ITR Filing

What is Income Tax Return?

  • Income tax return is the format in which the assesse furnishes information as to his total income and tax payable.
  • The format for filing of returns by different assesses is notified by CBDT.
  • The particulars of income earned under different heads, gross total income, deductions from gross total income, total income and tax payable by the assesee are generally required to be furnished in a return of income.
  • In short, a Income tax return is the declaration of income by the assesee in the prescribed format.

What is a nil return?

A nil income tax return is filed to show the Income Tax Department that you fall below the taxable income and therefore did not pay taxes during the year.

Why should I file nil return?

  • To show income tax return as proof of income. This action provides proof for the income as legal and disclosed.
  • To claim a refund, it might happen that on your total income you paid more in taxes than you needed to, you must file an income tax return to claim a refund

Is It Mandatory To File Income Tax Return?

Filing income tax returns is mandatory for those whose total income before allowing the deductions under Chapter VI-A(section 80C to 80U) is more than the basic exemption limit :

  • Rs 2,50,000 for individuals/HUF/AOPs/BOIs and artificial juridical persons.
  • Rs 3,00,000 for resident individuals of the age of 60 years but less than 80 years.
  • Rs 5,00,000 for resident individuals of the age of 80 years or more at any time during the previous year.

Due Date for Filing of Income Tax Returns for AY 2019-20

Particulars Due Date
Individuals, HUF, BOI, AOP (Income Tax Return by Assesse whose Books of Account are not required to be audited) 31st July 2019
Due date of filing the Income Tax Return by businesses whose Books of Account are not required to be audited 31st July 2019
Filing ITR Due Date for (Assessee who are required to furnish report under section 92E i.e., Transfer Pricing)
30th November 2019
Due date of filing the Income Tax Return by assessee whose Books of Account requires to be audited and A working partner of the firm whose accounts are required to be audited. 30th September 2019

What are the penalties for non-filing or late filing of income tax return?

Non filing or late filing of ITR can lead to a penalty, but there are also other consequences and inconveniences attached to the delay. Please refer https://blog.taxsmile.com/interests-penalties/

24 thoughts on “ITR Filing

  • S.K.Agarwal says:

    In spite of our best efforts with IT helpdesk we failed in our attempt to find the correct ITR to be used this year for a resident Sr. Citizen of 73 yrs., Annual income from investments < Rs. 2.0L, MF LTCG < 10k and holding unlisted shares of a coop. society. Kindly help.

    • diwyarkemudhracom says:

      If there are any capital gains, then the please file ITR 2.
      There is a provision in ITR 2 where you can disclose the holding of Unlisted Shares

  • Sir, our employer has deducted TDS Rs24000 during the year 2016 17 and remitted under head 194B but filed quarterly returns under 194j hence the amount not showing in my PAN AGSPK6165A.A series of reminders sent but all in vein. Is there any way to get it corrected at income tax deptt.

    • rajemudhra says:

      If the TDS returns were filed by the employer giving the correct PAN of the employee, even though the section under which TDS was deducted was mentioned wrongly, TDS will reflect in 26AS of the deductee.

      The said amount of TDS can be claimed while filing the return. However, in case there is any query from the IT department, the same can be addressed by giving a suitable reply.

    • preetkemu says:

      Thanks for your interest, we are glad to help you. Kindly provide us with further details on the same.

  • SB KULKARNI says:

    Sir,

    1)I parched ICICI money multiple bond -799-MMB in 99 after mature they deducted Rs. 17840 as TDS. I want to know in which category this amount to show in IT return.

    2) Also SBI deducted Rs.1294 as tds where to show this.
    3) SBI deposited Rs. 220737 in my account (Pension) but not deducted TDS. How & where to show this amount in IT return.

    • In the above case
      a) and b) the TDS amount deducted shall be shown under the head Tax credits sub head tax deducted on income other than salary.
      c) Uncommuted pension received in regular instalments is taxable for all employees (both govt. and non govt. employees) to be shown under the head income from salaries.
      Commuted pension received in lump sum is exempt in case of govt. employee and not required to show in the IT return and taxable in case of non govt. employee to be shown under the head income from salaries.

  • Your site still not updated for data input and editing income from quoted shares. Will you please look in to this soon and update.

    • Neha@emudhra says:

      Thanks for writing to us, Entry for Capital Gains is enabled, kindly have a check and proceed further with your return filing

  • I am not working since October 5th 2018 and have received form 16 some days ago from my previous employer. Should I file ITR in 2019-20

    • Neha@emudhra says:

      Thanks for writing to us. You may file your IT Return for the period you were employed during the FY 2018-19.

  • Seshadri subramanian says:

    I am a retired senior citizen aged 69 yrs. I have not filed any tax returns for the last few yrs since I had no income but dependant on children. However I now wish to sell my self owned flat which involves LT capital gains. How do I go about it. Please help me.

    • Long term capital gains on sale of self- owned property is exempt as per section 54 of income tax act, if the amount is invested in other residential house property one year before the date of the sale or within two years from the date of sale (i.e., on purchase on new house property) with other conditions satisfied.
      If the above condition is not met, then the long-term capital gain is taxable and IT return to be filed for that income even though you have not filed your returns for the last few years.

  • Hemendra Srivastava says:

    Though all the details of ITR2 have been filled in in respect of my wife Vinita Srivastava ( PAN BFSPS7538P) but your site is not filing the same stating that Taxsmile is not yet ready for ITR 2

    • Neha@emudhra says:

      Thanks for writing to us. ITR 2 Filing is enable in Taxsmile , please have a check and proceed to file your Income Tax Return.

  • Sankar kumar says:

    Dear Sir
    Not able to file return after paying tax and entering details. Error in filing XML like spl character message keeps appearing though all is correct. Pls help.

    Cdrin

    • Neha@emudhra says:

      Thanks for writing to us. Please select Head of Income under Tax credits section (TDS) by Sign In to Taxsmile and proceed to file your Income Tax Return.

  • Narinder Yadav says:

    While preparing my return for AY 19-20, LTCG from sale of shares is coming as Tax exempt income. Isnt 10% Tax applicable to LTCG gains? Please look into it and reply
    regards

    • Thanks for writing to us. As per Section 112A, long-term capital gains arising from transfer of an equity share, or a
      unit of an equity oriented fund or a unit of a business trust shall be taxed at 10% (without
      indexation) of such capital gains. The tax on capital gains shall be levied in excess of Rs 1,00,000.
      Hence, long-term capital gains upto Rs 1,00,000 will be exempt.

  • Raghavendra says:

    Not able to file return after paying tax and entering details.
    Yesterday, I filled up all the details of my tax returns and paid the fees and submitted the tax filing request. I got a message that my tax returns will be filed.
    Today I logged into the system and it says that I am yet to file my returns.
    Can someone address this ?
    (my login id : ragkrish2010)

    thanks
    raghavendra

    • Neha@emudhra says:

      Thanks for writing to us. Your income tax return is submitted to Income Tax Department successfully today. You would have received your ITR V in your registered email id. Please verify.

  • suresh shivanna says:

    Hi I do not see any section to fill the 80C deduction field to key in the same. Please call me back or email back urgently

    • Neha@emudhra says:

      Thanks for writing to us, please click on Deductions option under INCOME & PAYMENTS panel and proceed to enter the 80C details.

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