An individual is required to file an income tax return by July 31 of each assessment year. In the case of income that is chargeable under the heading-Income from business or profession, and whose accounts are undergoing an audit, the due date to file the return is September 30th.
Modes of filing the return of income
There are several ways to file a tax return with the Income-tax Department:
- Providing a paper return;
- Using a digital signature when filing the return electronically;
- transmitting the data electronically under an electronic verification code;
- Electronically transmitting return data and submitting the verification of the return in Return Form ITR-V
Returns must be filed Electronically
All assessees, except those over the age of 80 years or older at any time during the previous year, who have a refund claim in their return or who have a total income of more than Rs 5,00,000, are required to submit the return of income electronically, either with or without a digital signature or with a digital verification code starting from the assessment year 2015-16.
With itr online apply forms, there is no requirement to attach any documents (such as proof of investment, TDS certificates, etc.) along with the return of income (whether it is filed by hand or electronically). In situations such as assessment, inquiry, etc., these documents should, however, be retained by the taxpayer and must be provided to the tax authorities upon request. On or before the due date of filing an income tax return, the taxpayer is required to electronically submit the TDS certificates and some other documents.
You can file your income tax return electronically in three ways:
1· e-File without Digital Signature Certificate In this case, an ITR-V form is generated. In order to e-verify the return, you can either use Aadhar or internet banking and send the form by ordinary post or speed post, within 120 days of the e-Filing date. Further action is not required.
2· File a tax return electronically via an e-Return Intermediary (ERI) with or without a Digital Signature Certificate (DSC).
In the case of an e-filing with a Digital Signature Certificate (DSC) or Electronic Verification Code (EVC), there is no further action required.
A Chartered Accountant should sign the Income Tax Forms using a Digital Signature Certificate (DSC). The Digital Signature Certificate (DSC) used in e-Filing the Income Tax Return/Forms must be registered on the e-Filing application.
Frequently Asked Questions?
- Why should you file an income tax return? What are the advantages & disadvantages?In addition to earning the dignity of contributing to the development of the nation, filing your return is a constitutional duty. Apart from this, your IT returns verify your credit worthiness before financial institutions and give you access to many financial benefits, including bank credits. There are no disadvantages. On the contrary, by not filing your return, you are putting yourself at risk for penal and prosecutorial provisions under the Income Tax Law.
When I have no positive income, do I have to file an income tax return?
Your Return of Income must be filed before the due date if you sustained a loss in the financial year that you intend to adjust against the positive income in the following year. If you do not file your Return of Income, you may not be able to carry forward losses to the next year if you do not file your return.
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- Section 16 of the Income Tax Act (Ita), 1961