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Income Tax Return

An Income Tax Return (ITR) has to be filed with the Indian Income Tax Department to report income received in a fiscal year, along with taxes paid and refunds received. Persons, firms, Hindu Undivided Families (HUFs), and others are compelled to submit ITRs under the Income Tax Act of 1961.

Apart from enabling the claim of refunds for non-paid taxes and tax compliance, the filing of an ITR is used as proof of income for purposes like loan and visa applications. The majority of individual taxpayers are required to file by July 31 of the assessment year, but extensions can be granted.

Form 16, Aadhaar card, and other documents of income can be filled online via the official e-filing portal. Based on the category and income source of the taxpayer, various ITR forms (ITR-1 to ITR-7) are required.  Late submission can attract penalties and interest.

With the pre-filled forms, fast PAN services, and AI-based authentication, the Income Tax Department has facilitated the filing process through digitization. Taxpayers must also take note of new regulations concerning capital gains, exemptions, and deductions that are put into place every fiscal year.

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ITR filing this year? 5 changes that make it different from last year

Planning to file your ITR soon? Before you begin, it may be worth slowing down for a moment. From new disclosure requirements to tweaks in reporting rules, tax return filing this year comes with a few important changes that many taxpayers may easily miss. Here are five key updates to know.

Not sure how to e-verify your ITR? Here are 5 easy ways to do it

Think filing your ITR means the job is done? Not quite. Many taxpayers do not realise that after submitting their return, they must also e-verify it. The good part is that you can choose from five different methods, depending on what feels easiest for you.

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VIDEOS

Here are the 5 new Income Tax rules

The Financial Year 2019-20 closed on March 31 and the new FY 2020-21 will begin from April 1. In wake of the 21-day lockdown, the government has extended the deadline for filing income tax returns for the FY 2018-2019 to June 30. In the Union Budget presented in February 2020, the government has made some changes to the income tax rules. Watch the video to find out.