Copy of PAN
  • 2 Banks Accounts details / statements of all bank accounts (including Joint Accounts)
  • 3 Form 16 received from Employer (if available)
  • 4 Form 16 A received form Deductor (if available)
  • 5 Details of Investments made / Mediclaim (To claim Deduction or to lessen your tax burden)
  • 6 Aadhar Number (Mandatory)
  • 7 Passport Number ( if you have visited outside India in last financial year)

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Process Involved

Documentation
Computation of Income
Calculation of Tax Payable
Payment of Tax
Preparation of Return
Submission of Return
Why Should you file Income Tax Return

Post demetization, its very important to file Income Tax Return for everyone who has deposited money into there bank accounts.

Avoid Income tax notice by filing your Income Tax Return within the due dates.

Filing of Income tax return will give a positive impact to the Income tax department and Proper filing of Income Tax return can save you a lot of penalties and procedures.

 

ITR forms for FY 2017-18 (AY 2018-19) are Available

The Income Tax Department has released the  ITR (Income Tax Return) Forms for Financial Year 2017-2018 (i.e. Assessment Year 2018-2019).

These ITR forms will be applicable for your income tax return for income earned from 1st April 2017 to 31st March 2018. FY 2017-18 (AY 2018-19).

The due date of submission of these ITR Forms will be 31st July 2018.

 

Applicable ITR Forms

Q1. Which form should I fill up to file my income-tax return for the assessment year 2018-19?

ITR 1 - Income from salary/pension (for ordinarily resident person)

ITR 2 - Income or loss from more than one house property

ITR 3 - Income from business or profession

ITR 4 - Income from presumptive business

Q2. I have some unexplained income. Whether I can choose ITR-1 to file my income-tax return?

Taxpayers having unexplained income cannot opt for ITR-1 Sahaj. You will have to file ITR-2 or ITR-3 or ITR-4 on basis of criteria given in FAQ No. 1.

Q3. I have received dividend income of Rs. 15 lakhs from an Indian Company. Whether I can choose ITR-1 to file my income tax return?

Taxpayers who have received dividend income above Rs. 10 lakhs during the relevant previous year cannot opt for ITR-1 Sahaj. You will have to file ITR-2 or ITR-3 or ITR-4 on basis of criteria given in FAQ No. 1.

Q4. Whether all taxpayers who are earning income only from salary can choose ITR-1 for filing income-tax returns?

Yes, all taxpayers who are earning income only from salary can choose ITR-1 for filing tax returns. However, salaried taxpayers cannot choose ITR-1 in following cases:

(a)   His salary income exceeds Rs. 50 lakhs
(b)   His salary income is earned from outside India
(c)   He is Non-resident or Not-Ordinarily Resident in India
(d)   He has any assets located outside India

He has signing authority in any account located outside India.

Q5. Whether individuals are required to mention details of assets and liabilities in ITR 1 Sahaj?

Individuals/HUFs are required to furnish details of assets and liabilities only when their income exceeds Rs. 50 lakhs. The Schedule AL wherein the details of assets and liabilities are to be furnished is available only in ITR-2, ITR-3 and ITR-4. Thus, the individual or HUF who has to report the details of assets and liabilities has to opt for filing of return in ITR 2, ITR 3 or ITR 4 on basis of criteria given in FAQ No. 1.

Q6. My income is Rs 60 lakhs. What type of details of assets and liabilities I need to mention in income-tax return?

During 2016, the Govt. had introduced new Schedule AL in income-tax returns requiring individuals/HUFs to declare the value of assets and liabilities if their total income exceeds Rs. 50 lakhs. If taxpayer is required to provide information in this Schedule, he shall provide the details of cost of immovable property, jewellery, vehicles, shares, bank and cash balance, etc. Further, taxpayer is also required to disclose address of immovable property and description of movable assets.

 

Filing of Returns

Q7. How to create account on the website of E-filing portal of Income-tax Dept.?

go to incometaxindiaefiling[dot]gov[dot]in and fill all the required information to create an account on e-filing portal:

 

Q8. I have forgotten the login details of incometaxindiaefiling[dot]gov[dot]in How can I get a new password from the Income-tax Department?

1.   Click on 'Forget Password' or on the following link
    go to incometaxindiaefiling[dot]gov[dot]in
    Click of forget Password
2.   Enter your user ID (i.e., your PAN) and the Captcha (i.e., the security random code) and click on continue (visually challenged users can use OTP option instead of entering Captcha code)
3.   In the password reset page, one of the following options can be selected:
(a)   Answer the secret question; or
(b)   Upload the digital signature certificate; or
(c)   Using OTP ; or
(d)   Using Aadhaar OTP
(e)   Login through your net-banking account.
4.   Enter new password twice and click on 'Reset Password' to generate new password;
5.   If you are unable to retrieve your password, send an email request from registered email-id to validate@incometaxindia.gov.in with following details:
(a)   PAN:
(b)   Name of the assessee appearing on the PAN card;
(c)   Date of Birth/Date of incorporation;
(d)   Name of father appearing on the PAN card;
(e)   Registered PAN Address;
    New password will be communicated to you by the income-tax department via email.

Q9. How can I login at incometaxindiaefiling[dot]gov[dot]in through Net Banking facility?

E-filing portal of Income tax department has provided a new facility for login. Taxpayer can now use the Net Banking facility to login at e-Filing Portal. This option is provided at the bottom of login page.

When user uses the net banking facility to log-in, he shall get an OTP (one time password) on his registered mobile number, which can be used to log-in. User shall not be required to enter the password (created at e-filing website) and the Captcha code. This facility shall be useful for the users who have forgotten their passwords and are unable to reset it.

