Filing of Income Tax Return is the process of declaring one’s income and income tax paid thereon by the assessee to the assessing officer. Income tax return contains details of income earned by an assessee from different sources, details of taxes paid or deducted such as Advance Tax, TDS or TCS and details of income tax refundable to the assessee by the department if any.
What are the Documents required for Income Tax Filing ?
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What is the process for Income Tax Return Filing?
If the gross total income of a person exceeds the minimum amount of income not chargeable to tax, such person is required to furnish his/her return of income.
Form-16 is made available online by the department. Form-16 contains particulars of Income earned and tax deducted thereon on such income according to the data received by the department through the TDS returns filed by the deductors.
The department prescribes type of assessees who are required to mandatorily file their return of income electronically. The list includes
Yes. Income tax return can be filed after due date. Tax returns are accepted for voluntary filing for one year after the completion of relevant assessment year. Also, Assessing Officers may order assessees to file income tax returns beyond the acceptable time frame for assessing their income in certain cases.
| Sr. No. | Status of the taxpayer | Due date |
|---|---|---|
| 1 | Any company other than a company who is required to furnish a report in Form No. 3CEB under section 92E (i.e. other than covered in 2 below) | September 30 of the assessment year |
| 2 | Any person (may be corporate/non-corporate) who is required to furnish a report in Form No. 3CEB under section 92E | November 30 of the assessment year |
| 3 | Any person (other than a company) whose accounts are to be audited under the Income-tax Law or under any other law | September 30 of the assessment year |
| 4 | A working partner of a firm whose accounts are required to be audited under this Act or under any other law. | September 30 of the assessment year |
| 5 | Any other assessee | July 31 of the assessment year. The due date of filing the return of income for the financial year 2014-15 has been extended to 31st August 2015 |
Income earned from 1-Apr to 31-Mar of a financial year is made taxable in the year following the financial year called as Assessment Year. Hence, income earned in previous year should be disclosed in the return to be filed in the respective assessment year.
Form 26AS is a statement of Tax credits of an assessee. It contains details of all TDS, TCS and Advance Tax made.
If you have sustained a loss in the financial year, which you propose to carry forward to the subsequent year for adjustment against subsequent year(s) positive income, you must make a claim of loss by filing your return before the due date.
Interest u/s 234A on tax payable is levied by the department from the date after the last date for filing of return of income. Hence, filing of tax return within the due date saves the assessee from interest payable u/s234A.
Interest u/s 234A on tax payable is levied by the department from the date after the last date for filing of return of income. Hence, filing of tax return within the due date saves the assessee from interest payable u/s234A.
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