I am a salaried person and don't have a Form 16. Can I file my income tax return?

Yes, you can file an income tax return without Form 16. You can use documents such as bank statements, salary slips for calculation of income tax.

Online Income Tax Return Filing

Q: Who is required to file Income Tax Returns (ITR) and pay income tax?

Income tax is to be paid by every person on income earned. The term 'person' covers natural as well as artificial persons.

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What is Income Tax Return Filing?

An income Tax Return (ITR) is a form that is filed by every person holding a valid PAN, providing information to the income tax department about the income earned and the applicable tax.

Filing of income tax returns is mandatory for an individual person, OPC, Proprietorship, Partnership Firm, LLP, Private Limited Company, Public Limited Company, Trust, or any other person whose income is chargeable to tax. A person generally files an ITR for a respective financial year to declare his income, expenses, tax deductions, investments, taxes, etc.

The Income Tax Department has prescribed various ITR forms for different kinds of taxpayers such as ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7. Every taxpayer has to file a specific ITR form which is dependent on his source of income, the amount earned, category of taxpayer, residential status, etc.

Income Tax Returns (ITR) should be generally filed under the guidance of a professional who shall have a good understanding of the Tax Laws to avoid penalties and fines.

What are the different types of Income Tax Return (ITR) Forms?

Return Form	Purpose of Return
ITR-1 (SAHAJ)	It is filed by an individual person (resident of India) with an income less than Rs. 50 lakhs
ITR-2	This form is for Individuals and HUFs not having income from profits and gains of business or profession
ITR-3	It is filed by individuals and HUFs having income from profits and gains of business or profession
ITR-4 (SUGAM)	The form is for Individuals, HUFs, and Firms (other than LLP) being a resident and having total income up to Rs. 50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE
ITR-5	It is filed by Partnership firms, LLPs (Limited Liability Partnerships), AOPs (Association of Persons), Co-operative Societies, Trusts, BOIs (Body of Individuals), Artificial Juridical Persons (AJP), etc.
ITR-6	This form is for Companies (other than those companies who are claiming exemption under section 11)
ITR-7	For persons including companies falling under sections 139(4A) or 139(4B) or 139(4C) or 139(4D)

Benefits of Income Tax Return Filing in India?

Loan Approval
ITR Filing may help a person or business entity to obtain various kinds of loans like business loans, personal loans, home loans, etc. Banks use ITR as proof of income, and a person may be required to submit an ITR of at least 3 (three) years.
Quick Visa Processing
Nowadays, many countries demand ITR of a person before issuance of Visa. This is mainly done to ensure that the person applying for visa would be able to manage the expenses of his journey and stay outside India.
Claim Income Tax Refund
In some cases, the TDS amount may be deducted from a person’s income or salary even if their income is less than the basic exemption limit. In such cases, filing of income tax return is mandatory for a refund of the TDS amount.
Address Proof
Any person or business entity can use the Income Tax return as address proof, similar to other documents such as bank statements, electricity or utility bills, etc.
Carry forward of losses
A person or business enterprises shall be eligible to carry forward the losses incurred in the previous financial year to the present financial year, if he files Income Tax Return within the due date.

What does our Online Income Tax Return Filing Package Includes?

Consultation on Income Tax Return Filing Process
Tax planning and Advisory
Calculation Income tax payable
Payment of Income Tax Challan on behalf of Applicant
Acknowledgment of ITR Filed

Procedure for Online Income Tax Return Filing

Collection of required information and documents
In the very first step, the applicant has to provide us with the required documents as per the checklist. Then, we will verify the documents provided and proceed towards the next process.
Allocation of a Dedicated Tax Professional
After receiving the required information and documents, we shall then allocate a dedicated tax professional to consult with you on your sources of income, deductions available, short-term and long-term capital gain, TDS calculation, etc.
Calculation of Income Tax Payable
After preliminary consultation, we calculate the amount of income tax payable or eligible refund, after taking into consideration all the deductions and exemptions. Then we will proceed toward the filing of the return.
Filing of Income Tax Return and Payment of Tax
In this next step, we will file your Income Tax Return and make the payment of the respective tax Challan (if any) to the Government. Then, an acknowledgment will be generated and sent to the email address of the applicant.
ITR Processed by the Income Tax Department
The Central Processing Center (CPC) processes the return after the taxpayer files it with the Income Tax Department. It processes the income tax return and sends an intimation under Section 143(1) of the Income Tax Act along with any amount eligible for refund.

Documents Required for Income Tax Return Filing Online

PAN card of the Applicant
For Salaried Person – Form 16, Salary Slips, Form 26AS
For Business Person or Entity – Details of Transaction in the financial year such as sale, purchase, payment, and receipts.
Proof of Deduction or Investments for claiming deduction under the Section 80C to 80U
Details of Long-Term and Short-Term Capital Gains
Statement of receipts and payments when books of accounts are not maintained
Bank account and loan account statements for the relevant financial year
Any other information or documents as may be required

Consequences of Non-Filing of Income Tax Return (ITR)

Late Filing Fee under Section 234F

If any person or business entity fails to file Income Tax Return (ITR) within the prescribed time, then a penalty of an amount up to Rs 10,000 shall be paid to the Government. If the ITR is filed after the due date but before 31^st December, then a penalty of Rs 5000 will be levied. However, if the total income of the person does not exceed 5 lakh rupees, then the maximum penalty levied for delay will be Rs 1000.

