Here are 10 things you need to know about Income Tax Return (ITR) filing:
The Income Tax Department has urged the assessees to file their income tax return before the due date to avoid last minute rush.
The Income Tax Department has established an independent portal for e-filing of income tax returns. The taxpayers can log on to incometaxindiaefiling.gov.in for filing the income tax return online.
In the general category, individuals with annual income up to Rs 2.5 lakh are not liable to pay income tax. In the senior citizen and super citizen categories, annual incomes up to Rs 3 lakh and Rs 5 lakh do not attract income tax, according to latest rules.
The taxman has provided seven forms - named ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7 - for filing of ITR, and one form - ITR-V - for verification, according to its website - incometaxindia.gov.in. These tax forms are applicable for assessment year 2019-20, which means they relate to income earned in financial year 2018-19.
This time, the income tax department has introduced pre-filled ITR (Income Tax Return) forms for certain class of taxpayers. These pre-filled forms contain details of income and taxes paid by assessees during the year.
The tax department has, however, advised the taxpayers to verify the pre-filled data carefully and add any other taxable income which is not pre-filled.
In the recent Budget, government announced "interchangeability of PAN and Aadhaar".This means that who do not have PAN (Permanent Account Number) card can file income tax returns by quoting their Aadhaar number.
The Income Tax Department has also mandated the public to verify the income tax return after submitting it. The taxman offers several ways such as mail, net banking, ATM and Aadhaar - to verify an ITR once it is submitted.
Once the return is filed and verification of the same is duly completed, the Central Processing Centre, Bangalore, of the Income Tax Department, processes the income tax return.
After filing an ITR online, a user can find out the status of the submission through the Income Tax Department website.