An income tax return is a prescribed form through which the particulars of income earned by an individual in a financial year and taxes paid on such income are communicated to the Income Tax Department. You can download this form by clicking on www.incometax.gov.in.
Are you required to file Income Tax Returns?
If your total gross income exceeds INR 2,50,000 before allowing the deductions, then it is mandatory for you to file an Income Tax Return in India. In case of senior citizens (people who are more than 60 years of age but less than 80 years old), the limit is 3,00,000 and for super senior citizens (people who are more than 80 years old) is 5,00,000.
How do I file an ITR?
- To file your income tax return log on to IncomeTaxIndiaeFiling.gov.in and register on the website. For this purpose, your Permanent Account Number (PAN) is considered your user ID. You can view your tax credit statement or Form 26AS, and it must tally with the TDS as per your Form 16.
- Choose the financial year for which you are filing the return.
- Download the Income Tax Return form applicable to you
- Using the Form 16, fill out your form. You can check the tax payable amount by clicking on the ‘calculate tax’ tab.
- In case there is some tax liability, pay tax and fill out the details in the challan.
- ‘Upload return’ on the portal’s panel and upload the saved XML file.
The acknowledgement form, ITR Verification (ITR-V) will be generated which can be downloaded by you.