File tax returns in under 7 minutes

An income tax return is a form that a person is required to submit to the Income Tax Department. It contains information related to individuals income and taxes paid, starting from 1st April to 31st March of the financial year. There are seven ITR forms prescribed by the Income Tax Department according to the category of taxpayers and type of income. Individuals, except senior citizens, have to mandatorily file the ITR through the online mode which is also known as electronic filing i,e e-filing of the income tax return.

E-filing of the income tax return can be done through Clear’s e-filing utility in a smooth and simple manner. Clear is a government authorised portal to carry out e-filing of the returns and hence 100% authenticity and security is maintained.

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.

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.

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.

You can pay tax to the government directly on the Income Tax Department website using your netbanking account with challan 280.

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.

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.

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.

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.

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.

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.

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

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.

E-filing of income tax returns is mandatory if your income is above the basic exemption limit. ITR filing becomes a must even if your income is below the basic exemption limit if the below-mentioned conditions are met:

• If you have deposited more than Rs.1 crore in all of your current accounts;
• If you have incurred expenditure on foreign travel of Rs.2 lakh or more
• If you have incurred electricity expenditure of Rs.1 lakh or more
• If you have beneficial interests or signing authority in foreign countries

It is always advisable to file ITR even if the person is not mandatorily required to file the ITR according to the Income Tax Act. This is because the ITR return serves as a proof of income statement for various purposes like loan approval, VISA applications, credit card applications, to claim income tax refunds and set off and carry forward of losses, etc.

To check your ITR e-filing status, follow the steps mentioned below:

Step 1: Log on to the new income tax e-filing portal by entering your PAN as user ID, and your login password.
Step 2: After logging in, Go to ‘'e-file option in the top bar and select 'Income tax returns’, further select 'View Filed returns' from the drop-down.
Once you click on ‘View Filed Returns’, details of all the past returns filed by you will be available year-wise. You can also download the ITR-V acknowledgement, download receipt and your ITR forms from there. You can click on ‘View details’ text to see the status of your ITR, including e-verification status and refund issue status,if any.

Income Tax Act levies penalties for late filing of income tax returns. Under Section 234F, a maximum late fee of Rs.5000 is applicable for filing ITR after due dates. However, there is a relief given to small taxpayers, if the total income does not exceed Rs 5 lakh, the maximum penalty levied for delay will be Rs.1000.

Interest penalty on outstanding tax liability
Under Section 234A of the Income Tax Act, a taxpayer with an outstanding tax liability of more than Rs.1 lakh will have to pay monthly interest of 1% on the outstanding tax payable till the belated ITR is filed.

Yes, ITR-1 and ITR 4 are simplified returns and can be easily filled with some basic knowledge. Also, if you are a salaried employee, then you can directly upload your Form 16 and all the details will get auto-populated in Clear’s e-filing utility. This will make your ITR filing process very smooth and simplified. For more complex ITRs like ITR 2 or 3, it is better to gain some knowledge or go for an expert advice.