Income Tax Return Filing

What is Income Tax Return

The Income Tax Act, 1961, and the Income Tax Rules, 1962, obligates citizens to file returns with the Income Tax Department at the end of every financial year These returns should be filed before the specified due date. Income Tax Return Forms vary depending on the criteria of the source of income of the Assessee and the category of the Assessee.

Mandatory Clause of filing of Return

It is mandatory for you to file an Income Tax Return in India if any one of these condition is applicable to you:
Your gross total income (before allowing any deductions under section 80C to 80U) exceeds Rs.2,50,000 in the financial year that begins on 1st April and ends on 31st March for every year.
This limit is Rs 3,00,000 for senior citizens ( who are more than 60 years old but less than 80 years old) or Rs 5,00,000 for super senior citizens (who are more than 80 years old)
You are a company or a firm irrespective of whether you have income or loss during the financial year
You want to claim an income tax refund.
You want to carry forward a loss under a head of income.
If you are a Resident individual and have an asset or financial interest in an entity located outside of India. (Not applicable to NRIs or RNORs).
Or if you are a Resident and a signing authority in a foreign account. (Not applicable to NRIs or RNORs).
when you are in receipt of income derived from property held under a trust for charitable or religious purposes or a political party or a research association, news agency, educational or medical institution, trade union, a not for profit university or educational institution, a hospital, infrastructure debt fund, any authority, body or trust.


Form No.:ITR-1 SAHAJ
For Individuals having Income from Salaries, One house property, Other sources (Interest etc.) Refer to Instructions for eligibility

Form No.:ITR-2
For Individuals and HUFs not having Income from Business or Profession

Form No.:ITR-2A
For Individuals and HUFs not having Income from Business or Profession and Capital Gains and who do not hold foreign assets

Form No.:ITR-3
For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship

Form No.:ITR-4
For individuals and HUFs having income from a proprietary business or profession

Form No.:ITR-4S – SUGAM
Presumptive business income tax return

Form No.:ITR-5
For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7

Form No.:ITR-6
For Companies other than companies claiming exemption under section 11

Form No.:ITR-7
For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)

Frequently Asked Question:

Q1. When is it mandatory to file return electronically with digital signature?

Ans E-filing of return with digital signature is mandatory for:
(a) Every company;
(b) A firm or an individual or HUF who are required to get their accounts audited under section 44AB;
(c) A Political Party [it its income exceeds the limit, without claiming exemptions under Section 13A, which is not chargeable to tax]

Q 2. I am an Individual and resident of India. Do I need to file return if my income is below taxable limit but I am having an account in a foreign bank?

Ans : Yes, it is mandatory for you to file the income-tax return. In view of newly inserted proviso to Section 139(1), it is mandatory to file income-tax return, if following conditions are satisfied:
(a) The assessee is resident and ordinarily resident in India;
(b) He has any of following:
(i) Signing authority in any account located abroad;
(ii) Any asset located abroad; or
(iii) Financial interest in any entity located abroad.
The assessee is required to provide requisite details of such account, assets or financial interest in the return of income.

Q 3 How to know TAN of my deductor?

Ans: It can be found either on the Form 16/16A or in the 26AS tax credit statement available on Income Tax Website.

Q 4. What are the consequences of filing belated return?

Ans If return is filed after the end of relevant assessment year, in that case penalty of five thousand rupees can be levied under section 271F. If the return of income is not filed within the due date specified under section 139(1), loss incurred during the year under the heads ‘Profits and gains of business and professions’ and ‘Capital gains’ cannot be carried forward to next year.

Q 5. Can I file return of income even if my income is below taxable limits?

Ans: Yes, you can file return of income voluntarily even if your income is less than the maximum exemption limit.

Q 6. I have filed my return of income; however, I omitted to claim benefit of Section 80C deduction. What should I do?

Ans: The benefit of omitted claim can be availed only by filing a revised return. But in that case you have to ensure that your original return has been filed within the due date as return can be revised only if it has been filed originally within the specified due date.

Q 7. What documents are needed to be enclosed along with the return of income?

Ans: Income-tax returns are annexure less. Hence, there is no need to enclose any document(s) along with the return of income. Thus, documents like TDS certificate, balance sheet, Profit & Loss A/c, Capital A/c, proof of investments, etc., are not to be attached along with the return of income. However, these documents should be retained and have to be produced before the Assessing Officer whenever he requires us to do so.

Q 8. My employer has deducted tax without allowing me relief of section 89. Can I claim the

If the employer fails to provide relief under section 89 and deducts excess tax, then you can claim such relief in your return of income and can claim refund of excess tax deducted.

Q 15. How to claim deduction on donation given to an organization registered under section 80G?

Deduction under section 80G can be claimed by filing the return of income in which the following details need to be given:
Name of donee,
PAN of donee,
Address of donee;
Amount of donation