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Most Comprehensive guide for Individuals for FY 2021-22 (AY 2022-23) for e-filing income tax returns in India in simple language
Income Tax Department has been very proactive from last one year and working too hard on making the compliance as strong as possible in our country. From introducing the provision u/s 234F for non-filing of income tax returns to making- most of the processes online by eliminating the traditional paper-based compliances; the objective of the department is very clear that it wants your files to be clean and compliant with the law.
In this article, we will share the most crucial information that you must know while filing of your income tax return (ITR) for FY 2021-22 (AY 2022-23).
Income Tax Return (ITR) is a form through which you report the details of your income earned from various sources and thereon pay taxes to the Income Tax Department. ITR contains all the details of incomes and tax-saving investments done by an individual in a particular financial year. The tax department has notified 7 types of ITR forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, ITR 7 for filing Income Tax Return (Forms are relevant for individuals, companies, firms, etc.).
The Income Tax Act 1961, obligates certain eligible persons to file their income tax returns once a year. Filing of Income Tax Return legitimize your earnings and investments whereas non-filing means that you have not disclosed your eligible income which is required to be disclosed as per law, which becomes your Black Money. Also, by filing your Income Tax Return you can get an income tax refund, if you have paid excessive taxes to the government. Further, your Income Tax Return plays a crucial role in the time of applying for loans, credit cards, etc.
E-filing of Income-tax return is filing your Income-tax return online., There are two ways to file an Income-tax return in India:
As per the latest announcement by the Income Tax Department, income tax returns can be filed through online method only. However, the super senior citizens are allowed to use the offline paper mode.
Every Indian including an NRI is required to file an Income tax return where Total Income exceeds the basic exemption limit of Rs. 2,50,000 for an individual; Rs. 3,00,000 in case of a senior citizen and Rs. 5,00,000 in case of super senior citizens.
Total Income comprises income from all sources i.e., income from salary, house property, business income, capital gains or any other taxable income. This limit is to be checked before giving the benefit of deductions like 80C, 80D, 80DDB etc.
You are required to file a return irrespective of the fact whether you have paid tax or not. So, even if the employer has deducted TDS in full you are still required to file an income tax return.
In simple words, if you have any foreign income connected, you have to file your ITR on or before the due date.
From 2019, given below individuals are also required to file an Income Tax Return even if their total income is below the basic exemption limit in the following cases:
Let’s take a few quick and easy examples of real-life situations to understand it better:-
|Income from salary (after Standard deduction)||2,90,000||2,71,000||8,92,000||4,98,000||1,90,000|
|HRA, Medical and other allowances- EXEMPT||8,000||74,000||2,43,000||1,00,000||0|
|Net taxable salary||2,82,000||1,97,000||6,49,000||3,98,000||1,90,000|
|Gross Total Income||3,13,000||1,97,000||7,79,000||3,98,000||1,90,000|
|Deductions (80C,80D etc.)||45,000||-||1,90,000||1,50,000||-|
|Total Income Taxable||2,68,000||1,97,000||5,89,000||2,48,000||1,90,000|
|ITR filing required||Yes||NO||Yes||Yes||NO|
(Refer to column 4- “Gross total income” in the ITR form 1 to know the total income)
If your income doesn’t exceed Rs 2,50,000 during the year, then you’re not legally bound to file your return. But it’s still recommended that you file your return because of the benefits that come with filing an income tax return:
Having taxable income and not filing income tax return can put you in trouble with the Income Tax Authorities. Be prepared to welcome notices from Income Tax Department along with fines and penalties. The consequences of non-filing of return are:
The due date for filing the Income Tax Return is the 31st of July (after the end of each financial year for which it has to be filed). Although, for the people who fall within the limits of tax audit, the due date is 31st October and in the case where transfer pricing is applicable, the due date is 30th November after the end of the financial year.
