It’s the time of the year to file your taxes. Here are FAQs on IT returns that will make your task of filing returns a little easier. If you have more questions feel free to add in the comment section.
- The company has already deducted tax from my salary. Do I still need to file tax returns?
Even if the tax is deducted at source (TDS), and you’re not liable to pay any more tax to the government, it is compulsory to file returns if your income exceeds the basic exemption limit. Filing tax returns is a way to declare to the government that you have earned income only from the sources revealed by you.
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- What is the Last Date for filing an Income Tax Return?
The due date for filing your Income Tax Return for the financial year – 2016-2017 is 31st July, 2017.
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- What will happen if I do not file my returns within the due date?
If you have not filed your returns within the due date, you will have to pay a penalty of Rs. 5,000. You will also have to pay interest on tax due.
- What is Form 26AS?
Form 26AS is a statement that shows the details of tax credit in a tax-payer’s account as per the I-T Department’s records. The tax credit will include all the different taxes like TDS, self-assessment tax, advance tax etc.
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- What is ITR Verification?
Once Income Tax Returns are filed, you need to verify it. It is not treated as valid until it is verified by the taxpayer. There are different ways of verification. It can be printed, signed and sent to Centralised Processing Centre, Bengaluru. It can be e-verified using an electronic verification code (EVC), Aadhar, ATMS, netbanking or bank account based validation.
- Can I file a revised return to correct mistakes made that I make in the original return?
It is possible to file a revised return if the original return has been filed before the due date and the Department has not completed the assessment. However, a revision is not possible for a return filed after the due date.
IT Return can be revised within a period of one year from the end of the relevant assessment year or before completion of the assessment whichever is earlier.
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- What does the Aadhaar number have to do with filing of tax returns?
The government has made it mandatory to link the PAN with Aadhaar for filing tax returns except for certain people. Those exempted include non-resident Indians, people above the age of 80 years and people living in Assam, Jammu & Kashmir and Meghalaya.
- What is Form 10E and who should file it?
Sometimes you might receive income in arrears. It means you receive the actual money in a financial year different from when they accrued. The tax treatment might be different in these two different financial periods. If you want the income to be adjusted such that the arrears were received in the year in which they were due, you have to file Form 10E. You can claim relief from tax if any.
This post is written by Vidya.
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Have you filed your income tax returns? Let us know if you have any questions about filing taxes.