Frequently Asked Questions
What is efiling of income tax return?
E-filing or electronic filing is submitting your income tax returns online. There are two ways to file your income tax returns. The traditional way is the offline way, where you go the Income Tax Department’s office to physically file your returns. The other way is when you e-file through the internet. Over the past few years, e-filing has become popular because it is easier, doesn’t require prints of documents, and can be done for free!
How can you file an income tax return in India?
You can file your income tax returns online, either on the income tax department's website or with us on www.cleartax.in.
Income Tax filing or e-filling is made easy on Cleartax.in. You can e-file your returns within just 7 minutes!
Also note that the due date to e-file your income tax returns for the assessment year 2020-21 is on or before December 31, 2020.
My company deducts TDS. Do I still have to file my tax return?
Yes, deducting TDS and filing a tax return are two different things. In fact, you file a tax return to show that you've paid all the tax you needed to pay. The income tax return is also a very useful document when it comes to applying for a loan or visa.
Which income tax return should I select for e-filing?
Great question! There are seven forms - ITR 1, 2, 3, 4, 5, 6 and 7 for each type of tax situation. Honestly, choosing the correct income tax form is a lot of work. Which is why if you are e-filing with ClearTax, we automatically decide the correct income tax return form.
How do I pay tax to the government?
You can pay tax to the government directly on the Income Tax Department website using your netbanking account with challan 280.
I am a salaried individual and don't have a Form 16. How can I file my tax return?
You can still file your tax return on ClearTax without a Form 16. You're just going to need your payslips. Follow the instructions on this guide to e-file without Form 16.
What is ITR-V?
ITR-V is a 1-page document that you receive after e-filing your income tax return. In case you have not e-verified your income tax return, you must print, sign and send the ITR-V to the Income Tax Department within 120 days from e-filing your tax return.
Is it necessary to attach any documents along with the return of income?
ITR return forms are attachment less forms and, hence, the taxpayer is not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income (whether filed manually or filed electronically). However, these documents should be retained by the taxpayer and should be produced before the tax authorities when demanded in situations like assessment, inquiry, etc.
Can I file ITR-1 with exempt agricultural income?
You can file ITR 1 if the agricultural income is up to Rs 5,000. For agricultural income exceeding Rs 5,000, you have to file ITR 2.To know about ITR 2.Click here.
If I have paid excess tax, how will it be refunded to me?
The excess tax paid can be claimed as refund by filing your Income-tax return. It will be refunded to you by crediting it in your bank account through ECS transfer. Don’t make mistakes in mentioning bank details such as account number, IFSC code etc in the ITR form.
Is it necessary to file return of income when I don’t have any positive income?
You must file your return before the due date, if you have sustained loss in the financial year and if you want to carry forward it to the subsequent year for adjustment against subsequent years positive income. Loss can be carried forward only if you have filed the return claiming such loss before the due date.
Who can file tax return on ClearTax?
As per section 139(1) of the Income Tax Act, 1961 in the country, individuals whose total income during the previous year exceeds the maximum amount not chargeable to tax, should file their income tax returns (ITR).
a. Individuals who only have Salary income
b. Individuals who have switched jobs (Multiple Form 16)
c. Individuals having Income from Capital Gains (mutual funds & stocks), business/profession, House Property, other income such as Interest etc.
d. Individuals having Foreign Income (Onsite deputation), Foreign Assets, NRI
Is it mandatory for me to do the ITR efiling or can someone else do it on my behalf?
You can seek the help of chartered accountants and agencies dedicated to ITR filing. It is wiser not to allow anyone to have your PAN and password in order to prevent any kind of fraud. Also you can always take assistance from CA to file IT returns. With ClearTax you can get an Expert to calculate your taxes and e-file your tax return on your behalf. See Prices here.
