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All you need to know about Income Tax Return Filing

The time has come to file your income Tax return and in this article, we are covering everything you need to know about the income tax return filing process and what documents you will be requiring while filing your income tax return.

Firstly lets see what documents are required for registration at income tax website for first time return filing:

  1. PAN Card
  2. Aadhar Card
  3. An active email id
  4. A mobile number

After filing the registration form, registration verification need to be done through your email id and mobile no. After successful verification, your income tax portal will be logged in.

Now, for the purpose of filing your income tax return, following documents will be required:

  1. Form 16 or Form 16A
  2. Bank Statements
  3. LIC Receipt (if any)
  4. Mediclaim receipt (if any)
  5. Housing Loan Repayment schedule (if any)
  6. Rent Receipts (if any)
  7. GST Reconciliation statement (In case of Business/ profession)

After listing the documents required for filing income tax return, lets understand the types of forms available for filing income tax return and who can file such forms:

ITR – 1 (SAHAJ)

The individual whose income arises from the following sources are required to file ITR- 1

  • Salary/ Pension Income
  • One House Property Income
  • Other Sources Income
  • Total income not exceeding Rs. 50 Lacs
  • Agricultural Income is less than Rs. 5,000/-

ITR – 2

The individual whose income arises from the following sources are required to file ITR- 2

  • Every income received as in ITR -1, if such income exceeding Rs. 50 Lacs
  • Capital Gains
  • Income as a partner in a firm
  • Foreign income
  • Agricultural income exceeding Rs. 50 Lacs

ITR – 3

If the individual who is earning income from Business/ Profession

ITR – 4 (SUGAM)

If the individual, HUF and firm is earning Presumptive Business Income under Section 44AD, 44ADA and 44AE, then in such case, it is required to file ITR – 4

ITR – 5

Every income earned by persons other than Individual, HUF , Company and persons filing ITR – 7 i.e. person/companies required to furnished return u/s 139(4A), 139(4B), 139(4C) and 139 (4D) of the Income Tax Act, 1961.

ITR – 6

Companies which are not claiming exemption u/s 11 of the Income Tax Act, 1961 i.e. companies which are not registered under section 8 (charitable trust) of the Income Tax Act, 1961.

ITR – 7

Persons required to furnish return u/s 139(4A), 139(4B), 139(4C) and 139 (4D) of the Income Tax Act, 1961.

When the form for filing income tax return has been decided, following points should be kept in mind to avoid common mistakes while filing income tax return:

  1. “Name” of taxpayer in ITR does not match with the “Name” as per the PAN data base
  2. TDS, TCS or Tax paid claimed in “Part D-Tax Computation and Tax Status” is inconsistent with details provided in Schedule IT, Schedule TDS1, Schedule TDS2 and Schedule TCS.
  3. In Schedule TDS2 (Other than salary), “The Amount of TDS claimed this year” is more than “Tax deducted”.
  4. Deductions claimed under Chapter VI-A are greater than “Gross Total Income”
  5. IFSC under “Bank Details” is not matching with the RBI database.
  6. Sum of deductions claimed u/s 80C, 80CCC & 80CCD (1) is more than 1,50,000.

Obligation to file Income Tax return

Every individual or HUF whose total income before allowing deductions under Chapter VI-A of the Income-tax Act, exceeds the maximum amount which is not chargeable to income tax is obligated to furnish his return of income. The deductions under Chapter VIA are mentioned in Part C of this Return Form. The maximum amount not chargeable to income tax in case of different categories of individuals is as follows:-

  1. In case of individuals below the age of 60 years – Rs. 2,50,000
  2. In case of individuals, being resident in India, who are of the age of 60 years or more at any time during the financial year 2017- 18 but below the age of 80 years – Rs. 3,00,000/-
  • In case of individuals, being resident in India, who are of the age of 80 years or more at any time during the financial year 2017- 18 – Rs. 5,00,000/-

Links for the Income tax return forms for AY 2018-19

Download  Form ITR – 1 

Download Form ITR – 2

Download Form ITR – 3

Download Form ITR – 4

Download Form ITR – 5

Download Form ITR – 6

Download Form ITR – 7

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