{"id":4225,"date":"2019-01-02T09:00:14","date_gmt":"2019-01-02T03:30:14","guid":{"rendered":"http:\/\/capitalante.com\/?p=4225"},"modified":"2020-02-04T19:35:18","modified_gmt":"2020-02-04T14:05:18","slug":"income-tax-return","status":"publish","type":"post","link":"https:\/\/capitalante.com\/income-tax-return\/","title":{"rendered":"How to File Income Tax Return in India"},"content":{"rendered":"<p><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Is it mandatory for an individual to file Income Tax Return (ITR) even if the individual\u2019s tax liability is zero? The clear cut answer is no. An individual is not compelled to file ITR if his\/her income is below the tax bracket after availing all the deductions under chapter VI-A of the income tax act, 1961. Many people think that as their income is below the tax bracket then they don\u2019t need to submit ITR. But it is quite beneficial for individuals to file ITR even if their income is below the tax bracket. Here we will discuss how to file income tax return step by step even though your tax liability is nil.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h4><span style=\"color: #0000ff;\"><strong><span style=\"font-family: georgia, palatino, serif; font-size: 14pt;\">Who will File Income Tax Return<\/span><\/strong><\/span><\/h4>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Now we will discuss who will mandatorily file an income tax return.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">The persons have to file income tax returns whose yearly income exceeds the specified limit of Rs. 2.5 lakh below the age of 60, 3 lakh between the age of 60 and 80, and 5 lakh whose age is above 80 years.<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Individuals who have suffered a loss in any kind of business or profession.<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Individuals who are below the income tax exemption of Rs. 2.5 lakh but have paid advance tax or deposited TDS should file the income tax return to claim a refund.<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">One can file an Income tax return even if the income is below the taxable income.<\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h4><span style=\"color: #0000ff;\"><strong><span style=\"font-family: georgia, palatino, serif; font-size: 14pt;\">Income Tax Return forms<\/span><\/strong><\/span><\/h4>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Now one of the major confusion is which form one needs to submit when filing income tax returns either offline or online. Here are a snapshot of the different categories of Income Tax Return (ITR) forms and which income tax return form is applied to an assessee.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h4><span style=\"color: #0000ff;\"><strong><span style=\"font-family: georgia, palatino, serif; font-size: 14pt;\">The Income Tax Return 1 Sahaj<\/span><\/strong><\/span><\/h4>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">The Income Tax Return 1 Sahaj to be filed by an individual or Hindu undivided family i.e. HUF who have<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Income from salary,<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Income from house property,<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Income from other sources but not from winning a lottery or Income from racehorses,<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Income from agriculture is less than Rs. 5000\/-.<\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h4><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #0000ff;\"><strong>The Income Tax Return 2<\/strong><\/span><\/h4>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-background has-black-color has-white-background-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">The Income Tax Return 2 to be filed by an individual or Hindu undivided family i.e. HUF who have<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Income from salary,<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Income from house property,<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Income from other sources including from winning a lottery or Income from racehorses.<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Income from capital gains i.e. from the sale of house property, share or units of mutual funds.<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Income from foreign assets or foreign companies.<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Income from agriculture is more than Rs. 5000\/-.<\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h4><span style=\"color: #0000ff;\"><strong><span style=\"font-family: georgia, palatino, serif; font-size: 14pt;\">The Income Tax Return 3<\/span><\/strong><\/span><\/h4>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">The Income Tax Return 3<strong> <\/strong>to be filed by an Individual or Hindu undivided family i.e. HUF being a partner in any firm who have<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Income from salary,<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Income from house property,<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Income from running out any proprietary business or profession.<\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h4 id=\"mce_151\"><strong><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #0000ff;\">The Income Tax Return 4<\/span><\/strong><\/h4>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">The Income Tax Return 4<strong> <\/strong>to be filed by an individual or Hindu undivided family i.e. HUF or Firm who have<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Income from salary.<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Income from house property.