Again it is that time of the year when all your income for the current financial year is in and you need to file your income tax returns. As the deadline for filing tax returns approaches, taxpayers would be scrambling to gather the information required to be filled in the new tax forms.

This year’s budget had proposed that individuals who have assets abroad must file their tax return and mention details of their foreign assets in the form.

Taxmantra.com pioneered in providing an exhaustive article on Filing of Income Tax Return as below.

What is Income Tax Return?

Return of Income is nothing but an evidence of the income earned by a person (individual, company, LLP, AOP, BOI, and HUF etc.). It is merely mode of determination of the income and other specified details of the person such as the mode of income and the taxability on his income. It is a form in which one has to report his income and capitals, and details of the allowances and relief claimed, for a particular tax year.

Our Founder & CEO had spoken on Filing Income Tax Return Click Here to View and learn more.

Who are liable to file Income Tax Returns?

Liability of Filing Return arises when your income crosses/exceeds the basic exemption limit even if it means that on account of you investment planning, your tax obligation may be nil. So for FY 2011-12, filing of tax returns is essential if-

• Individuals have taxable income exceeding Rs.180, 000 p.a.
• Women have taxable income exceeding Rs.190, 000 p.a.
• Senior Citizens have taxable income exceeding Rs.250, 000 p.a.

What are the due dates for filing Income Tax Returns?

Category	Due date
In case of any other assesses (Individual salaried or other income below audit limit)	31stJuly of the Assessment year
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
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

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.

What are the benefits of Filing Income Tax Returns?

Return of income is nothing but a proof of income earned. Return is merely a form which specifies the details to be filled in by the applicant filing income tax return. Income tax authorities allow you to self assess your income and accordingly pay taxes. Return filing is both mandatory and voluntary. Law puts a mandatory requirement when it falls within its definition. However, any person not having any taxable income can still file his return.

Taxmantra.com has a separate post on this, Click Here to read more.

What are the consequences of Filing Late Returns?

Taxpayers filing income tax return after due date must be aware of the consequences owing to delay in filing of income tax return.

Taxmantra.com has a separate post on this, Click Here to read more.

What are the different types of ITR Forms?

For filing of Income Tax Returns for Financial Year 2011-12 various forms have been released by the IT Department. Different types of ITR forms have been initiated by the department for different categories of assessees. All Individuals, Companies, Partnership firms or other associations who are required to file their Income Tax Return can avail any of these Forms as required.

Taxmantra.com has a separate post on this, Click Here to read more.

What are the modes of filing Income Tax Returns?

Again it is that time of the year when all your income for the current financial year is in and you need to file your income tax returns. By now, you, the salaried individuals, might have received your Form No 16 (salary certificate) and Form No 16A (tax deducted on other income). And, if you belong to the category of individuals involved in business and other professions, you too might have completed the adjustments and finalization of yearly accounts.

Taxmantra.com has a separate post on this, Click Here to read more.

When should I file my return with or without Digital Signature?

Online filing of return is compulsorily required by certain assessees.  Online return filing can be done with or without digital signature. Government along with online return filing has also mandated certain class of assessee to file online return only with the digital signature. Under mentioned assessee covering under any of the option have to follow the same from AY 2012-13.

Taxmantra.com has a separate post on this, Click Here to read more.

Why should I file online Return?

Every assessee whether Salaried Individual or other non-audit tax-payers should  prefer filing their income tax return online in order  to avail full benefits associated with it and to remain hassle free.

From a survey it has been noticed that in A.Y. 2011-12 1.64 Crore people had  opted for Online Filing which constitutes 34.2% of the total returns whereas in the A.Y. 2012-13 it is expected that it will raise to 45% of the total returns.

Taxmantra.com has a separate post on this, Click Here to read more.

How to file Income Tax Return when having multiple Form 16?

Form16 is a certificate issued by an employer to an employee who provides details in respect of salary earned by the employee and tax deducted at source by the employer. It’s a TDS certificate issued by the employer to the employee in Form 16 and if the employer has not deducted any tax at source, it is not necessary to issue Form 16.

Taxmantra.com has a separate post on this, Click Here to read more.

Further, Our Founder & CEO had spoken on Filing Income Tax Return Click Here to View and learn more.

Can I claim deductions for investments not incorporated in Form 16?

The Employer issues Form 16 or the salary certificate to his employees for each of the financial year (April to March). Form 16 or the salary certificate provides details of the salary income of the employee along with the TDS (Tax deducted at Source) and net paid income.

Taxmantra.com has a separate post on this, Click Here to read more.

Further, Our Founder & CEO had spoken on Filing Income Tax Return Click Here to View and learn more.

How should I file my return being an NRI?

