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File Your ITR Forms Before the Deadline to Avoid Arrears

The income tax return form must be filled by an individual or a business that receives income during the year entire through capital gains, regular income, dividends, interest or other sources of profit. The tax form is used to file the taxes with the IRS (Internal Revenue Service) and they are in the form of the worksheet where the income amounts that are used in calculating the liability are entered into the document by themselves.

The income tax refund is the excess tax paid within the given tax year. The last date to file the income tax return form is July 31st of every year. There are certain basic steps the taxpayer has to follow while filing the income tax return form.

  • The first step the taxpayer has to do is to register on the official website of the income tax department so that they can e-file the tax return. The website is
  • The taxpayer has to provide their name, date of birth and PAN (Permanent account number) while registering on the website. The PAN number is the user ID of the taxpayer and they can have a customized password.
  • There are 2 ways in which the taxpayers can e-file the tax return form. They can choose the quick e-file option on the website and fill all the details of the form online or they can download the requisite form from the site and save it on the desktop. They can fill the required details offline and later upload the form on the website.
  • If the taxpayer completes the tax return form offline, they have to fill all the columns in the form and then click on the generate XML option on the page. To upload the tax return form they have to log in to the website and then upload the form by selecting the upload XML button. When the form gets uploaded they have to click on the submit button to end the process.
  • There are different types of requisite form available for the taxpayers depending on the individual, business, income and the movable and immovable property. They are ITR 1, ITR 2, ITR 2A, ITR 3, ITR 4 and ITR 4S.
  • While filing the income tax return form, the taxpayer has to keep all the documents ready like the TDS certificate, PAN, interest statement, Form 16, insurance and home loans and the details of the investments made by them.
  • Form 26AS shows the details of the tax paid against each PAN, so downloading the form will help while filling the tax return form and can also check the tax liability by validating both the forms.

According to the new budget, the taxpayers who earn more than fifty lakh must fill an additional column in the tax return form called the Asset and Liability (AL) column. And they have to disclose the liabilities and assets, the assets must be declared at the cost.

If the income tax return form is filled without any errors and submitted on the website, an acknowledgement number gets generated.

If the income tax return form is submitted using the digital signature, the number must be preserved, carefully but if the form is submitted without the digital signature, an ITR V is generated and is sent to the registered email ID.

The entire income tax filing process becomes incomplete and the ITR is not valid unless the ITR V form is verified. The processing center is in Bangalore, so the taxpayer can mail or electronically verify the signed ITR V within 120 days of filing the income tax return.

Income Tax Return Forms

Since there are a number of income tax return forms available, the taxpayer has to choose the correct ITR form that is applicable to them because if the taxpayer files the ITR form that is not applicable to them, then the form is considered as a defective one. Correcting the defective ITR form will consume extra time and man power. The specifications and requirements change every financial year, so the taxpayer must be careful while selecting the ITR from. Here are some of the tips that will help the taxpayer in selecting the applicable form.

ITR 1 or Sahaj: This form is used by the individual whose overall income for this year includes, income from a house property or income from salary or income from a pension or income from any other source or from exempted income. But they cannot use the for if it fulfils certain conditions like having an agricultural income above five thousand, or if they have any foreign asset in the country which includes the immovable property in overseas, overseas bank account or any financial businesses located in the overseas or other assets held in a foreign country for the purpose of investment.

And if they have bought any forward loss under the house, property or acquire income from any profession or business or have received income from more than one house property or if they have carried forward from the previous financial year or if they received income from the horse race or winning a lottery or if they acquire income from the Capital gains also cannot use the ITR 1 form.

ITR 2A: Individuals who cannot use this form are those have income from the property or business or if they have an asset in another country or if they have Capital gain income. But this return form can be used by the Hindu undivided family (HUF) or individuals whose overall income is either from the exempted income or from more than one house property or if they income is from their income is from the pension or salary or other sources. The NRIs are applicable to use this form.

ITR 2: If the total income source of the HUF or an individual is from any one of the sources they are applicable to use the income tax return form if they have any asset outside the country or from the capital gain. And if they have received income from other sources like winning a lottery prize or from a horse race can use the form. People whose agricultural income exceeds five thousand and receive income from a pension or salary and if they acquire the amount from multiple house property. But those who receive income from the profession or business for the relevant year cannot use this form to file their return.

ITR 3: Any Hindu undivided family or an individual who receives total income from the profession or business from any proprietorship cannot use the income tax return form. This tax return form is only applicable for the individual or HUF who is a partner in an entity or Limited liability partnership (LLP) overall income is from the pension or salary or from the exempted income or from the overseas asset; and if they are a member of a limited liability partnership or partnership firm where they receive only the salary, bonus, remuneration or commission and interest from the entity. For those members who do not receive any income from the entity by means of salary or interest, but has only the exempt income by means of the share in the profit gained by the firm. People who receive the overall income from the multiple house property or from other sources or capital gain can make use of the ITR 3 form while filing their income tax return.

ITR 4: The income tax return form can be used only by the Hindu undivided family or an individual whose overall income is received from the proprietary profession or business. The others cannot use this form to file the tax return.

ITR 4S or SUGAM: The small businessman or an individual or a Hindu undivided family receiving the income from the foreign asset or if their agricultural income is above five thousand, or if they received the income by winning a lottery prize or from the horse race. And those who get income from buying forward loss under the house property or they wish to carry forward any of the losses from last year or receive more income from the multiple house property are not applicable to use this income tax return form.

An individual or small businessman or the Hindu undivided family who has a presumptive business income along with the income received from any exempted income or from other sources. And those who receive income from the presumptive business like lawyers, doctors, small businessman and chartered accountant can use this form to file the tax return. People whose entire income is from their salary or pension can also make use the income tax return 4 form to file the return.

The duty of every citizen in the county is to pay their taxes. If the income taxes are paid properly by everyone, that revenue can be used by the government in fulfilling the basic requirements of the country which in turn benefits the society. Similarly filing the income tax returns during all the financial year is a must for the individuals which is considered as a proof for any financial requirements they deal in the future.

Written By

Anand Rajendran is a freelance writer living in Chennai, India. His interest in personal finance and budgeting began when he was earning an MFA in theater, living in one of the most expensive cities in the country (Chennai, TN) on a student's budget. Today, he writes for a number of websites and keeps up his own Tax Consultancy Services named Uptra.

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