FAQ – Income tax returns

1. What is an Income Tax returns (ITR)?

It is mandatory for every taxpayer to intimate the details of his income to the Income-tax Department. These details are communicated to the IT department through forms known as Income tax returns (or) return of income.

2. What are all the notified income tax return forms?

• ITR – 1: Applicable to
  • Individuals having
    1. salary/pension income,
    2. Income from one house property (not applicable in case of brought forward loss in case of house property)
    3. income from other sources (except lottery winnings and income from race horses, Section 115BBDA and 115BBE income)
  • Applicable only if total income is upto 50 lakhs.
• ITR – 2: Applicable to
  • Individual or HUF
    1. Not having income chargeable to tax under the head PGBP.
• ITR – 3: Applicable to
  1. Individual or HUF
     1. Having income chargeable to tax under the head PGBP.
  2. LIC Agent receiving commission from insurance company
• ITR – 4: Applicable to
• Individual or HUF or Partnership Firm
  1. Who have opted for the presumptive taxation scheme of section 44AD/ADA/AE
• ITR – 5: Applicable to
  1. Partnership Firm, LLP, AOP, BOI, AJP, Cooperative society, local authority
  2. Cannot be used by trusts, political parties, institutions, colleges
• ITR – 6: Applicable to
  1. Company, other than a company claiming exemption under section 11 (charitable/religious trust)
• ITR – 7: Applicable to
  1. Trusts, political parties, institutions, colleges

3. Will we get an acknowledgement after filing return of income?

Yes, acknowledgement will be generated in ITR V

4. Are there any mandatory attachments to the ITR forms?

All the forms are designed to attachment less for the convenience of the taxpayer, however, the assesse is required to maintain the documents for future reference and to submit to the income tax officer if called for.

5. Can the ITR be filed in physical form to the income tax department?

• Yes, it is permissible only in case of super senior citizens (age of 80 years or more at any time during the previous year).
• Every other assesse is required to file the ITR electronically.

6. How to file ITR?

• Online by visiting www.incometax.gov.in/iec/foportal and filing the form available in the taxpayer’s login.
• Alternatively, E-filing utility available in the above website can be downloaded, filled, and then uploaded via the taxpayer’s login.
• Super senior citizens (80yrs of age or more) can file in physical form in person.

7. Is it necessary to file ITR if I have suffered loss during the PY?

Yes, filing return of income within the due date is mandatory for carrying forward the loss to subsequent years.

8. What are the due dates to file ITR?

• 31st October of Assessment year.
  1.  Company
  2.  A person (other than a company) whose accounts are required to be audited under this Act or under any other law for the time being in force
  3. Partner of a firm whose accounts are required to be audited under this Act or under any other law for the time being in force.
• 30th November of Assessment year.
  1. Assessee who is required to furnish a report referred to in section 92E (Form 3CEB).
• 31st July of Assessment year.
  1. All other Assessee.

9. What if we file ITR after the due date mentioned above?

• Loss, if any other than Loss from house property and unabsorbed depreciation cannot be carried forward to subsequent years.
• Simple Interest @ 1% per month or part of month on tax due u/s 234A
• Late filing fees of Rs.5,000 shall be payable u/s 234F (Rs. 1,000 if the total income of the person does not exceed Rs.5 lakhs).

10. Can we file ITR after due date?

Yes, belated return u/s 139(4) can be filed along with late filing fees u/s 234F as mentioned above.

11. Can I get refund of excess tax paid by me?

Yes, the excess tax will be refunded to the bank account furnished in the ITR through ECS transfer. There is no time limit to receive the refund.

12. What if I made a mistake while filing ITR?

• You can file a revised return u/s 139(5)
• At any time during the assessment year (or) before completion of assessment whichever is earlier.
• An ITR can be revised any number of times before the time limit mentioned above.

13. Can I claim deductions that are not reflected in my Form 16?

Yes, as long as the deductions are genuine and you have sufficient proofs to substantiate the deductions.

14. How much can I claim as rebate u/s 87A?

• The following conditions to be satisfied to claim rebate u/s 87A,
  1. Assessee is a resident individual
  2. Total Income is upto Rs. 5,00,000
  3. Maximum Rebate = 100% of tax (or) Rs.12,500 (whichever is less)

15. Can total deductions exceed Gross total income?

Deductions provided under Chapter VIA of the Income tax Act, cannot exceed the Gross Total Income (GTI)

16. Can I take credit of TDS deposited under wrong PAN?

No, the deductor has to make corrections in the TDS returns filed by him

17. Should I file ITR even If I have paid all my taxes in advance?

Yes, ITR has to be filed mandatorily by all persons covered in section 139(1) even if the entire tax in paid in advance.