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Capital gains from mutual funds and stocks
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The Central Board of Direct Taxes (CBDT) launched the new IT e-filing portal on 7th June 2021
The IT department has made it mandatory to link your Aadhaar number with your PAN card.
File your belated IT return anytime on or before 1 year from the end of the relevant Assessment Year (AY).
Tax deductions under Section 80 are expenses and investments that help lower your taxable income. The lower your taxable income, the lower taxes you are going to pay.
NRIs are not subject to tax in India. But if they earn income in India, they will have to pay tax on it.
Self-employed workers like freelancers, agents and consultants can claim costs directly related to the business as a tax-deductible expense.
Capital gains tax depend on the type of asset and the period of holding. Tax is calculated depending on the time for which assets are held.
PF withdrawal before 5 years of continuous service is subject to tax. This will be taxed as salary income and as per the tax rate.
The due date within which various categories of taxpayers are required to file their ITRs.
Tax credit statement which contains details of tax deposited with the government on behalf of taxpayers. Form 26AS will gradually be replaced by newly introduced Annual Information Statement (AIS)
You can check various notices/intimations issued by the income tax department and how to authenticate them.
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.
An income tax return is a form that a person is required to submit to the Income Tax Department. It contains information related to individual’s 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 amount of income, income source and the category to which the taxpayer belongs.
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 at www.cleartax.in.
Income Tax filing or e-filling is made easy on Cleartax. You can e-file your returns in just 3 minutes without any manual effort.
Also, note that the due date to e-file your income tax returns for the assessment year 2022-23 is on or before 31st July 2022.
Yes, deducting TDS and filing a tax return are two separate legal compliances. Income tax should be paid on your taxable income as per the provisions of the Income Tax Act. Whereas, 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.
There are seven forms - ITR 1, 2, 3, 4, 5, 6 and 7 notified by the government for different categories of taxpayers. ITR-1 to ITR-4 applies to individuals and HUFs. They can choose the appropriate ITR form based on the income earned and source of income. ITR-5 applies to partnership firms, LLPs, AOP (Association of Persons), BoI (Body of Individuals), Artificial Juridical Person (AJP), Estate of deceased, Estate of insolvent, Business trust and investment fund.
All the companies should file ITR-6. It does not apply to companies claiming exemption from income from property held for charitable or religious purposes. Such companies should file ITR-7. If you are e-filing with ClearTax, we automatically decide on the correct income tax return form.
You can pay tax to the government directly on the Income Tax Department website using your net-banking account or debit card using challan 280. The payment types for below taxes are as follows-
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 and where e-verification is pending. You can verify your income tax return through offline or online mode. There are various methods of online verification. However, to verify your return offline, 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.
You can claim a refund of the excess tax paid by filing your Income-tax return. It will be refunded to you by crediting it to your bank account through ECS transfer. It is important to pre-validate your bank account details before filing your income tax return.
You must file your return before the due date, if you have sustained a loss in the financial year and if you want to carry forward it to the subsequent year for adjustment against the subsequent year’s income. Loss can be carried forward only if you have filed the return claiming such loss before the due date.
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, claim income tax refunds and set off and carry forward of losses, etc.
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).
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. It is a totally safe and secured platform. See return filing plans 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:
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’, and 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 displayed year-wise. You can also download the ITR-V acknowledgement through the ‘Download Receipts’ option, and your ‘ITR forms’ from there. You can click on the ‘View Details’ link 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 outstanding tax liability 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 (previously ClearTax) 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 expert advice.
As you already know, PAN and Aadhaar are the most basic and essential documents to file an ITR.
Let’s look at the other documents you need to file your ITR.
Every individual/HUF is responsible for filing the income tax return if their total income exceeds the basic exemption limit without giving effect to the specified exemptions and deductions.
If an individual is a resident and ordinary resident in India, he/she shall file his ITR, even if his income does not exceed the maximum exemption limit, if he/she:
Is the beneficial owner of any asset (including any financial interest in any entity) located outside India,
Has signing authority in any overseas account.
Is a beneficiary of any asset (including any financial interest in any entity) located outside India.
Deposits more than Rs 1 crore in current account (one or more current accounts maintained with a banking company or a co-operative bank)
If foreign travel expense incurred is more than Rs 2 lakh either for himself or for any other person.
If electricity bill is more than Rs 1 lakh during the year.
For taxpayers like companies, partnership firms, local authorities, there is no basic exemption limit for filing ITR. Such taxpayers must mandatorily file ITR for every financial year.