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Income Tax Return- Basics, Details, Latest Updates- Income Tax Guide FY 2022-23

Updated on: 24 May, 2023 01:10 PM

Most Comprehensive Guide for Individuals for FY 2022-23(AY 2023-24) for e-filing income tax returns in India in simple language Filing income tax is always considered a complex process. The Income Tax Department is rigorously working to make the filing process smooth and easy.

The Income Tax Department has also embraced digital technology, and one of the major conveniences that has come through it is electronic filing (e-filing).

From introducing the provision u/s 234F for non-filers of income tax returns to making most of the processes accessible online the department's objective is very clear that it wants your files to be clean and compliant with the law.

In this article, we will share the details, and latest updates you must know while filing your income tax return (ITR) for FY 2022-23(AY 2023-24).

Latest Updates

Budget 2023 Updates

The new tax regime will be the default tax regime as per Budget 2023

The basic exemption limit has been raised to Rs 3 lakh from Rs 2.5 lakh to make the new tax regime more attractive. Also, the highest tax rate of 30% will be levied above Rs 15 lakh income.

In the budget 2023-24 announcement, the rebate under section 87A has been hiked to Rs 7 lakh from Rs 5 lakh under the new tax regime. The rebate benefit will be up to Rs 25000, provided income doesn't exceed the limit of 7 lakhs.

The proposal to introduce the standard deduction in the new tax regime has been shared. As per this salaried class, the pensioners will benefit from a standard deduction of Rs. 50,000/-

Also, the exemption of a family pension of Rs. 15,000 has been introduced under the new tax regime.

As per the presumptive taxation scheme, a taxpayer benefits from the exemption from maintaining books of account. This scheme is explained under Sections 44AD, 44ADA, and 44AE of the Income Tax Act. FM has proposed to increase the turnover limits under section 44AD from Rs. 2 crores to Rs.3 crores for specified businesses, including Micro, Small, and Medium Enterprises (MSMEs). The Budget 2023 has also amended section 44ADA and revised the presumptive taxation limits of gross receipts from previous limits of Rs. 50 Lakhs to revised limits of Rs. 75 lakhs for specified professions. The enhanced new limits will take effect if total cash receipts for the year do not exceed 5% of total gross receipts or turnover

Reduction in the surcharge on annual income above 5 crores from 37% to 25% under the new regime. Currently, the highest tax rate is 42.74%, which would slash the maximum tax rate to 39% after this reduction.

The limit of Rs. 3 lakh for tax exemption on leave encashment on non-government salaried employees has been raised to Rs. 25 lakh.

Under Sections 54 and 54F, a limit is proposed for capital gains on investment in residential houses. The government put a cap of Rs 10 crore on the capital gains on which exemption will be available. For instance, if the capital gain or net consideration is more than Rs. 10 crores, then exemption u/s 54 and 54F can be claimed only up to Rs. 10 crores.

Furthermore, the new tax regime has reduced the income tax slabs from 7 to 6. The revised tax structure as per the new tax regime is:-

Read more updates about Budget 2023 here.

You can calculate your estimated income tax after the amendments made in Union Budget 2023-24 here.

What is an Income Tax Return?

Income tax is a type of tax that is levied by governments on the income earned by individuals, corporations, and other entities. The tax is usually calculated as a percentage of the income earned, and the amount paid is used to fund various government programs and services.

Individuals are required to pay income tax on their salary or wages, as well as on other forms of income such as interest, dividends, rental income, business profits, and capital gains. Corporations are also required to pay income tax on their profits.

The amount of income tax owed is determined by a variety of factors, including the amount of income earned, the tax laws in the country or region where the individual or corporation is located, and any deductions or credits that may be available. Taxpayers are required to file an annual tax return to report their income and calculate the amount of tax owed, and failure to pay the required amount can result in penalties and interest charges.

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 returns (Forms are relevant for individuals, companies, firms, etc.).

Why Filing Income Tax Returns is important in India?

It is mandatory to file income tax returns if your income exceeds the basic exemption limit under the Income Tax Act and all the responsible citizens of the country should file it. For many, filing income tax returns is a burdensome process but the benefits are far ahead of it.