<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Income from presumptive business i.e. goods transportation business under section 44AD\/ 44AE or Income from profession under section 44ADA.<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Income from other sources but not from winning a lottery or Income from racehorses.<\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h4 id=\"mce_151\"><strong><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #0000ff;\">The Income Tax Return 5<\/span><\/strong><\/h4>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">The Income Tax Return 5 to be filed by a Partnership firm, Limited Liability Partnership i.e. LLPs, Association of Persons i.e. AOPs, Body of Individuals i.e. BOIs having<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Income from Business.<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Income from house property.<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Income from capital gains i.e. from the sale of house property, share or units of mutual funds.<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Income from other sources but not from winning a lottery or Income from racehorses.<\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h4 id=\"mce_151\"><span style=\"color: #0000ff;\"><strong><span style=\"font-family: georgia, palatino, serif; font-size: 14pt;\">The Income Tax Return 6<\/span><\/strong><\/span><\/h4>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">The Income Tax Return 6 to be filed by a Company other than companies claiming exemption under section 11 having<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Income from Business.<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Income from house property i.e. but only from charitable or religious purposes.<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Income from capital gains i.e. from the sale of house property, share or units of mutual funds.<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Income from other sources but not from winning a lottery or Income from racehorses.<\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h4 id=\"mce_151\"><span style=\"color: #0000ff;\"><strong><span style=\"font-family: georgia, palatino, serif; font-size: 14pt;\">The Income Tax Return 7<\/span><\/strong><\/span><\/h4>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">The Income Tax Return<strong> 7 <\/strong>to be filed by a Trust having<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Income from Business.<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Income from house property i.e. but only from charitable or religious purposes.<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Income from capital gains i.e. from the sale of house property, share or units of mutual funds.<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Income from other sources but not from winning a lottery or Income from racehorses.<\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h3><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #0000ff;\"><strong>Documents Required for Income Tax Return filing in India<\/strong><\/span><\/h3>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Now, in order to file Income Tax Return, you here are the list of required documents needed while filing the Income-tax return,<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h4><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #0000ff;\"><strong>Form No. 16<\/strong><\/span><\/h4>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">It is a detailed description of the salary and other emoluments received by an employee from his or her employer irrespective of the Government or Private sector. If you are a salaried person it is the most useful document while filing the income tax return. The form No. 16 reveals not only the salary, bonus, etc. but also the deductions under chapter VI-A, tax deducted from your House by your employer.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Now we will discuss how to prepare a salary statement where your employer does not give you any Form No. 16 or you are working in unorganized sectors where Form No. 16 is not available.<\/span><\/p>\r\n<p><a href=\"http:\/\/capitalante.com\/wp-content\/uploads\/2019\/01\/Advance-Tax-Payment.png\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" src=\"http:\/\/capitalante.com\/wp-content\/uploads\/2019\/01\/Advance-Tax-Payment.png\" alt=\"How to calculate Income Tax in India\" width=\"800\" height=\"2000\" class=\"aligncenter wp-image-6014 size-full\" srcset=\"https:\/\/capitalante.com\/wp-content\/uploads\/2019\/01\/Advance-Tax-Payment.png 800w, https:\/\/capitalante.com\/wp-content\/uploads\/2019\/01\/Advance-Tax-Payment-120x300.png 120w, https:\/\/capitalante.com\/wp-content\/uploads\/2019\/01\/Advance-Tax-Payment-768x1920.png 768w, https:\/\/capitalante.com\/wp-content\/uploads\/2019\/01\/Advance-Tax-Payment-410x1024.png 410w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/a><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h4><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #0000ff;\"><strong>Form No. 16A<\/strong><\/span><\/h4>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">It is the document that consists of all the details related to tax that has been deducted at source either from recurring deposits, savings account, fixed deposits, etc. by a deductor other than the employer. This tax is usually deducted by banks or other financial institutions on the interest earned from fixed deposits, recurring deposits, bonds, etc. or commission which is earned by you during the year. Suppose, you have earned interest of Rs. 50,000\/- from a fixed deposit. The maximum deduction allowed under section 80TTA is Rs. 10,000\/-. So you have to pay tax on the rest of Rs. 40,000\/- at the applicable rate of 10% and then your tax will be Rs. 4000\/-. You should collect Form No. 16A from the respective banks or financial institutions.