Here’s Everything You Need To Know About Filing Income Tax Return

If an individual’s income exceeds the exempted limit, s/he must file tax returns.

New Delhi:

The due date to file an Income Tax return (ITR) for the financial year 2021-22 is just around the corner.

Salaried and earning individuals whose accounts are not required to be audited must file their ITR latest by July 31.

Delay in filing the tax return can result in a penalty of up to Rs 10,000 along with other legal consequences, as per the I-T rules. 

The department, according to the provisions of Section 234A of the Income Tax Act 1961, may also charge interest on the taxable income apart from the other fines.

If an individual’s income exceeds the exempted limit, s/he must file tax returns.

Under the new tax regime, the exemption limit is set at Rs 2.5 lakh. Under the old regime, the exemption limit is Rs 2.5 lakh for those under the age of 60; Rs 3 lakh for those between the ages of 60 and 80 (senior citizens); and Rs 5 lakh for those above the age of 80 (super senior citizens).

Earlier, senior citizens were exempted from filing ITR if they did not have any business income.

Income Tax Slabs for Financial Year 2021-22:

Individuals can choose to file their Income Tax Returns online to avoid the hassles of physical paperwork. Here is how to file your ITR through the e-filing portal

* Go to the e-filing website, https://www.incometax.gov.in/iec/foportal.

* Log in to your account if you have already registered or create a new registration by providing the required personal and communication details.

* Once logged in to the portal, click on the “e-file” tab and then on “File Income Tax Return.”

* Select the Assessment year and click on “Continue.”

* Submit your choice whether you wish to file your returns online or offline.

*  Select “Individual” in the status applicable to your filing and then choose the income tax returns (ITR) you wish to file. Most salaried individuals file their returns with ITR -1 form.

* You will next be asked to specify the reason for filing ITR among the available options. Submit your choice and move to the next step to provide your bank details or validate them.

* Declaration tab – Once the taxpayer fills all details in the ITR-1 form, they are required to fill in requisite information in the declarations verifying that all details provided in return are correct and complete.

* Verify the submitted information to avoid any error and click on “Proceed to Validate.”

* Once the income tax return is filed, taxpayers will receive an SMS/ email intimation verifying the ITR filing.