Note: Persons who fall in the limits of Tax Audit are:
NOTE: The threshold limit of Rs 1 crore for a tax audit is proposed to be increased to Rs 5 crore with effect from AY 2022-23 (FY 2021-22) if the taxpayer’s cash receipts and cash payments are limited to 5% of the gross receipts or gross payments. The same limit has been increased from Rs. 5 crores to Rs. 10 crores from AY 2022-23 (FY 2021-22)
You can file a belated return 3 months prior to the end of relevant assessment year i.e. For FY 2021-22 (AY2021-22) the filing date of it would be till. (It is called a belated return i.e., late-filed return (After the due date) but with the payment of late fees u/s 234F).
You can Revise your already filed ITR three months prior to the relevant assessment year i.e. For FY 2021-22 (AY 2022-23) filing the date would be 31st Dec 2022.
From here check all the due dates to stay one step ahead of Income Tax
Following are the consequences if you do not file your Income Tax Return on or before the due date:- non-filing of ITR. Some of them are:
Well, even if one misses the due date, still they can file the Late/Belated Return. A belated income tax return can be filed three months prior to the relevant assessment year. You can file the ITR of FY 2021-22 as a belated return till 31st December 2022.
Income Tax online filing is a simple process and can be done by sitting at home for free with Tax2win.
You can also use the government portal to file your income tax return. The link of the government website is https://www.incometaxindiaefiling.gov.in/home. Filing on Tax2Win or Government portal will not make any difference because ultimately the return gets filed with the government portal in both cases and both sites are 100% free of cost for filing. You can check this link for any help required during eFiling on the government portal- https://www.incometaxindiaefiling.gov.in/help/?lang=eng
Our Users finds Tax2Win website more friendly and easy to use since it is designed basis inputs from lakhs of people who are using it to eFile income tax return every year.
The applicability of the ITR form depends on the source and quantum of income and residential status. Check the ITR form applicable to you for FY 2021-22 (AY 2022-23)-
|ITR FORM||Type of TaxPayer||Residential status||Who can file?||Who cannot file?|
|ITR 1||Individuals*||-Resident -Ordinary Resident||Income From -
|ITR 2||Individuals and HUFs||-Resident -Ordinary Resident -Non-resident (NRI_ -Non-Ordinary Resident||Income From -
|ITR-3||Individuals and HUFs||-Resident -Ordinary Resident -Non-resident (NRI_ -Non-Ordinary Resident||Income From -
||Any other body corporate|
|ITR-4||Individuals, HUFs and Firms (other than LLP)||-Resident -Ordinary Resident||
|ITR-5||Firms (including LLPs) AOP, BOI, Local Authority, Artificial Jurisdiction Person||-||
||Not for: Companies claiming exemption u/s 11|
Although documents differ with the income source still there are a few documents that are common while filing ITR. Also, note that you do not need to submit/upload any of the documents on the website, these are advised to be kept with you so that required information can be filled correctly, your time is saved and common errors can be avoided)
PAN Card- PAN Number is the mandatory requirement while filing the Income Tax Return. Your name & DOB on ITR should be the same as written in a PAN card.
Aadhaar Card- The government has also made it compulsory for all the taxpayers to use Aadhaar while filing ITR.
Bank Account Statements- Just to find Incomes, Interest on Saving bank account etc. So that you do not miss reporting of any income in ITR.
Bank Account Details- Your details of all the bank accounts i.e Bank account number, IFSC code and Bank Name is needed to be mentioned while filing ITR.
Challan Details- It includes details such as the challan no., BSR code, date, amount of payment of Advance Tax/ Self Assessment Tax etc.
Original Return/Notice- If an individual is filing a revised return or a return is filed in response to notice received, then he is required to fill in the details of the original return and details of notice.
Check the complete list of documents for ITR filing when you have income from salary, house property, capital gains and other sources.