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h4><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #0000ff;\"><strong>Income from House Property<\/strong><\/span><\/h4>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">If you have an income from house property then you should furnish the following details.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Income from the house property in case the property is on rent.<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Proper address of the house property of which you are a sole owner.<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">If you are the co-owner of any house property then details of the co-owners i.e. the proportion of money which is earned from the above-said property and PAN details.<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">If you have purchased any property on loan then the certificate for home loan interest from your borrower.<\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h4><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #0000ff;\"><strong>Bank details<\/strong><\/span><\/h4>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">To file an income tax return you need to provide your bank account details like account no, IFSC code, name of the bank, etc. If there is any refund against you or your PAN, the amount will be credited to the bank account which is quoted in Income-tax Return.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h4><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #0000ff;\"><strong>Tax-savings documents<\/strong><\/span><\/h4>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">You can avail of the benefits of deductions allowed under Chapter VI-A of the Income Tax Act by depositing money in the following schemes.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Public Provident Fund<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Life Insurance Premium<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">National Savings Certificate<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Equity Linked Savings Scheme<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Principal Amount Repaid on Home Loan<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">5 year fixed deposits in commercial banks and post office<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Tuition fees paid for children\u2019s education, up to a maximum of 2 children<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Health insurance of self as well as parents and dependents<\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">At the time of filing the ITR, you need to sum up all the deductions you want to avail and put them accordingly. You need to preserve these documents as the income tax department may ask them any time to verify the deductions availed by you.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h4><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #0000ff;\"><strong>Capital Gains Statement<\/strong><\/span><\/h4>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\"><strong>Capital gains statement<\/strong> is the detailed summary of your capital gains from selling of shares, mutual funds either in the short term or long term. You need to pay a 15% tax on short term capital gains and 10% on long term capital gains via the selling of stocks or mutual funds. You can collect this document from your broker or you can prepare this by yourself.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">If you have capital gains either from stock market investment or selling of property irrespective of the short term or long term you should furnish the following details.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Stock trading statement in case of capital gains from selling stocks i.e. purchase details, selling details. You can find the statement from your trading account.<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">You must furnish the mutual fund statement in case of capital gains from the selling of equity mutual funds or ELSS.<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">If you make a profit by selling a house or property then you must furnish the sale price, purchase price, details of registration and capital gain details.<\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h4><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #0000ff;\"><strong>Form No. 26AS<\/strong><\/span><\/h4>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #0000ff;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">It is the detailed report of taxes which have been deducted from you or deposited by you or deposited on your behalf by your employer. This is just like your savings account passbook in which the following information is available.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">a) If your income exceeds the taxable limit of Rs. 2.5 lakh, then your employer deducts the TDS and deposits the tax in Central govt. bank account on your behalf.\u00a0<\/span><br \/><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">b) TDS deducted by banks or financial institutions if the interest income exceeds the maximum limit of Rs 10,000 as we have discussed earlier.\u00a0<\/span><br \/><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">d) Advance taxes paid by you during the respective financial year.\u00a0<\/span><br \/><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">e) Self-assessment taxes paid by you via 280 challans.