- Before filing income tax returns, all taxpayers are required to pick up one of the seven ITR forms, according to their sources of income
- Most salaried individuals are required to file ITR-1 where most of the data will be pre-filled
The Income Tax department has issued seven ITR forms — ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7. Choosing a wrong ITR form can lead to trouble later on as the tax department may reject your income tax return later on.
The forms have been segregated by the income tax department based on sources of income. Most salaried individuals are required to file ITR-1.
All resident individuals whose primary source of income is salary are supposed to file ITR-1 form also known as SAHAJ. The total income during the assessment year 2019-20, however, should not be more than ₹50 lakh.
ITR-1 form is also meant to be used for assesses who earned money through pension, one house property or income from other sources during the financial year.
E-filing mandatory
From this year, it is mandatory to file ITR electronically. Only super senior citizens, above the age of 80 years, are allowed to file ITR in paper form. The Income Tax department has already extended the last date to file income tax returns to August 31 from July 31.
Details about your profile, salary, TDS, etc will be auto-populated in the ITR-1 form. Do remember that you are still required to verify on your own all those pre-filled details in the ITR form.
From this year, the Income Tax department wants to know a more detailed break-up of your salary. You need to mention details of perquisites and allowances exempt under Section 10.
You are also required to fill details on income or rent from house property and income from other sources like interest on savings account, bank deposits, etc.
Am I Required to File Income Tax Returns?
It is mandatory to file income tax returns in India if any of the below conditions are applicable to you (as per the Income Tax Act):
- Earn gross annual income more than-ParticularsAmountFor individuals below 60 yearsRs 2.5 LakhsFor individuals above 60 years but below 80 yearsRs 3.0 LakhsFor individuals above 80 yearsRs 5.0 Lakhs
- Earn income other than salary like house property, etc.
- Want to claim income tax refund from the department.
- Earn from or have invested in foreign assets.
- Wish to apply for visa or loan applications.
- Company or a firm, irrespective of profit or loss.
Difference Between AY and FY
Financial Year is the period between 1st April to 31st March. Assessment Year is the next year in which the income is liable to tax.
For example, if your financial year is from 1 April, 2019 to 31 March 2020, then it is known as FY 2019-20. The assessment year for income earned during this period would begin after the financial year ends–that is on 1 April 2020 until 31 March 2021.(AY 2020-21)
How Much Tax Should I Pay?
Want to check how much income tax you’ll pay or see how deductions affect the income tax you owe? Use the income tax calculator to calculate your tax liability for the last 3 financial years.
Check Your Payable Income Tax at Cleartax.
Has E Filing Tax Returns for 2019 Started?
E filing income tax returns for the assessment year 2019-20, which is the financial year 2018-19 has started. The Income Tax Department will release the new ITR forms after 31st March and e-filing for them will be allowed on their website as well as on ClearTax website. All the changes will be incorporated in the new ITR forms to make it easy for you to e-file your returns. As of now ITR 1 and ITR 4 are live.
What is the Deadline for E-Filing Tax Returns?
The last date for e-filing income tax returns for FY 2018-19 is 31st August 2019. You can e-file your tax returns any time before then, but it is always better to e-file early to avoid the rush and heavy website traffic in the last month.
Should I E-File Returns if I Earned Less Than Taxable Income?
Yes, it is advisable to e-file your income tax returns even if you don’t pay taxes. A zero-return filing will be helpful when you need to get your tax refund or apply for a loan or visa.
I have a Form 16, How do I E-File My Income Tax Return?
- Upload your Form 16.
- ClearTax automatically prepares your ITR.
- Verify your tax summary.
- E-file your tax return to receive acknowledgement number.
- E-verify your tax return through net-banking.
I Don’t Have a Form 16
- Enter your income details.
- Declare investments made under Section 80C.
- Cleartax auto-detects the relevant ITR Form for you.
- Verify your tax summary.
- E-file your tax return to receive acknowledgement number.
- E-Verify your tax return through net-banking.
I Want to Check the Status of My ITR-V
After successfully submitting your income tax return, you get an acknowledgement from the IT department called the ITR-V or Income Tax Return-Verification. You receive a mail on your registered e-mail ID from the Income Tax Department containing the ITR-V.
How to Recover Your Income Tax E filing Password
So you’ve lost access to your Income Tax Department account because you don’t have the password, and you’re afraid you won’t be able to e-file or access it again?
Don’t worry because ClearTax can help you out.
You can reset your Income Tax Department password by sending an email to [email protected] with the following details:
1. PAN
2. PAN holder’s name
3. Date of birth
4. Father’s name
5. Registered PAN address
It is recommended to link your PAN with Aadhaar and mention it in your IT returns. If you have applied for Aadhaar, you can mention the enrollment number in your returns.
Click here to read our guide on ‘How to apply for Aadhaar Card’
Click here to read our guide on ‘How to link Aadhaar Card with PAN’
Source: Cleartax.com and Livemint.com
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