It's the
income tax season and every individual are busy filing their taxes. According
to income tax Act, individuals whose annual income is in excess
of the basic exemption limit of Rs 5 lakh must mandatorily file their income
tax return. In addition, the returns should be filed before the
specified due date.
Every Income
Tax Return Form is applicable to a certain section of the Assessees. Only those
Forms which are filed by the entitled Assessees are processed by the Income Tax
Department of India. It is therefore imperative to know which particular form
such as ITR1 to ITR 7 Form is
appropriate for different cases. Income Tax Return Forms vary depending on the
criteria of the source of income of the individuals and the category of the
taxpayers. To make you understand even more about ITR Filing, here we’ve
discussed about the income tax filing for AY 2019-20-
Income Tax
Filing Requirements for Financial Year 2018-19
If you fall
in any of the following situations as per income tax act guidelines, hence it
will be mandatory to file an ITR in India-
Ø Any
individuals whose income exceed certain thresholds are eligible to file tax
returns.
Ø If
your gross total income exceeds Rs. 5,00,000, then you are eligible to file
your return.
Ø If
you’re a company or a firm and you have incurred income or loss during the
financial year.
Ø E
filing of Income Tax return is compulsory if you want to claim an income tax refund.
Ø If
you want to carry forward loss under any head of income, it is mandatory to
file IT Return.
Ø If
you are a Resident and a signing authority in a foreign account.
Ø You
are required to file an income tax return when you are in receipt of income derivative
from property held under a trust for chincaritable or religious purposes or a
political party or a research association, news agency, educational or medical
institution, trade union, a not for profit university or educational
institution, a hospital, infrastructure debt fund, any authority
Ø If you are a foreign company taking profit on
a transaction in India
Ø At
the time of applying for a visa, you will be required to submit the proof of
income tax return filing.
Ø This
can enhance the chances of getting a suitable home loan if you apply for one in
the future.
Ø Some
credit card companies demand proof of tax returns before issuing a card.
What is
e-filing?
efile of Income Tax
Return in India is no more viewed as a complicated process
after the government has simplified the filing process. With increasing
prosperity and higher income levels, a large number of individuals have become
eligible for income tax return. Now, individuals can easily e-file ITR through income tax
return online process which is known as e-filing of returns. It offers the convenience
of time and place to taxpayers to file their returns.
Steps for
E-Filing
·
Login to the official website for Income
Tax efiling
·
Read the instructions carefully
·
Select and download the appropriate
Income Tax Return form
·
Download Return Preparation
Software as per your income slab.
·
Fill your return offline and
generate the XML file.
·
Register and create a user
id/password.
·
Login and click on the relevant
form on the left panel and select "Submit Return".
·
After successfully efiling login India browse to select
XML file and click on "Upload" button.
·
On successful upload
acknowledgment, details would be displayed.
·
Generate printout of
acknowledgment/ITR-V Form (66 KB) - PDF file.
·
In case the return is digitally
signed, on a generation of "Acknowledgement (29 KB) - PDF file that opens
in a new window" the Return Filing process gets completed.
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