wordpress-seo domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home1/inves2ax/public_html/wp-includes/functions.php on line 6114The time has come to file the income tax return for the Assessment Year 2020-21 and FY 2019-20. But do you know whether you have to file income tax return or not. Many of us think that I have paid the taxes, so I need not to bother about filing the income tax return? Someone is not a tax payer as the income is below the specified limit. Is it mandatory to file income tax return for them? If someone has more than one income what form should he choose to file the return? These are very common question which are coming to tax payers mind very often. Hence, I have taken this topic to clarify the readers.<\/p>\n\n\n\n
Moreover, it is mandatory to file income tax returns online for all the registered taxpayers, except for the persons over 80 years of age and do not have any income from business or profession. If you do not file your return within due date, there will be penalty of Rs 10,000 under section 234F effective from 1st<\/sup> April, 2017.<\/p>\n\n\n\n
Income Tax return is a document about the income and tax details that you submit the Government concerned tax authority. Indian Citizens have to file income tax return to the Income Tax Department of the Government of India. If you have paid more income tax, you will get return to your bank account.<\/p>\n\n\n\n
As It has been discussed earlier that many of us thinks that the income tax return is not mandatory to file when the TDS has been deducted from the account. It is not correct statement. If the gross taxable income exceeds the basic exemption limit you must have to file income tax return. The basic exemption limit is different for different categories. Rs 2.5 lakh is the basic exemption limit for Individual\/ HUF tax payers. Senior citizens (above 60 yrs age) have the limit of Rs 3 lakh and the senior citizens with 80 years old have the limit of Rs 5 lakhs. Now what is the gross total income? The gross total income is the total income minus your basic exemption such as medical, conveyance, HRA. It is the income before deducting the savings which are tax exempted.<\/p>\n\n\n\n
Income tax return filing is mandatory for those who are having more than one source of income such as capital gains, business, income from house etc.<\/p>\n\n\n\n
The advantages of income tax return filing which I can see are as per the followings:<\/p>\n\n\n\n
Also Read:<\/strong> Income Tax Planning for salaried employees<\/a><\/p>\n\n\n\n
The following things need to be kept with you while filing the IT return:<\/p>\n\n\n\n
There are seven forms available in the Income Tax website for filling return. You should know what is applicable for you before filling the return or which ITR form to file for AY 2020-21. Many taxpayers omit their capital gains or any other income while filing the return to avoid complicacy or hiding the information. This is not desirable from tax payers.<\/p>\n\n\n\n
ITR-1:<\/strong> This form is for individuals who have income from salaries, one house property and other sources such as interests, dividends etc. This form is applicable for the total income of Up to Rs 50 lacs. It cannot be used for the following cases:<\/p>\n\n\n\n
The central Board of Direct Taxes (CBDT) has notified some changes for AY 2020-21. An individual cannot file ITR-1 if he\/she wants to carry forward loss under the head ‘income from house property’. The owner has to provide the name, PAN and AADHAAR of the tenant in ITR-1. The individual has to provide the passport number if he\/she is having a valid passport.<\/p>\n\n\n\n
ITR-2:<\/strong> If your income is more than Rs 50 lacs, you have to use the ITR-2 for income tax return filing. This for is applicable in case you have capital gains, foreign income and agricultural income of more than Rs 5000. If you are partner in a farm and do not have any income by means of salary, interest etc., you have to fill up ITR-2 for return filing.<\/p>\n\n\n\n
You cannot file ITR-2 if you have any income from business\/ profession under any proprietorship.<\/p>\n\n\n\n
ITR-3:<\/strong> The individual\/ HUF who has proprietary business or profession fill up this ITR.<\/p>\n\n\n\n
ITR-4 (Sugam):<\/strong> This form can be used by Individuals\/HUF and partnership firms (Other than LLP) for the assessment year 2020-21. This is applicable for the following cases:<\/p>\n\n\n\n
When you cannot fill up the ITR-4S:<\/p>\n\n\n\n
Taxpayers need to also give information on the followings while filling up ITR-4<\/p>\n\n\n\n
ITR-5:<\/strong> This form is for LLPs, AOPs (Associated of Persons) and Body of Individuals<\/p>\n\n\n\n
ITR6:<\/strong> This for is applicable for companies which is claiming exemption under section 11 of income tax rule.<\/p>\n\n\n\n
ITR-7:<\/strong> This form is to be used by the companies or trusts such as research organisation, news agency, educational institution including universities, hospital etc.<\/p>\n\n\n\n
Know more on the Income Tax Return forms from Income Tax department<\/a> website.<\/p>\n\n\n\n
Also Read:<\/strong> How to file Income Tax return Online<\/a><\/p>\n\n\n\n
It would be great to submit the income tax return within the due date i.e. 31st<\/sup> July. For businesses the last date of filing return is 30th<\/sup> September. You can also revise the IT return up to the next financial year. Further, don’t hide any information related to income and tax, because everything is mapped with the PAN number, so it may trouble you if there is any information gap between your return and actual income. If you have paid more income tax and about to get refund from the income tax department, file the return quickly and get your return quickly in your bank account.<\/p>\n\n\n\n
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The time has come to file the income tax return for the Assessment Year 2020-21 and FY 2019-20. But do you know whether you have to file income tax return or not. Many of us think that I have paid the taxes, so I need not to bother about filing the income tax return? Someone is not a tax payer as the income is below the specified limit. Is it mandatory to file income tax return for them? If someone has more than one income what form should he choose to file the return? These are very common question which <\/p>\n","protected":false},"author":1,"featured_media":961,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[53],"class_list":["post-2165","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-income-tax","tag-income-tax","has_thumb"],"yoast_head":"\n