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">To download this statement you may go to the official website of the income tax department. There you may create your profile quoting Name, Pan No. Aadhar No. etc. But if you are already registered you can get this Form No. 26AS from the income tax website. Go to the &#8216;My Account&#8217; tab and click no View 26AS. You will be redirected to the TRACES website from where you can easily download your Form No. 26AS.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h4><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #0000ff;\"><strong>How to file Income Tax Returns<\/strong><\/span><\/h4>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Go to the<span style=\"color: #ff0000;\"> <a rel=\"noreferrer noopener\" aria-label=\"Income tax India e-filing (opens in a new tab)\" href=\"http:\/\/www.incometaxindiaefiling.gov.in\/\" target=\"_blank\" style=\"color: #ff0000;\">Income-tax India e-filing<\/a><\/span> and if you are not registered yet then register yourself by quoting your details i.e. Name, Address, PAN, Aadhar No, etc.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Now after registering yourself <strong>Login<\/strong> to the profile by quoting User ID which is your PAN, password, and date of birth.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<div class=\"wp-block-image\">\r\n<figure class=\"aligncenter\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\"><a href=\"http:\/\/capitalante.com\/wp-content\/uploads\/2019\/01\/How-to-file-Income-tax-return.jpg\" target=\"_blank\" rel=\"noreferrer noopener\" style=\"color: #000000;\"><img loading=\"lazy\" src=\"http:\/\/capitalante.com\/wp-content\/uploads\/2019\/01\/How-to-file-Income-tax-return.jpg\" alt=\"login\" class=\"aligncenter wp-image-4237\" width=\"983\" height=\"481\" srcset=\"https:\/\/capitalante.com\/wp-content\/uploads\/2019\/01\/How-to-file-Income-tax-return.jpg 983w, https:\/\/capitalante.com\/wp-content\/uploads\/2019\/01\/How-to-file-Income-tax-return-300x147.jpg 300w, https:\/\/capitalante.com\/wp-content\/uploads\/2019\/01\/How-to-file-Income-tax-return-768x376.jpg 768w\" sizes=\"(max-width: 983px) 100vw, 983px\" \/><\/a><\/span><\/figure>\r\n<\/div>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Before filing the Income-tax return view your tax credit statement i.e. Form 26AS.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Now click on the <strong>&#8216;Filing of income tax return&#8217;.<\/strong><\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<div class=\"wp-block-image\">\r\n<figure class=\"aligncenter\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\"><a href=\"http:\/\/capitalante.com\/wp-content\/uploads\/2019\/01\/How-to-file-Income-tax-return-1.jpg\" target=\"_blank\" rel=\"noreferrer noopener\" style=\"color: #000000;\"><img loading=\"lazy\" src=\"http:\/\/capitalante.com\/wp-content\/uploads\/2019\/01\/How-to-file-Income-tax-return-1.jpg\" alt=\"filing itr\" class=\"aligncenter wp-image-4238\" width=\"983\" height=\"458\" srcset=\"https:\/\/capitalante.com\/wp-content\/uploads\/2019\/01\/How-to-file-Income-tax-return-1.jpg 983w, https:\/\/capitalante.com\/wp-content\/uploads\/2019\/01\/How-to-file-Income-tax-return-1-300x140.jpg 300w, https:\/\/capitalante.com\/wp-content\/uploads\/2019\/01\/How-to-file-Income-tax-return-1-768x358.jpg 768w\" sizes=\"(max-width: 983px) 100vw, 983px\" \/><\/a><\/span><\/figure>\r\n<\/div>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">After clicking Filing of Income Tax return system will be redirected to a page where you need to choose the relevant <strong>Assessment Year, ITR Form Name<\/strong> i.e. which ITR you should file i.e. ITR1, ITR2, ITR3, ITR4, ITR5, etc.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<div class=\"wp-block-image\">\r\n<figure class=\"aligncenter\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\"><a href=\"http:\/\/capitalante.com\/wp-content\/uploads\/2019\/01\/How-to-file-Income-tax-return-2.jpg\" target=\"_blank\" rel=\"noreferrer noopener\" style=\"color: #000000;\"><img loading=\"lazy\" src=\"http:\/\/capitalante.com\/wp-content\/uploads\/2019\/01\/How-to-file-Income-tax-return-2.jpg\" alt=\"e-filing of itr\" class=\"aligncenter wp-image-4239\" width=\"983\" height=\"390\" srcset=\"https:\/\/capitalante.com\/wp-content\/uploads\/2019\/01\/How-to-file-Income-tax-return-2.jpg 983w, https:\/\/capitalante.com\/wp-content\/uploads\/2019\/01\/How-to-file-Income-tax-return-2-300x119.jpg 300w, https:\/\/capitalante.com\/wp-content\/uploads\/2019\/01\/How-to-file-Income-tax-return-2-768x305.jpg 768w\" sizes=\"(max-width: 983px) 100vw, 983px\" \/><\/a><\/span><\/figure>\r\n<\/div>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Now after choosing your respective Income Tax Return form, you need to choose between whether you want to file this return form between <strong>Original\/Revised return<\/strong> and <strong>Filing against Notice or Order<\/strong>.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Now you need to choose <strong>Submission Mode<\/strong>. If you are filing ITR 1 or ITR 4 then you can submit the return in two ways either via upload XML or prepare and submit online. But if you choose the ITR2, ITR3, ITR5, etc. then you should download the <strong>Excel utility <\/strong>and after preparing the respective <strong>Excel utility<\/strong> to upload them in the portal.