Can you explain what a return of income is?
A return of income is a form containing information pertaining to the income an individual has earned in a given financial year. A return of income also contains information on the taxes that a particular individual has pain on their income. This form is meant for the Income Tax Department. There are various types of return of income forms issued depending on the nature of income as well as the status. The return of income forms are available for download on www.incometaxindia.gov.in.SPONSORED LINKS
Which are the various forms of return as per the laws of income tax?
There are various forms of returns for various taxpayer classes. Return forms are also commonly referred to as Income Tax Return Forms or ITR Forms. The legally prescribed income tax forms include the following:
The ITR-1 is also referred to as SAHAJ. This form of return is relevant to persons who are drawing a pension, a salary or earning an income from rental proceeds. They could also be earning an income in any other way but not from betting on horses or lottery winnings.
This form of return applies to persons and HUF(Hindu Undivided Family) whose income source is not from business activity or practising a profession or from capital gains.SPONSORED LINKS
The ITR-2 applies to a HUF or persons whose source of income is any other source besides business activity or being in a profession.
This is the form a taxpayer gets to acknowledge that they have filed income tax returns.
Where can one download the return forms from?
Which are the various ways one can file income tax returns?
- By completing the returns on a physical copy of the forms.
- Electronically completing the returns using a digital signature.
- By electronic transmission of the data after being verified electronically.
- By electronic transmission of the information and conducting the verification afterwards by use of ITR-V.
How and where are returns of income filed?
Taxpayers can file their returns electronically by accessing the http://incometaxindiaefiling.gov.in website. Taxpayers can also file their returns of income in physical copy by visiting the nearest Income Tax Department office.SPONSORED LINKS
What sort of e-filing utilities have been provided?
Tax payers have access to e-filing utilities that come at no cost. These utilities are useful for the generation of e-returns and the consequent electronic submission of the returns. These utilities from the Income-tax Department possess simplicity of use and are accompanied by clear instructions. The utilities are downloadable from the http://incometaxindiaefiling.gov.in website.
Is e-payment and e-filing the same thing?
No. E-filing is the exercise of filing tax returns electronically. E-payment on the other hand is the exercise of paying tax electronically either by use of a debit card or a credit card provided by the State Bank of India or by use of internet banking. When these two are combined a taxpayer can both file tax returns and pay the required taxes in a fast and convenient manner.
What are the consequences of not filing tax returns?
Failure to file tax returns by an individual who has a taxable income can attract prosecution and a penalty.