what is ITR?, How to fill ITR yourself ? 5 point we should know before filling ITR?

ITR(Income Tax Return): Income Tax Return (ITR) is a process that is used to calculate the total money earned, savings made, investments, deductions claimed and reporting gross taxable income in a financial year. If your income is more than the tax slab given by the government, then it is mandatory to fill income tax return. so  Firms or companies, Hindu Undivided Families (HUFs), and self-employed or salaried individuals must file ITR to the Income Tax Department of India.

Deadline for ITR 2022 :

The Central Board of Direct Taxes (CBDT) had declared the the last date for filing ITR for FY 2021-22, ie.; (AY 2022-23). The last date is 31 July 2022(for salaried and HUF). The Income Tax department has also declared last due date for other.

• Audit Assessees/companies can  fill ITR  till 30 oct 2022.
• For 92E section tax payer last date in 30 nov 2022.
• The due date of filing belated and revised return of income is 31 december 2022.
• The due date for TDS Statement for fourth quarter of FY 2021-22 is 30 June 2022.
• The last date for issuing Form 16  and Form 16 is 15 July 2022.

Why it is necessary to file ITR?

It is mandatory for one to file income tax returns in India, if he comes under any of the following conditions:

• Individuals falling in the tax bracket.
• If your TDS has been deducted and needs to claim tax refund.
• company or firm, irrespective of the profit or loss made in the financial year.
• If there is a need to carry forward the loss on account of income.
• If you are applying for any loan or visa.

Process of ITR filing

you can file  ITR 1 or ITR 2 form by offline or online(E-filed) mode but  Filing  of ITR 3, 4, 5, 6, 7 is  mandatory to e-filed(online). below we are describing about how to ITR filed by offline mode

How to Download ITR Form?

Here is a step-by-step procedure to download the ITR forms from Income Tax Department website

• Step 1: Visit the official income tax department  of india website by clicking at Income tax official website (https://incometaxindia.gov.in/)
• Step 2: From home page, click on the ‘Forms/Downloads’ option and navigate to the ‘Income Tax Returns’ menu. as shown in picture
• Step 3:  After clicking on “Income Tax Returns’ You will be redirected to a new page where all ITR forms are shown. Each ITR forms can be downloaded by Click on the ‘PDF’ option.

ITR forms Definations and Uses

According to the source of income of the taxpayer, different ITR forms have been prepared, so one should always file ITR forms according to their income source. Here we will discuss about the types of ITR forms.

Documents need to file ITR

For E-Filing of ITR  Online, the following documents are needed:

• Pan card
• Form 26AS
• Form 16A, 16B, 16C
• Pay slips
• Bank statements
• Interest certificates
• Proof of tax saving investments

 E-Filing of ITR for AY 2022-23

You can file ITR by yourself or by an income tax expert by visiting the official website of Income Tax Department. For this you have to register on the official website of Income Tax. The e-filing on the portal after the registration process can be filed by following way:

• First of all collect above mention documents i.e. Form 16 or Form 16A, saving proof etc
• Check your Form 26AS to get a summary of your TDS payment for the different quarters of financial year.
• Select your ITR form based on your income source, total income, profession, business etc.
• Visit the official e-filing portal of the income tax department   E-filing official link  (https://eportal.incometax.gov.in/iec/foservices/#/login).
• If you are a new user, you have to go through registration process using the ‘Register’ button.
• If you are registered user then simply  click on the ‘Login’ button.
• Click on the ‘File Now’  button as shown in picture
• Select Assessment year from drop down list and chose the mode of ITR(online or offline).
• Click on next button this will navigate on next page where you have to click on ‘ start new filing’ button.  from click this you will be navigate another new page where you select category i.e individuals, HUFs or others.
• Choose the ITR Form that is applicable to you.
• check your bank account. you will be required to pre-validate the details.
• After this, you will be redirected to a new web page where you will be able to check the pre-filled details of your ITR. Check the details and make changes if required. Once you are sure that all the details provided in the form are correct, confirm the same and validate it.
• Once the process is complete, E-verify the returns using Aadhar NO.

Note: No need to send hard copy to Income Tax Department if you E-verify your Return

ITR filing without Form 16 Is also very easy process. Here are some point you should keep in mind before filing ITR without Form 16:-

Simple Points for file ITR without Form 16

These are points to file ITR without Form 16:

• Calculate your income earned from all your sources combined (salary or pension, rent, capital gain on the sales of a capital asset, interest from your fixed deposits and bank accounts, etc.)
• Check your Tax Deducted at Source (TDS) from Form 26AS which can be downloaded from the website of TRACES.
• Calculate your total income for the entire financial year for which you are filing your tax returns. The total income is the sum of all the income received and the TDS that has been deducted on that income.
• Calculate all your all saving because which you can take exempt in section 80c allows deduction for investment made in PPF , EPF, LIC premium , Equity linked saving scheme, principal amount payment towards home loan, Sukanya smriddhi yojana (SSY) , National saving certificate (NSC) , Senior citizen savings scheme (SCSS), ULIP, tax saving FD for 5 years, Infrastructure bonds etc.
• Calculate your total taxable income by deducting the total deductions that can be claimed from the sum total of your income earned.
• Calculate your tax liability for the year by applying the tax slab rates which are applicable to you.
• Determine the tax payable by you. If the TDS deducted on your income is less than your tax liability as calculated in Step 6, the tax to be paid by you is the difference amount. If the TDS deducted exceeds your tax liability, then you have paid excess tax for which you can claim a refund while filing your IT returns.
• Now you can file your IT returns

 

Penalty for Late Filing of ITR

 

 Penalties that are levied for a delay in ITR filing  are below fy 2021-22(Assessment yr 2022-23):

Penalties are levied from 1000 to 10000 rs for late filling and Apart from penalties, in case taxpayers are eligible to receive a refund, there will be a delay in case the ITR is filed late. Taxpayers will also have to pay a 1% interest on the pending amount in case the returns are not filed on time. for more detail about penalties Click here

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