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You can file your income tax returns online, either on the income tax department’s website or with the help of various authorized agencies such as chartered accountants and online tax filing platforms like Advalyze.

Yes, deducting TDS and filing a tax return are two separate legal compliances. Income tax should be paid on your taxable income as per the provisions of the Income Tax Act. You file a tax return to show that you have paid all the tax you needed to pay. Additionally, your company may only deduct taxes on your salary portion, but you might have other sources of income as well, such as selling shares in the equity market, rental income, etc.

There are seven forms – ITR 1, 2, 3, 4, 5, 6, and 7 – notified by the government for different categories of taxpayers. The appropriate form should be selected based on the amount of income, income source, and the category to which the taxpayer belongs.

You can pay tax to the government directly on the Income Tax Department website using your net-banking account or debit card using challan 280.

ITR-V is a 1-page document that you receive after e-filing your income tax return and where e-verification is pending. You can verify your income tax return through offline or online mode. There are various methods of online verification. However, to verify your return offline, you must print, sign, and send the ITR-V to the Income Tax Department within 30 days from e-filing your tax return.

No, a taxpayer does not need to attach any documents while filing their tax return. However, it is recommended to have all the documents with you in case the tax department might ask for these details in the future.

Income tax is levied on the annual income of a person. Under the Income-tax law, the period is starting from 1st April and ending on 31st March of the next calendar year. The Income-tax law classifies the year as the previous year or current financial year and assessment year.

You can claim a refund of the excess tax paid by filing your Income-tax return. It will be refunded to you by crediting it to your bank account through ECS transfer. It is important to pre-validate your bank account details before filing your income tax return. You can check the status of your IT refund at https://tin.tin.nsdl.com/oltas/refund-status-pan.html.

The list of eligible deductions commonly available under Section 80C is as follows:

• Investments made towards the following:
  • Life insurance policies
  • ELSS schemes
  • PPF
  • EPF
  • Sukanya Samriddhi Yojana
  • 5-year bank or post office deposit
  • Senior Citizen Saving Scheme
  • NSC or KVP
• Expenses incurred on the following:
  • Principal repayment of home loan
  • Stamp duty and registration charges on a property
  • Tuition expenses paid for up to 2 children

You must file your return before the due date if you have sustained a loss in the financial year and if you want to carry it forward to the subsequent year for adjustment against the subsequent year’s income. Loss can only be carried forward if you have filed the return claiming such loss before the due date.

You can seek the help of chartered accountants and agencies dedicated to ITR filing. With Advalyze, you can get an Expert to calculate your taxes and e-file your tax return. It is a totally safe and secure platform. See return filing plans here.

E-filing of income tax returns is mandatory if your income is above the basic exemption limit. ITR filing becomes a must even if your income is below the basic exemption limit if the following conditions are met:

• If you have deposited more than Rs1 crore in all of your current accounts
• If you have incurred expenditure on foreign travel of Rs 2 lakh or more
• If you have incurred electricity expenditure of Rs 1 lakh or more
• If you have beneficial interests or signing authority in foreign countries
• If your total business turnover is above Rs 60 lakh
• If your gross professional receipts are above Rs 10 lakh
• If your total deposits in the savings bank account are Rs 50 lakh or more
• If the total of TDS and TCS is Rs 25,000 or more (Rs 50,000 or more in the case of senior citizens)

The Income Tax Act levies penalties for late filing of income tax returns. Under Section 234F, a maximum late fee of Rs 5000 is applicable for filing ITR after due dates. However, there is relief given to small taxpayers. If the total income does not exceed Rs 5 lakh, the maximum penalty levied for delay will be Rs 1000.