Interest on the payment of taxes

Apart from the penalty for late filing, interest shall also be paid by a person or business entity after the due date, under sections 234A, 234B and 234C till the date of payment of taxes.

Delayed Refunds

If a person is entitled to a refund from the government for excess taxes paid or TDS, then he/she must file the returns before the due date to receive your refund at the earliest.

No Carry forward of losses

A person shall not be able to carry forward losses incurred in the current financial year for subsequent financial years if he/she does not file the ITR within the due date.

Prosecution for Tax Evasion

If a person willfully evades tax and doesn’t file ITR then the prosecution can be initiated against him and in case of default, imprisonment of a minimum of 3 months up to 7 years together with a fine shall be imposed under Sec 276CC.

FAQ

Who is required to file Income Tax Returns (ITR) and pay income tax?Chandan Todi2021-10-11T19:35:15+05:30

Who is required to file Income Tax Returns (ITR) and pay income tax?

Income tax is to be paid by every person. The term ‘person’ covers natural as well as artificial persons.

Do I need to be physically present during this process?Chandan Todi2021-10-11T19:34:50+05:30

Do I need to be physically present during this process?

No, filing income tax returns is a completely online process. All the required data are filed electronically, so you would not need to be physically present at all. You would just need to send us the required data online.

When do I have to pay the taxes on my income?Chandan Todi2021-10-11T19:34:23+05:30

When do I have to pay the taxes on my income?

The taxes on income can be finalized only on the completion of the previous year. However, to enable a regular flow of funds and for easing the process of collection of taxes, the Income-tax Act has provisions for payment of taxes in advance during the year of earning itself or before completion of the previous year.

What is Form 16 for Income Tax in India?Chandan Todi2021-10-11T19:33:59+05:30

What is Form 16 for Income Tax in India?

Form 16 is the certificate of tax deduction at source (TDS) issued by the employers to their employees. An employee can use this form as a source of information while filing income tax return (ITR). It is mandatory for employer to provide this certificate to the employee, just after the financial year.

I am earning my income through agriculture, is my income taxable and do I need to file ITR?Chandan Todi2021-10-11T19:33:13+05:30

I am earning my income through agriculture, is my income taxable and do I need to file ITR?

Agricultural income is not taxable in India. However, if you have non-agricultural income, then you need to pay income tax and file your ITR as per provisions under Income Tax Act.

Do Non-Resident Indians (NRI’s) living abroad need to pay income tax or file ITR in India?Chandan Todi2021-10-11T19:32:48+05:30

Do Non-Resident Indians (NRI’s) living abroad need to pay income tax or file ITR in India?

If you are a non-resident Indian (NRI) who resides and work abroad, then you need to file ITR and pay tax only on the income earned in India such as interest from fixed deposits and saving account, rental income from house, or property owned in India, etc.

How can I get a refund of my Tax Deducted at Source (TDS)?Chandan Todi2021-10-11T19:32:29+05:30

How can I get a refund of my Tax Deducted at Source (TDS)?

As per Income Tax law, a person is eligible to receive TDS paid only if he/she has paid excess tax to the government than his/her actual tax liability. ITR must be filed by such person in order to claim the income tax refund for that financial year.

What is advance tax?Chandan Todi2021-10-11T19:32:07+05:30

What is advance tax?

As per Income Tax laws, a salaried individual, freelancer, or businessman whose tax liability for the year is 10,000 or more should pay advance tax. Advance tax is calculated and paid in quarterly installments.

What is rebate under section 87A and who can claim it?Chandan Todi2021-10-11T19:31:47+05:30

What is rebate under section 87A and who can claim it?

An individual who is resident in India and whose total income does not exceed Rs. 5,00,000 is entitled to claim a rebate under section 87A. Rebate under section 87A is available in the form of deduction from the tax liability. Rebate under section 87A will be lower of 100% of income-tax liability or Rs. 12,500. In other words, if the tax liability exceeds Rs. 12,500, rebate will be available to the extent of Rs. 12,500 only and no rebate will be available if the total income (i.e., taxable income) exceeds Rs. 5,00,000.

Can a return be filed after the due date?Chandan Todi2021-10-11T19:31:27+05:30

Can a return be filed after the due date?

Yes, an income tax return be filed after the due date. However, a belated return attracts late filing fees under section 234F.

If I have made any mistake or error in my income tax return, am I permitted to file a revised return to correct the mistake?Chandan Todi2021-10-11T19:31:08+05:30

If I have made any mistake or error in my income tax return, am I permitted to file a revised return to correct the mistake?

Yes, A return of income can be revised at any time, 3 months before the end of the Assessment Year or before the completion of the assessment; whichever is earlier.

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