Irrespective of the country you belong to, income tax filing online is the civil duty and responsibility of every citizen. In India, every individual has to pay a certain amount as income tax which is calculated according to the set slabs and the revenue generated is utilized in the benefit of the country. In order to reduce the problems and complicacies in Income tax online submission, Indian government has initiated online filing of income tax. As stated above, it is the responsibility of all citizens to declare their income and assets and pay their tax for the economic growth of India. Now, tax can be filed through both online and offline modes. But while online filing income tax, there can be certain concerns and doubts that might be troubling you. To help you with that, today we are going to discuss some common questions regarding income tax filing online. So, let’s get started:
Question 1: Which ITR form should I fill?
Answer: The selection of your ITR from entirely depends on the nature of your income. Here we have listed down the forms that you can choose according to the income:
- ITR-1: For Indian residents who have their incomes through salaries, house property, other incomes sources such as interest and total annual income up to Rs. 50 lakh.
- ITR-2: For HUFs and individuals who are not indulged in any profession or business.
- ITR-3: For HUFs and individuals who have income from any profession or business.
- ITR-4: For firms, individuals and HUFs who have u/s 44AD, 44ADA and 44AE with a total annual income upto 50 lakh.
- ITR-5: For people other than HUF, individuals, company and individuals filing ITR-7.
- ITR-6: For companies excluding companies that are claiming exemption under Section 11.
- ITR-7: For individuals including companies that are needed to file returns under sections 139(4A) or 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F).
Question 2: Where should I invest to save tax?
Answer: In order to save income tax, income tax payers can invest up to Rs. 1.5 lakh under Section 80C, 80CCC and 80CCD(1).
- Deduction upto Rs.10,000/- can be done under Section 80TTA on the interest earned from savings in bank account.
- Any kind of medical insurance is exempted under Section 80D upto Rs.25,000.
- Any kind of donation is exempted under Section 80G
- Any rent paid is exempted under Section 80GG
- Based on disability, deduction under Section 80U upto Rs.75,000/125000
- Based on disability, deduction under Section 80DD
Question 3: How can I verify my Income Tax Return online?
Answer: There are various modes and processes through which income tax return can be generated and validated. Out of all, ITR can be received through EVC or electronic verification code in the following ways:
- Through Aadhar Number OTP
- EVC generation through net banking, email id and mobile number, pre-validation of bank account number and through DEMAT account number
- E-verification through EVC
Question 4: Am I supposed to link my Aadhar Card while filing for ITR?
Answer: According to the latest announcement by government, it is mandatory to link Aadhar card while filing for ITS. All taxpayers and business units have to present their respective Aadhar number while filing for returns and also when they are applying for new PAN or Permanent Account Number. Moreover, taxpayers are also required to link PAN number with Aadhar number. According to the rules, PAN cards that are not linked to Aadhar number are deemed invalid.
Question 5: Am I supposed to disclose all my bank accounts including the dormant ones as well?
Answer: Under the new IT form, the taxpayer has to disclose the details of all kind of bank accounts including current and savings that has been held by him during any time of the previous financial year. But taxpayers don’t have to show any details about the documents that are dormant. Here the dormant accounts are the current and savings account that are not in operations for the last 3 years. Further, the details of FD and OD accounts are not required. Also there is no requirement to provide the details of Joint Account holder while online filing income tax.
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