Few of the benefits of filing an Income Tax return are:

  • You are helping the nation as the tax you pay is used to build infrastructure and improve facilities like medical, education, defense, etc.
  • As income proof, while applying for a loan, planning to go abroad, easy VISA processing, loss compensation, etc.
  • You will have authenticated evidence of your earnings.
  • While you are planning to start a new business and seeking funding. Specifics of ITR can be asked at this time to evaluate the business's financial stability and profitability.

What is eFiling of Income Tax Return?

E-filing of Income-tax return is filing your Income-tax return online. This process is easy, quickly at the comfort of your home or office you can file the income tax return.

To file the income tax return online, just visit the e-filing website. You can learn the further process here.

Furthermore, the easy and quick way to file an Income Tax return is with Tax2win. You can simply file your return by sitting at home with us:-

Step 1: Visit the tax2win website. Here, click on the option “File ITR Now”.
Step 2: Here Select your source of Income and click on continue.
Step 3: If you're a salaried individual, Just Upload your Form 16. If you do not have any form 16 then you can simply skip the option and move further.
Step 4: Enter the Financial Year, PAN & Aadhaar details, and other basic details like your Employment Details, Deductions(If Any), and bank details. After giving the details of all the information.
Step 5: Review your tax computation and click on the “File My ITR” button.

Our Users find Tax2Win website more friendly and easy to use since it is designed based on inputs from lakhs of people who are using it to eFile income tax return every year.

Who should file an Income Tax Return?

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, income from 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 addition, New IT Rule 12AB now requires Compulsory Return Filing in all circumstances where limitations in the previous financial year were exceeded for the following:

  • Business Turnover of more than Rs. 60 lacs,
  • Professional Receipts of more than Rs. 10 lacs,
  • TDS & TCS of Rs.25,000, or more for a person of the age of fewer than sixty years; or
  • TDS & TCS of Rs.50,000, or more for a person of the age of sixty years or more,
  • Deposit in Saving Bank Accounts is equal to or more than 50 lacs

In what cases Residents of India are required to compulsory file their return irrespective of income criteria:-

  • You are a beneficial owner of any asset located outside India.
  • Have any financial interest in entities located outside India.
  • The beneficiary of any asset located outside India.

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:

  • who has incurred expenses on payment of electricity of an amount exceeding Rs. 1 lakh during the year
  • who has incurred expenses of an amount exceeding Rs. 2 lakhs for foreign travel, either for himself or another person
  • Who has deposited amounts exceeding Rs. 1 Crore in one or more current accounts during the Financial Year maintained with a banking company or a co-operative bank
  • Also, a person who claims exemption under Sections 54 and 54F (reinvestment of long-term capital gains or LTCG from a property sale), where income before the exemption is more than the minimum exemption limit, will have to file ITR.

Let’s take a few quick and easy examples of real-life situations to understand it better:-

Particulars Case-1 Case-2 Case-3 Case-4 Case-5
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
Other Income 31,000 - - - -
Capital Gains - - 1,30,000 - -
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 6 of your form-16 to know the taxable income from salary)

(Refer to part C for- “Gross total income” in the ITR form 1 to know the total income)

Is there any benefit of filing a return if an individual’s income does not exceed Rs 2,50,000 / Rs. 3,00,000 / Rs. 5,00,000?

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:

Accidental Claims When you meet with an accident and want an accidental claim from the insurance companies, if you have your income tax returns with you then the court applies a simple formula to arrive at the claim amount.
Proof of Income/Proof of Net worthWhat’s the best document for your Income Proof? No brownies for guessing this one. Yes, we all know it’s your income tax return.
Refund You can claim a refund of the amount that you have paid in excess or deducted excessively in the form of TDS. There is no bigger joy than getting back your money from the Income Tax Department.
Eligibility in Loan Application Income Tax Returns of the last three years is one of the basic documents required for loans. This helps banks in judging your payback capacity.
Carry forward capital losses If in a financial year you have incurred capital losses, then you can carry forward it and settle in future.
Obtaining Visa For traveling abroad, foreign consulates of many countries ask you to furnish the last 3 years’ income tax returns or the current year’s income tax return. The absence of any return can reduce the chances of you getting a visa, especially under the visitor, investor, and work permit categories.
Carry forward of losses Want to claim last year’s business loss? File your income tax return and you’re all set for it.
For Startup Funding Looking to raise funds from VCs, angels? You need to have income tax returns filed till date ready. Many investors study your business scalability, profitability and other cost parameters from your business income tax return.
Protection against Black Money If you diligently file your income tax return every year, then your savings will never be at risk of being termed as black money by the Income Tax officials as any income not reported to the Income Tax Department comes under the radar of black money.
Buying insurance Policy with high life cover Some insurance companies are adamant about income tax returns while providing high life cover to verify your annual income.
Obtaining Government Tender Sometimes, furnishing your income tax return is a must to apply for government tenders especially when tenders of high value are being awarded.
Avoid penalty Non-filing of income tax returns can land you in trouble with the Income Tax Department. You carry the risk of not only paying a penalty but interest on it as well.
Credit Card Application Want to flaunt a high limited Credit Card? Well, you better have your income tax return with you to get the hang of it.
Growth of the nation Be a part of the nation-building process by filing an income tax return.
Trust us, you can file your tax return on your own. It’s Easy, quick and free when you file with Tax2win on your own.
benefit of filing a return if an individual

What will happen when I have taxable income, but do not file my 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 the Income Tax Department along with fines and penalties. The consequences of non-filing of return are:

  • Late filing Fee u/s 234F shall be levied if the return is not filed on or before the due date. The quantum of fees shall vary according to the amount of your income and return filing date. The maximum fee levied is Rs. 5000/-.
  • Notice u/s 142(1) which requires you to file your return if you have not filed it before the due date. if you fail to comply with this notice then it may result in:
    (a) Best Judgment Assessment u/s 144 and/or
    (b) Penalty of Rs. 10,000 u/s 271(1)(b) and/or
    (c) Imprisonment with or without fine u/s 276D.
  • Notice u/s 148 for furnishing return within the period as mentioned in the notice itself.
    As per Section 270A, if income is under-reported due to
    - Wrong disclosure / misreporting then the penalty shall be leviable @200% of tax payable on such income and
    - In any other case, the penalty shall be 50% of tax payable on such income
  • A penalty of minimum 100% to a maximum of 300% of the amount of tax for concealment of income u/s 271(1)(c).
  • Interest u/s 234A keeps on mounting at the rate of 1% per month/ part of the month till the time you file your return. Also, you'd be required to pay interest u/s 234B and 234C, both at the rate of 1% per month/ part of the month if you've not complied with the advance tax provisions at the time of late filing of return.
  • If you have losses (Business, Capital loss) that you want to be carried forward, you can not carry forward your loss if you do not file an Income Tax Return or file after the due date.

What is the due date to file an Income Tax Return?

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 a 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 within the limits of Tax Audit are:

  • Persons carrying on business and sales/turnover exceeding Rs.1 Cr.
  • A person carrying on professional and Gross Receipts exceeding Rs 50 Lakhs.
  • A person carrying on business or profession under the provisions of section 44AD and sales/turnover exceeds Rs 2 Cr. or declaring income lower than the deemed income under the applicable section.

As per finance act 2020 : 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)

With effect from 1st April 2021, the threshold limit of Rs 5 crores is increased to Rs 10 crores in case cash transactions do not exceed 5% of the total transactions.

What will happen in circumstances where I have missed the due date or made a mistake while filing my Income Tax Return

  • Missed the due date
    You can file a belated return 3 months prior to the end of the relevant assessment year i.e. For FY 2022-23 (AY 2023-24)the filing date of it would be till 31st Dec 2023. (It is called a belated return i.e., a late-filed return (After the due date) but with the payment of late fees u/s 234F).
  • Made a Mistake
    You can Revise your already filed ITR three months prior to the relevant assessment year i.e. For FY 2022-23 (AY 2023-24) filing the date would be 31st Dec 2023.

From here check all the due dates to stay one step ahead of Income Tax

What will happen if I don’t file an Income Tax Return on or before the due date?

