FAQ

Frequently Asked Questions on Return Filing

1. Who is required to file return of income?

Individuals and Hindu Undivided Family (HUFs) are required to file their Income Tax Return (ITR), if the income before allowing deductions and exemptions exceeds the exemptions limit.

Every company irrespective of quantum of its revenue, profits, expenses is required to file its return of income.

2. What is the basic exemption limit for filing return of income under the Income Tax Act, 1961 for financial year (FY) 2010-11 & FY 2011-12?

The basic exemption limit for filing return of income for the financial year 2010-11 (AY 2011-12) (April 2010-March 2011)

Category Basic Exemption Limit (Rs. )FY 2010-11 (AY 2011-12)
For women who is below 65 years of age 190,000.00
For senior citizen who is 65 years of age or more 240,000.00
For any other individual and HUF/ AOP 160,000.00

The basic exemption limit for filing return of income for the financial year 2011-12 (AY 2012-13) (April 2011-March 2012):

Category

Basic Exemption Limit (Rs. )

FY 2011-12 (AY 2012-13)

For women who is below 60 years of age 190,000.00
For any other individual and HUF/ AOP 180,000.00
For senior citizen who is 60 years of age but not more than 80 years 250,000.00
For a super senior citizen who is 80 years of age or more 500,000.00


3. What are the due dates for filing return of income?

Category Due Date
(c) In case of any other assesses (Individual salaried or other income below audit limit) 31st July of the Assessment Year
(a) In case of assesses who are required to get their accounts audited under the Income Tax Act or any other law for time being in force 30th September of the Assessment Year
(b) In case of working partners of the firm whose accounts are required to be audited under the Income Tax Act or any other law for time being in force 30th September of the Assessment Year

4. Can a return of income still be filed after the due dates mentioned above?

Yes, return of income can be filed after the due dates mentioned above. However interest will be charged @ 1% per month for delay in every month or part of the month. Further losses cannot be carried forward under the head Business or Profession or under the head Capital Gains if the return is filed after the due dates aforesaid mentioned.

5. Is it necessary to file a return of income if incurred loss?

It is advisable to file the return of income within due date if an assessee incurs loss in any year to avail the benefit of carry forward of losses.

6. Is it necessary to file return of income even if full tax has been deducted by way of TDS (tax deducted at source)?

Deduction of TDS is separate from filing of return of income. Under the Indian Income Tax Laws, even if full tax has been deducted at source, there is requirement to file return of income. Non- Filing of return of income attracts penalty.

7. Can a return of income be revised?

Yes return of income can be revised only if the original return has been filed within the due dates mentioned above. However, revised return can be filed before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment whichever is earlier.

8. What are the steps for filing return of income with Taxmantra?

Filing your ITR with ‘Taxmantra.com’ is just 3 step process:

Step 1 – Register and login

Step 2 – Fill in basic detail and attach your Form 16 and other income detail, if any.

Step 3 – Submit and relax. Taxmantra would take it from there.

9. What is form ITR-V?

ITR-V stands for “Income Tax Return – Verification Form”, which is generated on the website of the income tax department, when return is filed without using digital signature.

10. Is ITRV or the Tax returns ACK needs to be signed and posted to CPC Bangalore?

ITR-V is required to signed and submitted to the Income Tax Department to complete the filing process. The signed ITR-V in a sealed A-4 envelope should reach to the address mentioned below within 120 days by ordinary post.

Income Tax Department Centralized Processing Centre, Post Box No.1, Electronic City Post Office, Bangalore 560100, Karnataka.

11. Can Tax Returns be filed using digital signature?

Tax Return can be filed with digital signature. The benefit of filing with digital signature is that there is no requirement to send the acknowledgment to CPC Bangalore.

12. What are the consequences of filing return after the due date?

  • Return cannot be revised.
  • Business loss (Speculation or otherwise), capital loss, loss due to owning and maintaining of race horses cannot be carry forwarded.
  • Loss of Interest on refund u/s 244A.
  • Interest u/s 234A will be charged.

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