Q10. What are the modes of filing return of income?

Return of income can be filed in paper mode or in e-filing mode. If return of income is filed through electronic mode, then the assessee has following three options:

1.   E-filing using a Digital Signature (DSC)
2.   E-filing without a Digital Signature
3.   E-filing under Electronic Verification Code (EVC)

If return of income is filed using a DSC or under EVC, then there is no requirement of sending the signed copy, ITR V (i.e., acknowledgement of return filed electronically) to Bangalore CPC. However, if the return is filed without using DSC or without EVC, the assessee shall send the signed copy of ITR V on the following address within 120 days of uploading the return either by ordinary post or by speed post only:

Income Tax Department - CPC, Post Bag No.-1, Electronic City Post Office, Bangalore -560100, Karnataka

Q11. Who are required to file return of income electronically?

The general rule is that electronic filing of return of income is mandatory for all assessees. However, a person can furnish the return of income in paper form in ITR 1 or ITR 4 in any of the following circumstance:

1.   Taxpayer is an individual and his age is 80 years or more during the previous year
2.   Taxpayer is an Individual, HUF or Partnership Firm and his/its income during the previous year does not exceed Rs. 5 lakhs and no refund is claimed in the return of income.

Q12. When is it mandatory to file return of income?

It is mandatory for a company and a firm to file its return on income. However, for an individual, HUF, AOP or BOI it is mandatory to file return of income if his/its gross total income (without giving effect to provisions of section 10(38) or section 10A or section 10B or section 10BA or Chapter VI-A deduction) exceeds the maximum exemption limit.

Q13. Is it mandatory to file return of income if I have a PAN?

No, it is not mandatory to file return of income if your income is less than maximum exemption limit, irrespective of the fact that you have been allotted a PAN.

Q14. I am an Individual and resident of India. Do I need to file return if my income is below taxable limit but am having an account in a foreign bank?

Yes, it is mandatory for you to file the income-tax return. In view of newly inserted proviso to section 139(1), it is mandatory to file income-tax return, if following conditions are satisfied:

1.   The assessee is resident and ordinarily resident in India
2.   He has signing authority in any account or any asset or any financial interest in any entity located abroad.

The assessee is required to provide requisite details of such account, assets or financial interest in the return of income.

Q15. Is there any restriction on number of returns that can be filed using same email-ID or same mobile number?

Only 10 returns can be filed using same email-id or same mobile number. This is to ensure that family members and related business concerns (not exceeding 10 separate users) not having personal email or mobile number can be covered under a common email or mobile number, but it is advisable that taxpayers should have their own unique email ID and Mobile number registered with the Department.

Q16. What are the due dates for filing of income-tax returns for the year ending March 31, 2018?

Particular of assessee Due Date
Company (Private, Public or Foreign Co.) September 30, 2018
Any assessee who is required to furnish TP Report in Form No. 3CEB November 30, 2018
Any assessee whose accounts are required to be audited September 30, 2018
Co-operative Society September 30, 2018
Other Cases July 31, 2018

Q17. If the last date to file income-tax return is a public holiday, whether the next day would be treated as "last date of filing"?

Normally, income-tax department continues its operation during the last days of filing of income-tax return even if the last day eventually falls on Sundays or on holidays. However, if department is closed on the last due date, then the immediately next working day of the department would be considered as the last date of filing of income-tax return.

Since most of the taxpayers are required to file return of income electronically, it would be not be relevant for them if Dept. is not working on the last day of the Financial Year which happens to be a public holiday.

Q18. I am 30 years old salaried person and my income for Assessment Year 2018-19 is Rs. 6,00,000. Whether I can file return of my income in paper mode, i.e., physically?

It is mandatory to file return of income electronically when income exceeds Rs. 5 Lakhs during the previous year 2017-18. As your income is above Rs. 5 lakhs you cannot file return of income in paper mode.

Q19. My total income is Rs. 4 lakhs and I want to claim income-tax refund. Whether I can file my return of income in paper mode?

No, you cannot file return of income in paper mode as e-filing of return is mandatory for claiming any income-tax refund.

Q20. I am 82 years old and my income is Rs. 8,00,000. Do I need to file return of income electronically?

It's up to you. You have an option to file return of income electronically or in paper mode as super senior citizens (i.e., individuals aged 80 years or more) are exempt from filing return of income in electronic mode.

Q21. I am 85 years old and want to claim income-tax refund. Do I need to file return of income electronically?

Super senior citizens are exempted from filing return of income in electronic mode even for claiming tax refunds. Thus, you can file your return of income either electronically or in paper mode.

Q22. I am 65 years old senior citizen and my total income is Rs. 6,50,000. Can I file my return of income in paper mode?

You are required to file your return of income electronically as your income exceeds Rs 5,00,000. An option has been given to file return of income in paper mode only to the resident individuals whose age is 80 years or more.

FAQs

FAQs

Where to file the ITR?

Is there any help desk for tax payers?

If i have paid excess tax,how will I get the refund?

Can the return be filed after due date?

What are the benefits of filing ITR?

When is it mandatory to file return electronically with digital signature?

How to know TAN of my deductor?

How can I find my jurisdictional Assessing Officer?

Whether all salaried taxpayers can choose ITR-1 for filing income-tax returns?

Is there any restriction on number of returns that can be filed using same email-ID or same mobile number?

I can answer any questions you have about starting a business or taxation or funding. You can click on the questions to the left or write your question below