Query in ITR
Introduction:
Filing Income Tax Returns (ITR) in India is a crucial financial obligation, and individuals often have questions about the process. In this guide, we address some of the frequently asked queries regarding Income Tax Return in India.
When is the deadline for filing ITR?
The deadline for filing ITR in India is typically July 31st of each assessment year. However, the Finance Act and relevant authorities can modify these dates, so it's essential to stay updated on any changes.
What happens if I miss the deadline?
If you miss the due date to file Income Tax return (ITR), you still have the option to submit a belated return. However, late filing may incur penalties and interest, so it's advisable to file at the earliest to minimize financial implications.
How can I file my ITR online?
Filing ITR online is convenient and can be done through the official Income Tax e-filing website or authorized online tax filing platforms. Ensure that you have all necessary documents, such as PAN, Form 16, and details of income and deductions.
What documents are required for filing ITR?
Common documents include PAN card, Aadhar card, Form 16 (provided by the employer), bank statements, and details of investments and deductions.
Can I revise my ITR after filing?
Yes, you can revise your ITR within a certain timeframe if you discover any errors or omissions. The revised return filing due date will be end of the relevant assessment year.
Are there penalties for incorrect information in ITR?
Providing incorrect information in your ITR can lead to penalties. It's crucial to ensure accuracy and authenticity to avoid any legal consequences.
How is the income tax calculated?
Income tax is calculated based on the income slab you fall into. Understanding the tax slabs and applicable deductions is crucial for accurate computation.
What is the process for rectification in case of errors?
If you notice errors in your processed return, you can request rectification through the official e-filing portal. Ensure you have the correct details and supporting documents.
Is it mandatory to link Aadhar with PAN for filing ITR?
Yes, as of the latest information, linking Aadhar with PAN is mandatory for filing ITR. Ensure that your Aadhar and PAN details match to avoid any issues during the filing process.