Income tax return is mandatorily required to be filed by every Individual, Companies, Partnership firms and other associations. Similarly, NRIs (Non-Resident Indians) are also required to file their income tax returns for income accruing or arising in India. By filing returns one can give details regarding the income earned and investments if any made. Return filing receipts can be documentary evidence that one has filed return.

Taxmantra.com has a separate post on this, Click Here to read more.

Why should I file when I don’t pay any Tax?

Common people are confused over the issues relating to return filing. Their main concern is regarding the exempted limit of return filing. As we are aware of the fact that Government has exempted individuals from filing return those whose salary income is less than Rs. 5 Lakhs.

Taxmantra.com has a separate post on this, Click Here to read more.

What are the things I should keep in mind while filing?

Time is now; don’t wait for the last date to file Income Tax Return which is approaching near. The month of July is the month for Filing Income Tax Returns by every assessee in order to avoid late payment, interest and penalty and before Filing income tax return you should  must be known of the things before filing Income Tax Return.

Taxmantra.com has a separate post on this, Click Here to read more.

What are the common mistakes made while filing Income Tax Return?

While filing Income Tax Return there is always a possibility of committing some stupid mistakes by any individual. Mistakes can be done by any tax payer as they are always in a hurry to file their return when the due date approaches. Mistakes should be rectified in order to avoid payment of penalty and interest and the tax payer should be more vigilant while filing Income Tax Return.

Taxmantra.com has a separate post on this, Click Here to read more.

Should I file my return when my income is below Rs. 5 Lakhs?

Salaried taxpayer would be eligible for exemption from filing a return of income only if tax liability has been discharged by the employer by way of Tax Deducted  at Source (TDS) and the deposit of the same to the credit of the Central Government.

Taxmantra.com has a separate post on this, Click Here to read more.

When is it mandatory to file Income Tax Return?

CBDT has issued notification S.O. 626(E), dated 28th March 2012 vide which e-Filing has been made compulsory for Assessment Year 2012-13 onwards.

Taxmantra.com has a separate post on this, Click Here to read more.

Further, Our Founder & CEO had spoken on Filing Income Tax Return Click Here to View and learn more.

Should I file Income Tax Return in case of loss?

It is advisable to file your income tax return within due date even in case of loss otherwise the benefit of carry forward of loss will not be available.  You should file the return of loss within the prescribed time limit for the purpose of claiming benefit of loss incurred in the relevant assessment year as per the Income Tax Act, 1961 (the Act). Once you file the return of loss within time limit, you can claim the benefit of carry forward losses to be set off with the income of subsequent years. For the return of subsequent years, you can claim the benefit of carry forward losses even if the return is belated return as per the Act.

Taxmantra.com has a separate post on this, Click Here to read more.

What investments should I make to save Taxes?

It becomes very important to decide your investment plan for FY 2011-12 as the deadline is 31^st March, 2012. Check if these tax saving instruments have been employed by you in your investment plan.

Taxmantra.com has a separate post on this, Click Here to read more.

Can I revise my return if I made any mistakes?

The filing of income tax return is a legal obligation for every person whose total income during the previous year exceeds the maximum amount which is not chargeable to income tax under the provisions of the Income Tax Act, 1961. An individual is required to file his return of income by 31^st July of the assessment year.

Taxmantra.com has a separate post on this, Click Here to read more.

When can I file revise return?

Only if original return is filed within the due date then only one can avail the benefit of re-filing of Income Tax Return (ITR) referred as revise return. ITR may be revised if after filing the original return any omission or any wrong statement in the return filed is discovered. But, other than the due date there are various things need to be remembered by every taxpayer to avail full benefit of this option.

Taxmantra.com has a separate post on this, Click Here to read more.

What is ITR V?

Every person whose total income for previous year exceeds basic exemption limits are obligated to file income tax return. Other than Companies and Tax audit Individuals, any assessee can file a return of income electronically without the use of a digital signature. In this write up we are providing all details about ITR-V.

Taxmantra.com has a separate post on this, Click Here to read more.

What should I do after signing my ITR V?

ITR V stands for ‘Income Tax Return – Verification’ form. It is an acknowledgment for E-filing which is generated after uploading the Income Tax Return in .xml format. Now, till the return filed is not duly signed by us, our filing remains incomplete. Any assessee who is filing a return of income electronically without the use of a digital signature an ITR V form will be generated and the assessee is required to submit the signed copy of the same to the CPC Bangalore.

Taxmantra.com has a separate post on this, Click Here to read more.

How to view status of my Income Tax Return filing?

Every person whose total income for previous year exceeds basic exemption limits are obligated to file their income tax return. Other than Companies and Tax audit Individuals, any assessee can file a return of income electronically without the use of a digital signature.

Taxmantra.com has a separate post on this, Click Here to read more. Taxmantra.com opines that it is a misconception that e-returns are more likely to be picked up for scrutiny. In fact, there is a greater chance of a mistake creeping into a manually filled form, which may lead to a tax notice.