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<div class=\"wp-block-image\">\r\n<figure class=\"aligncenter\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\"><a href=\"http:\/\/capitalante.com\/wp-content\/uploads\/2019\/01\/How-to-file-Income-tax-return-3.jpg\" target=\"_blank\" rel=\"noreferrer noopener\" style=\"color: #000000;\"><img loading=\"lazy\" src=\"http:\/\/capitalante.com\/wp-content\/uploads\/2019\/01\/How-to-file-Income-tax-return-3.jpg\" alt=\"verify Income tax return\" class=\"aligncenter wp-image-4242\" width=\"970\" height=\"341\" srcset=\"https:\/\/capitalante.com\/wp-content\/uploads\/2019\/01\/How-to-file-Income-tax-return-3.jpg 970w, https:\/\/capitalante.com\/wp-content\/uploads\/2019\/01\/How-to-file-Income-tax-return-3-300x105.jpg 300w, https:\/\/capitalante.com\/wp-content\/uploads\/2019\/01\/How-to-file-Income-tax-return-3-768x270.jpg 768w\" sizes=\"(max-width: 970px) 100vw, 970px\" \/><\/a><\/span><\/figure>\r\n<\/div>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Now after that you need to choose by which <strong>option you need to verify your return<\/strong>.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Aadhar OTP or<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Verify Later or<\/span><\/li>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Send my ITR \u2013 V to Central Processing Centre, Income tax Department, Bangalore through normal or speed post.<\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h4><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #0000ff;\"><strong>How to prepare the respective Excel Utility,<\/strong><\/span><\/h4>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">After downloading the file you will be enabled to edit after the opening of the Excel file.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Fill all the details in the entire tab. After filling the details in each tab please confirm the data by clicking the <strong>\u2018Validate\u2019 <\/strong>tab.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Now generate an XML file by clicking Generate XML tab and save it on your computer or laptop.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Now upload the return and verify your return accordingly.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<ul>\r\n<li><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Read also: <\/span><\/span><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\"><a href=\"https:\/\/www.incometaxindia.gov.in\/Pages\/tax-services\/file-income-tax-return.aspx\" ping=\"\/url?sa=t&amp;source=web&amp;rct=j&amp;url=https:\/\/www.incometaxindia.gov.in\/Pages\/tax-services\/file-income-tax-return.aspx&amp;ved=2ahUKEwib2KmghrjnAhVEJHIKHXIBDQ8QFjAWegQIAxAB\" target=\"_blank\" rel=\"noopener\"><\/a><\/span><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #ff0000;\"><a href=\"https:\/\/www.incometaxindia.gov.in\/Pages\/tax-services\/file-income-tax-return.aspx\" target=\"_blank\" style=\"color: #ff0000;\" rel=\"noopener noreferrer\">File Income Tax Return &#8211; Income Tax Department<\/a><\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #0000ff;\"><strong>How Capitalante can help you<\/strong><\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-body-font-size has-accent-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #0000ff;\">Capitalante has a team of well qualified and professional tax experts and income tax cadres who will file your business income tax returns for you in minimum time and also help you reduce your tax liabilities by proper tax planning. If you haven\u2019t filed your tax return yet, get in touch with us for hassle-free tax filing.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h3><strong><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #0000ff;\">Benefits of Filing Income Tax Return<\/span><\/strong><\/h3>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Many people think that as their income is below the tax bracket then they don\u2019t need to submit ITR. But it is quite beneficial for individuals to file ITR even if their income is below the tax bracket. Here we will discuss the 9 Benefits of Filing Income Tax Return though your tax liability is nil.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h4><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #0000ff;\"><strong>Address Proof<\/strong><\/span><\/h4>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">If you are in a transferable job then you must submit income tax return even though your income is below taxable limit. Why? When you submit ITR the income tax department will provide you with a document namely ITR-V\/ Acknowledgement. This can be treated as your current or correspondent address.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h4><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #0000ff;\"><strong>Income Proof of freelancers &amp; independent professionals<\/strong><\/span><\/h4>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">The ITR-V is treated as the most reliable proof of income source as it is provided by the Income Tax Department. This is the proof of income for those who do not get any form 16 from their employer or are engaged in the unorganized sector or self professionals. This ITR-V is the only legal document they can show as their income source and amount.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h4><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #0000ff;\"><strong>Process of loan application<\/strong><\/span><\/h4>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">To get loans like home loan, car loan, vehicle loan, personal loan, business loan, etc. irrespective of banks or non-banking financial institutions, you will be required to show a copy of ITR of at least two years. Your loan issuing authority will verify whether you have any earning and you are able to pay off the loan. At this situation this ITR will be treated as the proof of your income.