by Bridl360 
Index:
What are ITRs?
ITR Slabs
ITR deadline extension
Documents required for ITR
How to file ITR
Other information
What are ITRs?
ITR or Income Tax Returns, are forms used to declare net tax liabilities, claim tax deductions, and report gross taxable income. People who make a specific amount of money are required to file IT returns.
Firms or corporations, Hindu Undivided Families (HUFs), and self-employed or salaried individuals as well are required to submit ITRs with the Income Tax Department of India.
The amount that needs to be paid towards income tax returns depends on which slab category those people fit into. With higher-earning individuals having to pay higher taxes in order to maintain a fair tax system throughout the country.
ITR Slabs
There was a new slab regime announced for the FY 2020-2021 and AY 2021-22 where the slab category starts with people who earn less than 2.5lakh per annum, having to pay no tax at all, and the highest slab being people who earn above 15lakhs per annum and have to pay 30% of their total income plus Rs.1,87,500.
Individuals must submit ITR if their gross total income exceeds Rs.2,50,000 in a fiscal year. This limitation exceeds to Rs.3,00,000 for senior citizens and Rs.5,00,000 for super senior citizens.
ITR Deadline Extension
Usually, the last date for filing ITR for the fiscal year is July 31st but the central government decided to extend the deadline to December 31st, earlier this year. The reason behind the double extension is due to a number of technical issues on the new ITR portal.
Documents required for ITR
The following papers are required for filing IT returns online:
Form 26AS
Pan card
Form 16A, 16B, 16C
Salary Paystubs
Bank statements
Certificates of Interest
TDS certificate
Demonstration of tax-saving investments
How to file ITR
E-filing refers to the process of submitting Income Tax Returns (ITR) using the internet. The procedure of e-filing an ITR is quick and simple, and it may be done from the convenience of one’s own home or workplace. E-filing ITR can also help you save money because you won’t have to recruit someone to file ITR on your behalf.
Step 1: Navigate to the e-filing website at https://www.incometax.gov.in/iec/foportal.
Step 2: Create an account or log in to e-file your taxes.
If you have already registered on the site, click the ‘Login Here’ option.
If you have not yet registered on the site, click the ‘Register’ Yourself’ option.
Step 3: Select ‘Taxpayer,’ then input your PAN information and click ‘Validate.’ Then, press the ‘Continue’ button.
Step 4: Include information such as your name, residence, gender, residency status, date of birth, and so on.
Step 5: Enter your email address and registered phone number.
Step 6: Once the form has been completed, click ‘Continue.’
Step 7: Verify your information, and a 6-digit One Time Password (OTP) will be given to your registered cellphone number and email address.
Step 8: Enter the OTP and follow the instructions to properly finish the registration process.
Step 9: Once the OTP has been verified, a new window will open where you will have to verify the details provided by you. In case any detail given is incorrect, you can change it, following which another OTP will be sent to validate the change.
Step 10: The final step will be to set up a password and secure login message.
Step 11: Click on ‘Register’ following which you will receive an acknowledgment message stating that the registration process has been completed successfully.
For a step-by-step guide or more information, click here.
Other information
FAQs:
Can I file the ITR on my own?
Yes, you may file the ITR by going to the Income Tax Department’s official website.
Is it necessary to submit the ITR?
If you fall into one of the government’s tax brackets, you must file the ITR.
Are there any repercussions if the ITR is not filed?
Yes, there are fines imposed if the ITR is not submitted.
Is it required for paid staff to file an ITR?
Salaried employees must file the ITR if they are in the tax bracket.
Can I postpone submitting my income tax return if I have already paid advance taxes and have no dues or refunds?
No, filing your ITR is required. The ITR provides the government with a detailed record of how your income is divided.
Is an ITR beneficial in everyday life?
Yes, filing your tax returns is beneficial. If you want to apply for a loan, the ITR may be a required document that you must present.
Is it possible to file my income tax return after the due date?
Yes, you can file your tax return beyond the deadline. However, if the ITR is filed beyond the required period, a penalty would be imposed.
How Can I Find Out the Status of My Income Tax Return?
The status of the Income Tax Return may be verified on the Income Tax Department of India’s official website. Your Permanent Account Number and password are required to check the status.
We hope this guide was of good use to you and that you can file your income tax returns on time!
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