Assessment Year is the year in which you file returns. It is the year in which the income that you have earned in the financial year that just ended will be evaluated. For instance, if you have had an income between 1 April 2016 and 31 March 2017 then 2017-18 will be the Assessment Year.
The password of the document is a combination of PAN (in lower case) and date of birth in the format ddmmyyyy.
For example, if the PAN is Abcde1234f and the date of birth is 27-Nov-1990, the password is abcde1234f27111990.
Website’s Customer Support team will be happy to help you to resolve all your doubts and queries. You can write to us at email@example.com or you can alternatively chat with us.
TDS means Tax Deducted at Source. It is the amount withheld from payments of various kinds such as salary, contract payment, commission, professional fees etc. This withheld amount can be adjusted against your tax due. An assessee (deductee) can view the details of Taxes deducted in Form 26AS.
Whether is it mandatory to furnish PAN of the landlord to claim exemption in respect of house rent allowance?
If employee is claiming exemptions for house rent allowance and the annual rent paid by him exceeds Rs. 1,00,000, it is mandatory for him to report PAN of the landlord to the employer. In case the landlord does not have a PAN, a declaration to this effect from the landlord along with the name and address of the landlord should be filed by the employee.
Individuals who are not eligible to fill the ITR-1 SAHAJ form are those who have earned Income through the following means:
Income from more than one Property
Lottery, Racehorses, Legal Gambling etc.
non tax-exempted capital gains (Short term and Long term)
agricultural means exceeding Rs. 5000
Business and Profession
Individual who is a Resident and hasassets (including financial interest in any entity) outside India or
Signing authority in any account located outside India.
Individual claiming relief of foreign tax paid or double taxation relief under section 90/90A/91.
ITR -1 should be filed for an assessment year, when Total Income of an Individual includes:
Income from Salary/Pension
Income from One House Property (excluding cases where loss is brought forward from previous years)
Income from Other Sources (excluding winning from Lottery and Income from Race Horses)
In case of clubbed Income Tax Returns, where a spouse or a minor is included, this can be done only if their income too is limited to the above specifications.
Deduction under section 80G can be claimed by filing the return of income in which the following details need to be given: (a) Name of donee, (b) PAN of donee, (c) Address of donee; (d) Amount of donation
My employer has deducted tax without allowing me relief of section 89. Can I claim the relief while filing the return of income?
If the employer fails to provide relief under section 89 and deducts excess tax, then you can claim such relief in your return of income and can claim refund of excess tax deducted.
Income-tax returns are annexure less. Hence, there is no need to enclose any document(s) along with the return of income. Thus, documents like TDS certificate, balance sheet, Profit & Loss A/c, Capital A/c, proof of investments, etc., are not to be attached along with the return of income. However, these documents should be retained and have to be produced before the Assessing Officer whenever he requires us to do so.
I have filed my return of income; however, I omitted to claim benefit of Chapter VI-A deduction. What should I do?
The benefit of omitted claim can be availed only by filing a revised return. But in that case you have to ensure that your original return has been filed within the due date as return can be revised only if it has been filed originally within the specified due date u/s 139(1).
Yes, you can file return of income voluntarily even if your income is less than the maximum exemption limit.
The checklist of documents required for return filing are as follows:
A copy of last year’s tax return
Interest Statement showing interest paid to you throughout the year
Balance Sheet, P&L Account Statements and other Audit Reports wherever applicable
If return in which income exceeds the Basic Exemption Limit, is filed after the end of relevant assessment year, in that case penalty of five thousand rupees can be levied under section 271F. If the return of income is not filed within the due date specified under section 139(1), loss incurred during the year under the heads ‘Profits and gains of business and professions’ and ‘Capital gains’ cannot be carried forward to next year.
Whether I can file thereturn with website in case if I have previously filed return with someone else?
Yes you can file the return with us in case you have filed your return previously with someone else. The Login ID for filing can be reset at your request.
Yes, you can file return of income belatedly Under Section 139(4) within a period of one year from the end of relevant assessment year or before the completion of assessment, whichever is earlier.
Assessee’s Due date :-
An Individual or HUF or businesses not required to get audited: 31-Jul-17
A Company: 30-Sep-17
A person whose accounts are required to be audited: 30-Sep-17
A working partner of a firm whose accounts are required to be audited: 30-Sep-17
An assessee who is required to furnish a report under Sec. 92E for international transaction: 30-Nov-17
Any other person: 31-Jul-17
E-filing of return is mandatory for:
- (a) Every company; or
- (b) Every AOP or BOI or
- (c) A person [other than a company and a person required to furnish return in form ITR 7] whose total income exceeds Rs. 5 lakh rupees during the previous year 2016-17;
- (d) A firm or an individual or HUF who are required to get their accounts audited under section 44AB;
- (e) Every person claiming tax relief under Section 90, 90A or section 91;
- (f) A political party [if its income exceeds the limit, without claiming exemptions under Section 13A, which is not chargeable to tax]
- (g) Every resident and ordinarily resident individual and HUF, if he/it has any of following: (i) Signing authority in any account located abroad; (ii) Any asset located abroad; or (iii) Financial interest in any entity located abroad.
Yes it is necessary to provide Phone No. & Email Address as the OTP send by the Income Tax Department for verification are delivered on the same.
While it is not mandatory to provide your Aadhaar details, it is good if you link the two. For one, your e-verification process for ITR V becomes easier. However, before you link, make sure that your Aadhaar and PAN card details match. In case they don’t, save the task for later. A mis-match in the two documents can create unnecessary complications.