The procedure to e-file return with form-16 is as follows:
Once you are done with e-filing of income tax return, you must:-
Note:- Verification of an ITR is an important step without which your return filing process is not completed. within the time limit (30 days) you have not verified your tax return,it shall be considered “Invalidate” i.e. null and void. It means that no Income Tax Return has been filed at all.
You are required to complete the verification process by either signing it manually or electronically within 30 days from the date of filing your income tax return. You can find out the details here to know step by step process for both modes.
There are various methods to e-verify ITR:
Check the complete guide on e-verification.
With a view to improvising tax compliance and effective utilization of information in tax administration, it is important that returns are filed within the due dates. Keeping this in view the law imposes certain fees u/s 234F in case the returns are not filed on time, these are as under:-
If a return is filed on or before the due date i.e. 31st July* - No Fees
If a return is filed after the due date but before 31st Dec.*- Upto Rs. 5,000
*(In case of extension, then these dates will be replaced by such extended date)
NOTE:- In case total income is up to 5 Lacs then the amount of penalty will be Rs. 1,000 in all cases irrespective of the timing of the filing of your return after the due date.
Further, provisions related to fees for delayed filing of income tax returns are applicable from Financial year 2018-19 (Assessment year 2019-20) onwards only.
Refer to the detailed guide on 234A, 234BC, 234C interest to know more about these sections and how these may impact you. Click Here
An important piece of advice that we would like to pass on to all our readers is that:- The Income Tax Department and tax laws in the country have become more strict in recent times and they will be more compliant & strict in the near future.
The current laws, however, are still lenient and flexible. So, without any delay start making your Income Tax files cleaner and stronger from this year itself. File accurate income tax returns; And if you do need any help or assistance in filing of strong and clean Income Tax Returns.
Take assistance of our experts and 4.9 star service rated team of chartered accountants. Please send your queries, feedback and suggestions to [email protected]
Income Tax is simply Tax to be paid on income earned by you. The amount is required to be paid to the government (Income Tax Department) directly.
The Due date(or last date) of filing an income tax return for individuals and other taxpayers (HUFs, Association of Persons, Body of Individuals) whose accounts are not required to be audited for the FY 2021-22 (AY 2022-23) is 31st July 2022.
Due date (last date) for another assessee please click on link
Offline mode is only available for Super Senior Citizens (individuals whose age is 80 years or more during the financial year) and whose income is less than Rs 5 lakh per year and who do not have to claim a refund in the return.
You can easily calculate your tax by using our Income Tax Calculator. Here you just need to fill in the required information in an orderly manner and at last, you will get the amount required to be paid as tax.
Every individual can pay taxes by Online or Offline method stated by the Income Tax Department. Please refer to this link to know more details about it.- https://tax2win.in/guide/online-income-tax-payment
Normally, it takes 20-50 days to get your refund after filing your Income Tax Return. You can track the live refund status from here.
As per Section 139(5) of the Income Tax Act, taxpayers can file a revised return to rectify the mistake made while filing ITR. A Tax return can be revised 3 months prior to the relevant Assessment year for which the return is filed.
Form 26AS is your Tax Credit statement where consolidated details are available about the total tax deducted (TDS) by different parties, while making payment to you and the total tax deposit by you (Advance Tax, Self-assessment tax etc.).
Yes, you are required to file your tax return even though TDS has been deducted by your employer, provided your income exceeds the basic exemption limit of Rs. 2,50,000. Further, You can not claim an excess money refund without filing your tax return.
ITR-V is the acknowledgement of your return filed which is sent to your email as soon as the return is filed.
No, documents are not required to be attached/ uploaded but it is advised to keep them with you. they may be asked by income tax authorities if any assessment notice is served to you in future.
If you have not filed your return until the due date i.e., 31st July 2022 then you can file a belated return.
If you have income only from the commission, then you are required to file ITR-3 because commission is treated as business income.
