Taxes are simple with us

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 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.