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How to file ITR(Income Tax e-Filing)

Update: Vide notification dated 30th September 2020, the due date to file Income Tax Return(ITR) for FY 18-19 has been further extended to the 30th November 2020 from 30th September 2020 due to the outbreak of COVID-19. The due date to file ITR for FY 19-20 falls due on the 30th of November 2020.   A step by step guide on how to file ITR (Income Tax Return) on the Income Tax Department Portal? With Financial Year 2019-2020 almost coming to an end, many taxpayers wil..

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E-Verification of ITR - An Easy Guide

Verifying Income Tax Return has never been this easy! Instead of sending ITR-V to CPC, Bengaluru, just use any of these simple methods to e-Verify your ITR. It's Quick, Convenient and Eco-friendly! 1. e-Verification Procedure while filing Income Tax Return e-Verification with Aadhaar OTP Pre-requisite: Your Aadhaar Should be linked with PAN   STEPS 1. Login to e-Filing Portal 2. Click on 'e-File' Tab and Select 'Income Tax Return' from the drop down..

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Can you File an Income Tax Return after the Due Date?

As we all know that 31st March 2021 was the due date for filing Income Tax return for AY 2020-21. Those who failed to file their returns will lose their claim of return. However, Section 139(4) says if you have skipped the due date for filing ITR, you can file a belated return with a penalty for belated return of Rs 10,000. A belated return can be filed either before the completion of the assessment year or before the assessment is made whichever is earlier. There are..

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ITR Forms and Tax Audit New Report for FY 2020-21

Arjuna (Fictional Character): Krishna, new ITR forms have been notified by CBDT on 01/04/2021, what is your view on that? Krishna (Fictional Character): Arjuna, CBDT has notified the ITR-1 to ITR-7 for F.Y. 2020-21 and stated that no significant changes have been made to ITR forms as compared to previous year to help the taxpayers and minimize compliance burden in view of the ongoing crisis due to COVID pandemic. Arjuna (Fictional Character ): Krishna, what are the major changes in thes..

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ITR-1 and ITR-4 forms for AY 2021-22 | Offline Utility Guide

Introduction to ITR Offline utility Assessment Year 2021-22 ITR-1 and 4 Steps to Download and install Offline Utility and fill the same Let us understand the execution steps for ITR 1 & ITR 4………. Step 1 Once you access the e-filing portal . You can download the Utility under: 'Downloads -> Offline Utilities -> Income Tax Return Preparation Utilities'. Note: - System Requirements • OS - Windows 7 or later are supported • Process..

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ITR Not Processed Yet? Try these 4 Things!

After successful filing of ITR, the Income Tax Department processes the same and communicates to you via email. In case, due to any reason your ITR is not processed, the concerned authorities may ask you to explain further or correct your mistakes. In this article, we will discuss the reasons for non-processing of your ITR and how you can correct the same. 1. E-Verify Your Return Once you have uploaded your ITR online, you need to verify it to complete the return filing process. In case, y..

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ITR filing exemption to senior citizen above age of 75 - A fiasco?

Arjun (Fictional Character): Krishna, budget of 2021-22 highlights that senior citizen above the age of 75 now need not file their Income Tax Return. Is that true? Krishna (Fictional Character): Arjuna, in the Union Budget 2021-22, senior citizen above 75 age are exempted from filing return of income subject to certain conditions. The banks on the other side, is required to deduct the requisite tax from the bank account of such senior citizen. It must be noted such assesses are not exempted ..

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ITR Processed but Refund Failed - What to do?

'Your refund has failed, please raise a Refund Reissue Request', if you get this kind of email or sms after receiving Income Tax Return Processing Intimation u/s 143(1) then you need to follow just 2 simple steps to get you Income Tax refund. 1) Prevalidate your Bank A/c This is the most important step to get your Income Tax refund smoothly. Log in to your Income Tax efiling profile > Profile Settings > Prevalidate your Bank A/c. Your PAN should be linked with the Bank A/c in..

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Sec 194P | Relaxation for Senior Citizen for ITR

Section 194P Return filling Exemption for senior citizen aged 75 year or more Section 194P Conditional Relaxation for senior citizen who are the age of 75 year or more from filling return of income -tax under Union Finance Bill 2021/Budget 2021. Section 139 of the act provides for filling of return of income. Sub section (1) of the Section provides being an individual, if his total income of any other person in respect of which he is assessable under this act during the previous year excee..

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Not filed Income Tax Returns? Get ready for higher rate of TDS/TCS deduction

The Finance bill 2021, propose to inserts two new section i.e. Sec.206AB and Sec.206CCA to enable for deduction and collection of TDS and TCS at higher rates  for those not filed their income tax returns. Brief about these sections below Applicability of the Section.206AB This section applicable with effect from 1st July 2021 To whom it’s applicable This section applicable to the persons who are covered under the below two criteria Those are required to file the Inco..

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Enabling ITR Rectification on the portal for the AY 2020-21

A rectification request under section 154(1) of the Income Tax Act,1961 is allowed by the Income Tax Department for correcting mistakes when there is a mistake in your Income Tax Return.Rectification can be filled if any error of fact or an arithmetic mistake is made. This Rectification can be filed under section 154(1) by using the following procedure – • Log on to the website of Income Tax • Go to 'e-File'. • From the drop-down, select 'Rectificatio..

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Persons Who Are Compulsorily Required To File ITR in India

This article focuses on the provisions laid down in the Income Tax Act, 1961 with respect to mandatory filing of a Return of Income (conveniently known as ITR) by an Individual.   So, what is an ITR or Return of Income after all? ITR or a Return of Income is basically a format in which assessee furnishes information of his income from all the sources and tax liability arising from such income. Particulars Amounts (Rs.) Income from various Head of In..

Posted in articles |   3 comments |   10248 Views

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