Income Tax India

We have given some usefull details about income tax return in India. an Individual or an HUF has to file its income tax return, before the due date which is generally 31st July of the subsequent year, if the total income before deducting various deductions available under Chapter VIA exceeds the basic exemption limit. These deductions include various deductions like those under section 80C for LIP, EPF, PPF, NSC, ELSS, School Fee, Repayment of home loan, ULIP etc. The other deductions available are for NPS, Mediclaim, medical expenses incurred for specified disease or dependent special person , interest on saving bank upto Rs. 10,000/-etc.


So though your income may not be taxable after giving benefits of the various deductions available but you are still required to file your income tax return if your income before such deduction exceeds Rs. 2.5 lakh in case you have not completed 60 years, Rs. 3 lakh if you are a senior citizen and Rs 5 lakh if you have completed 80 years of age.


Late Return: Time limit for filing belated return:


Presently you can file your return even after you miss the initial due date of 31st July within two years from the end of the year for which you have to file your income tax return. This return which is filed after the due date is called belated return. For example, for the year ended 31st March, 2015 your due date was 31st July 2015 but you can file the same by 31st March 2017 i.e. two years from the end of the year.


Revise the Return: Right to revise the return of income filed:


After having filed your income tax return, if you notice any error or omission, you can file a revised return, only and only if the original return of income has been filed by the due date i.e. 31st July.


Types of e-Filing:


There are three ways to file Income Tax Returns electronically:

1. e-File without Digital Signature Certificate. In this case an ITR-V Form is generated. The Form should be printed, signed and submitted to CPC, Bangalore using Ordinary Post or Speed Post ONLY within 120 days from the date of e-Filing. There is no further action needed, if ITR-V Form is submitted.


2. e-File the Income Tax Return through an e-Return Intermediary (ERI) with or without Digital Signature Certificate (DSC).


3. Use Digital Signature Certificate (DSC) / EVC to e-File. There is no further action needed, if filed with a DSC / EVC.


Types of e-Verification of Returns:


There are three options to electronically verify the returns

1. e-Verification using e-Filing OTP.


2. e-Verification using NetBanking login


3. e-Verification using Aadhaar OTP validation.


Income Tax Return eFiling


You can learn here how to efile income tax returns in India....Though the income tax returns forms required the assessee to mention details of exempt income in the form, such information of exempt income even if substantial were not available to the income tax department in case the total income before the deductions did not exceed the exemption limit.


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