Filing Income Tax Returns in India: Procedures and Other Information

Filing Income Tax Returns in India: Procedures and Other Information

An income tax return, also known as an ITR, is a legal document or form in which a person is expected to disclose all of the essential and needed information about his earnings and taxes.

All Indian nationals are required to submit a return with the Income Tax Department at the end of each fiscal year under the Income Tax Act of 1961 and the Income Tax Rules of 1962.

ITR filing procedure

Documentation is necessary.

• PAN card • Aadhar card or other form of identification

• The name and address of the bank account you use.

• Investment information and data (Form 16)

Steps to take:

• Go to the approved site and choose Form 16 from the drop-down menu.

• Carefully fill up all of the General Information fields, including your name, Pan, and date of birth.

• The Salary Details section follows. Here, you must begin by entering your employer's name and selecting a kind.

• Before you begin filling out the form, double-check that you have selected the correct fiscal year.

• The next step is to fill out the required information for your TDS and salary in the Salary Details section.

• Next, fill in the details of your compensation, such as the Value of Pre-requisites, Profits in Lieu of Salary, and so on.

• After that, you'll go to the following part, which is called "Details for Claiming Deduction." In this area, you must fill in all of the essential information for each deduction that has to be claimed. LIC, PPF, and other tax advantages are among these deductions.

• If you have children, Section 80 C of the Income Tax Act of 1962 allows you to claim benefits on their tuition costs.

• The next step is also very crucial to take. In the following part of Form 16, you must put in all of the information about taxes paid in accordance with Indian income tax compliance. If you have any non-salary income, such as freelancing income or interest income, you must carefully enter the tax information that you have already entered.

• The next step is to simply fill in your bank information before moving on to the e-filing area.

• This is the last stage in the filing process. However, you may go ahead and click on the e-verify tab if you want to. You must, in fact, complete the e-verification process.

• Then, on the final Submit tab, click.

If you fail to file your ITR on time for any fiscal year, you can pay a late charge of Rs. 5000 and then file it again. For any fiscal year, the deadline for late filing is March 31. To receive the greatest services, hire the top income tax consultants.

General FAQs 

1. What is Income-tax?

It is a tax levied by the Indian government on everyone's income. The Income-tax Act of 1961 contains the provisions controlling income tax.

2. What is the administrative framework for income taxes?

The Ministry of Finance is in charge of the Indian government's revenue functions. The Central Board of Direct Taxes has been tasked by the Finance Ministry with the job of administering direct taxes such as income tax, wealth tax, and so on (CBDT). The CBDT is part of the Ministry of Finance's Department of Revenue. The CBDT provides critical inputs for direct tax policy formulation and planning, as well as administering direct tax laws through the Income-tax Department.

As a result, the Income-tax Department administers the Income-tax Law under the administration and supervision of the CBDT.