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:

  • You can not carry forward the losses from your business.
  • Lose Interest on refunds.
  • Pay Interest under section 234A @ 1% per month for late filing of return.
  • Late filing fee u/s 234F up to Rs. 5000 depending upon taxable income and date of return filing will be levied.
  • You may receive the Notice from the Income Tax Department.
Income Tax Return

What are the options available to a person if he/she misses the due date or if one wants to file a tax return after the deadline for Income tax return filing is over?

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 2022-23 as a belated return till 31st December 2023.

Which ITR form to fill out for filing my income tax return in India?

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 2022-23 (AY 2023-24) -

ITR FORM Type of TaxPayer Residential status Who can file? Who cannot file?
ITR 1 Individuals* -Resident -Ordinary Resident Income From -
  • Salary or Pension /
  • One House property /
  • Other Sources
  • More than 1 house property
  • Income from winnings, lottery, race horse etc.
  • Income from business, profession, capital gains from the sale of shares, land etc.
  • Agriculture income of > Rs. 5000
  • Loss under any head except one house property upto Rs. 2 Lakh.
  • Have assets located outside india or having any income from outside india (Income from foreign)
  • Total income exceeds Rs.50 lakhs in the financial year, Individual who is either Director in a company or has invested in Unlisted Equity Shares
  • has tax deduction under section 194N of Income Tax Act
  • has deferred income tax on ESOP received from employer being an eligible start-up
ITR 2 Individuals and HUFs -Resident -Ordinary Resident -Non-resident (NRI_ -Non-Ordinary Resident Income From -
  • Salary,
  • More than One House
  • property,
  • Other Sources
  • Capital Gain, Company’s director or an individual holding investment in unlisted equity shares of a company
Income from business or profession
ITR-3 Individuals and HUFs -Resident -Ordinary Resident -Non-resident (NRI_ -Non-Ordinary Resident Income From -
  • Salary,
  • More than One House property,
  • Other Sources
  • Capital Gain,
  • Business or profession,
  • Director of the company/
  • Partner of the firm
Any other body corporate
ITR-4 Individuals, HUFs and Firms (other than LLP) -Resident -Ordinary Resident Income From -
  • Salary,
  • House property,
  • Other Sources,
  • Presumptive Income
  • More than 1 house property
  • Income from winnings, lottery, racehorse etc.
  • Income from capital gains
  • Agriculture income of > Rs. 5000
  • Loss under any head except one house property up to Rs. 2 Lakh.
  • Have assets located outside India or having any income from outside India (Income from foreign)
  • Individual who is either Director in a company or has invested in Unlisted Equity Shares
ITR-5 Firms (including LLPs) AOP, BOI,Cooperative societies, Local Authority, Artificial Jurisdiction Person - Income From
  • House property,
  • Other Sources,
  • Capital Gains,
  • Lottery Income,
  • Agriculture Income more than INR 5000,
  • Having Foreign Assets
  • Carry forward losses,
  • Business Income
Not for:
  • Individuals
  • HUFs
  • Companies
  • Trusts
ITR-6 Companies Income From
  • House property,
  • Other Sources,
  • Capital Gains,
  • Lottery Income,
  • Agriculture Income more than INR 5000,
  • Having Foreign Assets,
  • Carry forward losses,
  • Business Income
Not for: Companies claiming exemption u/s 11
  • Charitable Trusts,
  • Political Parties,
  • Research Institution,
  • News Agency,
  • Institution u/s 10(23A) and 10(23B),
  • Every University and institution,
  • Business Trust,
  • Investment Fund.
  • Income From House property,
  • Other Sources,
  • Capital Gains,
  • Lottery Income,
  • Agriculture Income more than INR 5000,
  • Having Foreign Assets,
  • Carry forward losses,
  • Business Income
Not For:
  • Individuals
  • HUFs
  • Companies
  • Firms(including LLPs)
  • AOP, BOI

What documents are needed to file ITR?

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 CardPAN Card- PAN 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 CardAadhaar Card- The government has also made it compulsory for all the taxpayers to use Aadhaar while filing ITR.
Form 16 - For income under the head salaries
Form 26AS
AIS(Annual Information statement) /TIS (Tax Information Summary)
Capital Gain/Loss Statement - If there is an income/loss under the head Capital Gains
Home loan interest Certificate (if applicable)

Bank Account StatementsBank 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 DetailsBank Account Details- Your details of all the bank accounts i.e Bank account number, IFSC and Bank Name is needed to be mentioned while filing ITR.

