ITR details the person's income and the taxes they will have to pay throughout the year. Individuals and businesses in India submit Income Tax Returns (ITRs) each year to report their income and taxes paid to the government. The Income Tax Department will typically require a form to be completed and submitted along with supporting documents like investment proofs, bank statements, and salary slips. The assessment year typically ends on July 31 for ITR submission. Penalties and fines may be imposed if ITR is not submitted on time.
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To expedite the process, you should have the following documents available before we begin:
1. PAN
2. Aadhaar
3. Bank account details
4. Form 16
5. Other Income information
6. Investments details
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The procedure for submitting an Income Tax Return (ITR) in India is as follows:
1. Collect all required documents: Gather all of the documents you need to submit your ITR, including proofs of investments, bank statements, and salary slips.
2. Choose the appropriate ITR form: Based on your income, source of income, and tax obligation, select the appropriate ITR form.
3. Complete the ITR form: In the ITR form, provide all necessary information, including personal information, information about your income, and information about taxes.
4. Determine your tax obligation: Calculate your tax obligation using the information on the ITR form.
5. Send the ITR form in: To the Income Tax Department, submit the completed ITR form and all supporting documents. This can be accomplished either offline by going to the Income Tax office that is closest to you or online by using the e-filing portal.
6. Check the ITR: You must either submit a physical copy of the ITR-V form to the Income Tax Department or use an electronic verification method, such as an e-verification code sent to your registered mobile number or email.
7. An ITR copy should be kept for your records: The Income Tax Department will process the ITR and send you an acknowledgement once it has been verified. A copy of the ITR and acknowledgement should be kept for your records.
FAQS
Q1. Who can not file ITR -1?
No person can file an ITR-1 if they: Is a Non-Resident Indian (NRI) and a Resident Not Ordinarily Resident (RNOR) with a total income of more than Rs 50 lakh.
Q2. How can I view my ITR status online?
The status of your income tax return is "Verified" once it has been verified and filed. The status changes to "ITR Processed" when the processing is finished.
