Tax Club

Income Tax Return Filling

Created on 21 Aug 2018

Wraps up in 2 Min

Read by 2.5k people

Updated on 12 Sep 2022

Income-tax is a tax levied and collected by the Central Government on income of a person. The provisions relating to the income-tax are governed by the Income-tax Act, 1961. Income–tax return (ITR) is a statement of income and tax thereon, which is to be supplied by a taxpayer to the Income-tax Department in permitted form. All year dissimilar forms of returns of income are approved by the Income-tax Department for different taxpayers having different income from different sources. 

Advantages of ITR Filling 

Visa handing out – Whether your plans are in the instantaneous future or not, if you are arrangement on traveling out of the country, you will apprehend that visa processing requires that you submit your tax returns for the past few years to the relevant country’s legation, including the UK, Europe, Canada and USA.

Loan Processing – despite the consequences of the type of loan, most banks will ask you to endow your tax returns for the past few years to appreciate your financial situation.  Having your tax returns on hand can velocity up your loan dealing out time.

Freatures of ITR Filling 

Carry Losses advance – As per income tax laws you can carry advance losses (capital loss, business loss, etc.) to equalize any future income, for up to eight years. Uninterruptedly.  So, even if you have fall into the taxable income collection you can carry forward and fiddle with your losses against your future taxable income by filing your tax return in time.

Avoid Penalties – While, you may not instantly receive a notice from the tax department for failing to file taxes, you may in due course receive one.  If it turns out you failed to file your returns though you were required to file it, then you might be penalized up to Rs. 5,000-10,000 and might face interest payment under section 234A.

Process of ITR Filing and Steps 

In ITR filing there are an assortment of steps involved such as:

Step 1: Generate your e-filing account

Step 2: Download Form 26AS

Step 3: Download the income tax return form

Step 4: Fill the information in the Tax return form

Step 5: Authenticate the details

Step 6: Estimate your tax liability

Step 7: Produce the XML file

Step 8: Present the income tax return

Step 9: Send the signed ITR-V to the Income Tax Department

Step 10: Check the ITR-V receipt category

Timing for Filling ITR 

The time boundary to file such submission is six years from the end of the evaluation year for filing the return. (Evaluation year is the year instantaneously subsequent the financial year).

To know more about Income Tax Filling click here

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Ayushi Upadhyay

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A Keen Learner. Tiny, brainy, and studious, this quiet one stays in her zone until she pops. And once she does, boy, are her comebacks snappy! There is no financial question that she can't answer through her magical blog-writing. 

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