ITR FAQs: What are the modes of filing? Can you file returns after due date? Top 10 questions answered
To make things easier, here are some key frequently asked questions (FAQs) from the Income Tax Department to help you navigate ITR filing conveniently.
An income tax return is a prescribed form used to report the details of income earned by a person in a financial year, along with taxes paid on that income, to the Income-tax Department. It also allows a taxpayer to carry forward losses and claim refunds from the income tax department.
According to the Central Board of Direct Taxes (CBDT), ITR can be filed in any of the following ways:
(i) Filing the return on paper.
(ii) Filing the return electronically under a digital signature;
(iii) Filing the return online and transmitting the data along with the electronic verification code.
(iv) Filing the return electronically and thereafter submitting the verification of the return in Return Form ITR-V (acknowledgement of filing the return of income).
ITR forms are attachment-free, so taxpayers are not required to attach any documents, such as proof of investment, TDS certificates, etc, with their income tax return, whether filed manually or electronically.
However, the taxpayer should keep these documents and produce them before tax authorities when requested during assessments, inquiries, or other proceedings.
The Income Tax Department has enabled an independent portal for e-filing income tax returns. To file ITR online, taxpayers can log on to https://www.incometax.gov.in/iec/foportal.
The Income Tax Department offers a free e-filing utility (such as Java and Excel) for generating and submitting e-returns electronically. The utility aims to make the ITR filing process simple and easy to use and contains instructions on how to use it.
You can claim the excess tax as a refund by submitting your income tax return. It will then be credited to your bank account through ECS transfer.
There is no disadvantage to filing ITR. On the contrary, failing to file your return despite having taxable income will make you liable for penalties and prosecution under the Income Tax Act.
The Income Tax Act allows taxpayers to file an ITR after the due date, which is called a belated return. Any person who fails to submit a return of income within the period allowed under section 139(1) or within the period specified in a notice issued under section 142(1) may submit a return for any previous year. However, a belated return attracts late filing fees under section 234F.
According to Section 234F of the Income Tax Act, a late filing fee of ₹ 5,000 shall be payable if the return is furnished after the due date specified under Section 139(1). However, if the person's total income does not exceed ₹ 5 lakh, the fee shall be ₹ 1,000.
In case of queries on e-filing of return, taxpayers can contact 1800 103 0025.
Disclaimer: This article is for informational purposes only and does not constitute legal or tax advice. Taxpayers are advised to consult a qualified tax professional or refer to the official website of the Income Tax Department for accurate and up-to-date guidance before filing their returns.
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