Filing Income Tax Return in Delhi – incometaxdelhi.org

What is ITR?

ITR refers to Income Tax Return. It is a form to be filled out by the taxpayers and submitted to the income tax department of India. It includes information about the income earned, taxes paid, deductions claimed, and refunds due for a financial year. Filing ITR is mandatory for individuals and entities with taxable income in India, as per the Income Tax Act, 1961.

There are mainly three types of Income Tax returns that can be filled, Which are as follows:

• Original Return
• Revised Return
• Belated Return

Original Return

A legitimate return filed on or before the due date in the specified form and manner is called an Original return.

Revised Return

When an assessee files an Income Tax return and forgets to disclose any information, mistakenly files wrong information, or for any reason, chooses to file an Income Tax return again, 2nd Income tax return that he files is a revised return.

Belated Return

If taxpayers do not file an Income Tax return within the prescribed time frame as per Income Tax Act and then file it after the due date, it is called Belated Return. 31st December of the Assessment year is the due date for filing a belated return.

How many Categories of Income Tax Returns Forms?

There are different categories of income tax return forms depending on the type of income and the taxpayer's status. The following are the main categories and the corresponding forms:

What are the required Documents for ITR Filing?

• PAN (Permanent Account Number)
• Bank account details with IFSC Code
• Form 16/16A or TDS certificate
• Balance sheet and Profit & Loss Account (if applicable)
• Details of the Taxpayer
• Saving Certificate
• 26AS and AIS/TIS

How to file Income Tax Returns offline in Delhi?

If you are super senior citizen and looking to file income tax returns offline in the Delhi region, you need to follow these steps:

1. Download the relevant ITR form from the official website of the Income Tax Department (https://incometaxindia.gov.in/Pages/downloads/income-tax-return.aspx).
2. Fill in the required details in the form and attach the necessary documents, such as Form 16, bank statements, proof of investments, etc.
3. Print out the filled form and sign it.
4. Visit your nearest Income Tax Office for ITR filing in Delhi and submit the form and the documents.
5. Collect the acknowledgment receipt from the officer and keep it for future reference.

What happens if taxpayers fail to file ITR within the due date?

If taxpayers fail to file returns within the prescribed time frame, they will face several drawbacks:

• Taxpayers will not be able to carry forward their losses under the head of capital gain and business and profession;
• Assessee will have to pay interest U/S 234A at the rate of @1% per month on the amount of tax due;
• Taxpayers may be penalized under section 234F for late filing of returns if their taxable income exceeds 5,00,000 by Rs.5,000. However, if your taxable income is below 5,00,000 but above 2,50,000, the penalty is Rs.1,000.
• If the assessee is entitled to a refund, the tax department will pay interest under Section 244A, but Taxpayers will lose some of it due to the delay in filing their returns.