Challan DetailsChallan Details- It includes details such as the challan no., BSR code, date, amount of payment of Advance Tax/ Self Assessment Tax etc.

Original Return/NoticeOriginal 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.

How to e-file ITR with Form 16?

The procedure to e-file return with form-16 is as follows:

  • Choose "File It Yourself" and click on the "File ITR Now" option at and
  • Upload your Form 16. After uploading form 16, Tax2win software will auto-fill the Form 16 data.
  • Verify your tax computation now and edit if required.
  • Click the "FILE MY RETURN" button and you are done!

Can I e-file ITR without Form 16?

Yes, you can still e-file your Income Tax Return even if you do not have form 16 with you. You need to fill in the required details in the software and submit the ITR at the end.

What will be the next steps after e-filing of Income Tax Returns?

Once you are done with the e-filing of your income tax return, you must:-

  • Check your inbox for the email id as provided in your income tax return form, You will receive an intimation for the successful filing of your Income Tax Return, along with ITR-V (Acknowledgement) attached with eMail.
  • Cross Check all figures thoroughly in your filled ITR form or ITR-V for any error, mistake, etc
  • Verify the Income-tax return by sending a physical copy to CPC Bangalore or you can e-Verify online. Once the return has been successfully Verified, the return filing procedure ends here. And now your job is done.
  • IMPORTANT, In case you have a refund in your tax return you shall receive the same in your bank account within the next few days. It is better to keep tracking your refund status so that you do not miss out on any important updates from the department. You can keep checking the refund status from here

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.

What is the timeline & methods for completing the e-Verification of an Income Tax Return?

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 the step by step process for both modes.

There are various methods to e-verify ITR:

  • Through Net banking
  • Through Bank ATM
  • Digital Signature Certificate
  • Aadhaar OTP
  • Bank Account number
  • Demat Account.
  • Physically sending ITR-V.

Check the complete guide on e-verification.

What is the latest amendment introduced u/s 234F i.e., Fees for filing of Income Tax Return AFTER the due date and other consequences of non-filing or late filing of income tax return?

With a view to improving 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 the Financial year 2018-19 (Assessment year 2019-20) onwards only.

the latest amendment introduced

Apart from 234F, you need to pay interest on the unpaid amount of Tax under 3 different sections of the act.

  • 234 A- @1% per month or part of the month for delay in filing your income tax return
  • 234 B- @1% per month or part of the month for non-payment or short payment of advance tax.
  • 234 [email protected]% per month or part of the month for Non-payment or short payment of individual installments or installments of advance tax (i.e., deferment of advance tax)

Refer to the detailed guide on 234A, 234B, 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 this year. If you need any help or assistance in filing strong and clean Income Tax Returns- take the assistance of our experts and 4.9 star service rated team of chartered accountants. Please send your queries, feedback and suggestions to [email protected]

Frequently Asked Questions

Q- What is Income Tax?

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.

Q- What is the last date for filing income tax returns for the FY 2022-23 (AY 2023-24)?

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 2022-23 (AY 2023-24) is 31st July 2022 2023.

Due date (last date) for another assessee please click on link

Q- How to link an Aadhaar Number with a PAN Card?

Linking of PAN and Aadhaar can also be done through SMS. Type UIDPAN <12 Digit Aadhaar No.><10 Digit PAN> and send an SMS to 567678 or 56161. For Ex- UIDPAN111122223333 AAAPS1111A. This message needs to be send from your registered mobile number.
Online : Using Income Tax e-filing Website
Link Aadhaar-PAN manually by filling Annexure-1 along with the supporting documents i.e. copy of the PAN card and Aadhaar card. through visiting PAN/UTIITSL/NSDL centers.
Late fees challan is required to be paid for linking Aadhaar and Pan and the last date is 30th June 2023.

To read more-click here

Q- Who can file the return Offline (In paper form)?

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. However, paper returns can be filed by those above 80 years of age who do not have any income from regular business or professional income.

Q- How to calculate the amount of tax to be paid?