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h4><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #0000ff;\"><strong>To carry forward Losses<\/strong><\/span><\/h4>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">If you file ITR you can carry forward your business losses or capital losses made in the previous years to the current financial year. You can do this up to maximum 8 years. Suppose your business loss for the assessment year 2017-18 is Rs. 1 Lakh. Then you make a profit of Rs. 3 Lakh in the assessment year 2018-19. So, you can make an adjustment to the losses made in the previous year with the current year. You can show an income of Rs. 2 lakh for the assessment year 2018-19. On the other hand, if you have not filed ITR, your taxable income will be considered as Rs. 3 Lakh according to the income tax act, 1961.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h4><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #0000ff;\"><strong>Visa Processing<\/strong><\/span><\/h4>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">You have to submit the ITR while applying for the visa irrespective of travel visa or work visa of any of the foreign countries like the USA, UK, Australia, Russia, European Union, etc. This ITR is handy when you need to prolonged stay at any of these countries.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h4><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #0000ff;\"><strong>To get Credit Card\u00a0<\/strong><\/span><\/h4>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">To get a credit card from banks it is mandatory to submit the proof of income. In this case, ITR-V is treated as your proof of income. Banks actually want to verify if an individual can afford the credit card.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h4><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #0000ff;\"><strong>To buy insurance Policy for higher life cover<\/strong><\/span><\/h4>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Various insurance companies want income proof when you opt for an insurance policy. The sum assured of your insurance policy will be in accordance with your total income. In this case, ITR-V is quite handful while buying an insurance policy.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h4><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #0000ff;\"><strong>To get Government Tender<\/strong><\/span><\/h4>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">If you want to participate in a tender either govt. or private you are required to submit ITR that may vary between two years and five years.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<h4><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #0000ff;\"><strong>To get refund<\/strong><\/span><\/h4>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Suppose you have filed ITR within the due date. After submitting the ITR you notice that you have forgotten to avail the deductions under chapter VI-A. In this situation, you can make a rectification under section 154 to claim the extra money you paid to the income tax department and this returned money is called a refund.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-black-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">Suppose your age is 65 years. You have income from house property of Rs. 2 Lakh annually. You earn interest of Rs. 1 Lakh from the fixed deposit in banks or post offices. Since the maximum deduction from the interest income is Rs. 10000\/-. The income tax department deducts Rs. 9000\/- [10% of 90,000 = Rs. 9000\/-]. As you are a senior citizen, you are not above the tax bracket of Rs. 3 Lakh. You can get Rs. 9000\/- as refund after filing ITR for the respective year.<\/span><\/p>\r\n<p><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #000000;\">\r\n\r\n<\/span><\/p>\r\n<p class=\"has-text-color has-accent-color\"><span style=\"font-family: georgia, palatino, serif; font-size: 14pt; color: #0000ff;\">If you have any questions regarding how to file income tax return feel free to make a comment so that we have a discussion and if you have found this post helpful please share with your loved ones.<\/span><\/p>\r\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>Is it mandatory for an individual to file Income Tax Return (ITR) even if the individual\u2019s tax liability is zero? The clear cut answer is no. An individual is not compelled to file ITR if his\/her income is below the &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"How to File Income Tax Return in India\" class=\"read-more button\" href=\"https:\/\/capitalante.com\/income-tax-return\/#more-4225\">Continue Reading<span class=\"screen-reader-text\">How to File Income Tax Return in India<\/span><\/a><\/p>\n","protected":false},"author":6,"featured_media":4236,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[15],"tags":[],"_links":{"self":[{"href":"https:\/\/capitalante.com\/wp-json\/wp\/v2\/posts\/4225"}],"collection":[{"href":"https:\/\/capitalante.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/capitalante.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/capitalante.com\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/capitalante.com\/wp-json\/wp\/v2\/comments?post=4225"}],"version-history":[{"count":0,"href":"https:\/\/capitalante.com\/wp-json\/wp\/v2\/posts\/4225\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/capitalante.com\/wp-json\/wp\/v2\/media\/4236"}],"wp:attachment":[{"href":"https:\/\/capitalante.com\/wp-json\/wp\/v2\/media?parent=4225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/capitalante.com\/wp-json\/wp\/v2\/categories?post=4225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/capitalante.com\/wp-json\/wp\/v2\/tags?post=4225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}