However, if you have income from both salary and commission and income from salary is your primary source of income, then you can file ITR-1 and can show commission income as income from other sources, For only salary income, file ITR-1
Yes, as per section 139(1) of the Income Tax Act, 1961, every individual is required to file an income tax return if their income exceeds INR 2,50,000. So, if your income is INR 5 lakhs, then you are required to file ITR, even if no taxes are required to be paid.
For taxpayers, there is no tax on income if their taxable income does not exceed Rs. 5,00,000, however, you are required to file a return if your income exceeds Rs. 2,50,000
If you are an individual or HUF (Hindu Undivided Family) earning income from interest from FD only, then you can file ITR-1
ITR-2 is applicable to all those individuals and HUFs whose earnings are from salary, house property, capital gains and other sources but not from business income. Hence, you are required to file ITR-2.
An NRI is only required to file a return if he has earned or received any income in India. If there is no income in India an NRI is not required to file income tax returns.
The capacity column indicates the status of the person who has filed the return. if you are filing for yourself then choose self and if you are filing for others then choose representative, if you are filing for HUF then Karta, If you are filing for Partnership then Partner & so on as applicable in your case.
If small shopkeepers have a turnover of up to Rs. 2 crores, then they can file their return under the presumptive scheme under section 44AD.
You can file ITR-1 even if you have two employers in a single financial year; provided income does not exceed INR 50 lakhs. ITR-2 is required to be filed by those individuals and HUFs whose earnings are from salary, house property, capital gains and other sources.
You are required to either e-verify your return or send it to CPC, Income Tax Department, Bengaluru within 30 days of filing the return, failing to do so will result in invalidation of return which means the return will be considered as never been filed. You can file a belated return if you have not verified your return in the stipulated time.
Yes, the buyer of a car can claim TCS in his return. Any amount paid as taxes by the taxpayers can be verified with Form 26AS and can be claimed. If no taxes are required to be paid while filing the return, you can claim a TCS refund from the government.
Default User id for income tax E-filing Website is your PAN no. if you have forgotten your password, you can reset it by clicking on forgot password link provided on the login page itself and following the steps.
If you have income from business and filing the ITR-4 form, only certain disclosures are required, not the complete Balance sheet-like sundry debtors, sundry creditors, stock and cash in hand. And, if you are filing ITR-3 & showing business income then you need to fill the balance sheet also.
Yes, it’s a valid and reliable certificate of the income. It’s the most reliable source to show income for the last financial year.
You can file a revised return if there is any mistake in the return that is observed by you even though the refund has been claimed by you.
In case you don’t have a surname you can show your first name directly in the surname field since the first name field is not mandatorily required.
Yes, it is necessary to report intraday trading losses for income tax. Intraday trading is considered a speculative activity and should be reported as a business income.
A return submitted means return has been filed with the Income Tax Department but it will be processed further only after it is verified. Therefore, “return submitted and not verified” means the return has not been processed further in absence of verification of return.
ITR-V has to be sent to the CPC, Income Tax Department, Bengaluru within 30 days of e-filing. You can also verify your tax returns electronically. It can be done through any one of the means.
BSR code and challan number are just the receipts from the bank that you have paid the tax. If you have already filed your income tax return (ITR) and paid the tax, there is no point in you having outstanding tax. However, if you have some tax outstanding, you can pay the tax.
Normally to file an income tax return, one is required to provide income tax credentials with the concerned CA but with tax2win you can file your return without sharing your income tax id and password.
RSA stands for Request Service Acceptance. This is usually a 4 digit number that is to be entered along with the password while filing an income tax return. RSA is generally formed of one’s PAN details and his or her birth dates.
No, for filing the income tax return as an NRI you need not mention your income from abroad. Only the incomes accrued or earned in India are to be mentioned in the income tax return. Only incomes from India are taxable.
Yes, if any deduction or allowances has been skipped to be claimed in Form No 16, the tax filer can still claim the same while filing his/her income tax return.
No, ITR 4 can only be filed by individuals, HUF and firms other than LLP having a presumptive income. For more details click here.
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