Income Tax Returns & Refunds

Following are the documents required for filing ITR:

• • Form 16
• • Aadhar and PAN Card
• • Salary Slips
• • Bank interest certificates
• • TDS certificate issued by banks and others
• • Annual Information Statement
• • Proofs of tax-saving investment
• • Capital gains statement
• • Details of foreign assets and investments
• • Form 26AS

Apart from staying compliant, there are various other benefits of filing income tax return online.

Some of them are listed below:

• • Easy loan approval
• • Income and Address Proof
• • Quick Visa Processing
• • ITR filing online ensures speedy income tax refund
• • Acts as proof of income and address
• • Losses can be Carried Forward
• • For buying term insurance
• • Avoid penalty on non-filing of income tax returns

There are 7 ITR forms in India; each served to different taxpayer profiles:

• • ITR 1 (Sahaj): For residents with an income up to Rs 50 lakh from salary, a single house property, or other sources (excluding lottery and racehorses). NRIs cannot use this form.
• • ITR 2: For individuals and HUFs with income above Rs 50 lakh and income from agriculture exceeding Rs 5,000. Suitable for those earning from salary, home, capital gains, or other means. Can also be used by NRIs.
• • ITR 3: For individuals and HUFs earning from a profession or sole proprietorship, including income from business, employment, real estate, capital gains, trades, and dealing in futures and options.
• • ITR 4: (Sugam): For individuals with income from a business with turnover up to Rs 2 crore or a profession with income up to Rs 50 lakh. Suitable for freelancers in notified professions.
• • ITR 5: For entities like Investment Funds, Business Trusts, Cooperative societies, LLPs, AOPs, BOIs, etc. to declare profits and other sources of income.
• • ITR 6: For companies, except those seeking Section 11 exemption. Requires disclosure of housing property rental revenue, business income, and multiple sources of income.
• • ITR 7: For individuals or entities required to furnish returns under Sections 139(4A) to 139(4F), which include trusts, political parties, scientific research associations, medical institutions, universities, business trusts, and investment funds.

Yes, taxpayers can file their ITR themselves either through the income tax department’s website or through NCPL’s website. Filing your Income Tax Return (ITR) with NCPL offers a convenient and user-friendly experience. All you have to do is enter some basic information about your salary and personal details, and the AI-integrated DIY ITR filing software automatically extracts your personal details and employment details, selects the appropriate ITR form, computes the tax liability, and files your ITR.

Filing the Income tax return late can result in various penalties and consequences. The penalty is Rs 5000 for individuals with a total income exceeding Rs 5 lakh, while it is Rs 1000 for those with income up to this limit.

Yes, e-filing of Income Tax Returns (ITR) is mandatory if the gross total income of an individual taxpayer exceeds the basic exemption limit. Under the old tax regime, individuals under 60 years old needed to file an Income Tax Return (ITR) if their income exceeded Rs. 2.5 lakhs, while individuals over 60 years old needed to file if their income exceeded Rs. 3 lakhs.

In the new tax regime, the income threshold for individuals under 60 years old has been raised to Rs. 3 lakhs. Other Scenarios Where it is Mandatory to File ITR.

Yes, you can file your ITR without Form 16. Salaried employees can file their ITR even if they have not received Form 16 from their employer. In such cases, the TDS details can be found using Form 26AS, and income details can be found using AIS/TIS. Alternatively, you can ask your employer to issue Form-16, as it serves as a statement of TDS deducted.

In India, the basic exemption limit for filing an Income Tax Return (ITR) varies depending on the chosen tax regime (old or new) and the taxpayer's age.

Age Group	Old Tax Regime	New Tax Regime
Below 60 years of age	₹2.5 lakh	₹3 lakh
60 years to 80 years of age	₹3 lakh	₹3 lakh
Above 80 years of age	₹5 lakh	₹3 lakh

The new time limit for e-verification of ITR is 30 days from the date of filing the return of income. However, where the return is filed on or before 31.07.2022, the earlier time limit of 120 days will continue to apply. e-Verify your ITR.

Here's how to file ITR online on the Income Tax e-filing portal:

• 1. Login: Visit the portal and log in using your user ID and password.
• 2. Navigate: Go to "e-File" > "Income Tax Returns" > "File Income Tax Return".
• 3. Select Details: Choose the Assessment Year (current year + 1) and filing mode (Online).
• 4. Select ITR Form: Pick the appropriate ITR form (e.g., ITR 1 for salary income).
• 5. Fill & Verify: Enter the required details and validate pre-filled information
• 6. Submit & Verify: Submit the ITR and choose an e-verification method (Aadhaar OTP, EVC, or signed ITR-V).

You can check the refund status of your ITR via NCPL's "Check Income Tax Refund Status."