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.

Q- How to make a tax payment online?

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.-

Q- I have filed my return, when will I get a refund?

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.

Q- How to correct a mistake made while filing ITR?

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 i.e. revised/belated return can be filed upto 31st Dec subject to date extension. For FY 2022-2023 revised/belated return can be filed upto 31st Dec 2023.

Q- What is Form 26AS and how is it helpful in filing an income tax return?

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.) and high-value transactions entered into by the taxpayer.

Q- Do I need to file returns even if my company has deducted tax on my salary?

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 excess taxes paid as refund without filing your tax return.

Q- What is ITR-V?

ITR-V is the acknowledgement of your return filed which is sent to your email as soon as the return is filed by the Income Tax Department. It is a 1-page verification document you must submit to the Income Tax Department for them to start processing your return. It can be submitted online by e-verification of ITR and offline by sending the ITR - V to Bangalore.

Q- Is it necessary to attach documents while e-filing ITR?

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.

Q- Can I file my ITR for A.Y. 2023-24 after 31st July 2023?

If you have not filed your return until the due date i.e., 31st July 2023 then you can file a belated return upto 31st Dec 2023.

Q- Which ITR should be filed for Income from salary or commission or both?

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

Q- Is it mandatory to file an income tax return for income less than 5 lakhs?

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.

Q- What is the minimum income for income tax?

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 and other conditions as specified by the act.

Q- Which ITR form is to be filled if income is from interest earned on FD only?

If you are an individual or HUF (Hindu Undivided Family) earning income from interest from FD only, then you can file ITR-1. It is shown under income from other sources head.

Q- I have an income from my salary as well as capital gains, which ITR form do I need to select: ITR-1 or ITR 2?

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.

Q- Which Income tax return form should I fill if I am an NRI with no income in India?

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. But NRI must file their return if they want to claim refund for the excess taxes paid and carry forward the losses.

Q- What should I write in the capacity column of the ITR 1 form?

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.

Q- How do small shopkeepers file an income tax return?

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.

Q- I worked for two companies last year. Do I need to use an ITR-2 for e-filing?

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.

Q- What will happen if I don't e-verify my income tax return?

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 but it will be filed with the penalty applicable u/s 234F.

Q- Can a buyer of a car claim TCS in his income tax returns?

Yes, the buyer of a car can claim TCS in his return.TCS is deducted by the seller of the car if the car value is Rs 10 lakhs. Any amount paid as taxes by the taxpayers can be verified with Form 26AS and can be claimed while filing the tax return. If no taxes are required to be paid while filing the return, you can claim a TCS refund from the government.

Q- What if I have forgotten my user ID of the E-filing Website?

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.

Q- Do I need to file the balance sheet with the income tax return in India?

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.

Q- Can I use my income tax return copy as an income certificate for college admission?

Yes, it’s a valid and reliable certificate of income . It’s the most reliable source to show income for the last financial year.

Q- How do I file a revised income tax return after a refund has been paid to my account?

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.

Q- How do I register on the e-filing portal of the Income Tax Department if I don't have any surname, which is a mandatory field?

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.

Q- Is it necessary to report intraday trading losses in an income tax return?

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.

Q- What is meant by return submitted and not verified status for an ITR?

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.

  • Net Banking
  • Aadhaar OTP
  • EVC code through department’s website
  • Giving bank account details on e-filing website or
  • Giving DEMAT account details on income tax e-filing website.
  • Using Digital Signature.

Q- I forgot to give the BSR code and challan number while filing the ITR online. Can I pay the outstanding tax online after this?

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, and you have received the demand notice, then it can be rectified by correcting the BSR code and challan number. If no taxes were paid then you can pay the tax.

Q- Do I have to share my income tax website user ID/password if I want a CA or some tax firm to file my income tax returns in India?

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.

Q- Do I need to mention my foreign income in Income Tax Returns as an NRI?

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.

Q- If a deduction is not reflected in my Form 16. Can I claim it while filing ITR?

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.

Q- Can a company or association of persons (AOP) file ITR 4?

No, ITR 4 can only be filed by individuals, HUF and firms other than LLP having a presumptive income. For more details click here.

CA Abhishek Soni
CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.