Income Tax Return Filing FAQs

We all have to do it, we all don’t enjoy it, but here are some FAQs that will help to make the process of filing your returns a little easier…

Frequently Asked Questions
(Click on the question to go to the answer)

1. What is a return of income?
   
   
2. From where can I get a return form?
   
   
3. How can I know which form is applicable for my income?
   
   
4. What documents are to be enclosed along with the return of income?
   
   
5. Where and how am I supposed to file my return?
   
   
6. Who is an Assessing officer?
   
   
7. How is a return filed electronically?
   
   
8. I am going out of India. Who will file my income tax return for this period?
   
   
9. Will I be put to any disadvantage by filing my return?
   
   
10. What are the benefits of filing my return of income?
    
    
11. Is it necessary to file return of income when I do not have any positive income?
    
    
12. What are the due dates for filing returns of income/loss?
    
    
13. If I fail to furnish my return within the due date of filing, will I be fined or penalized?
    
    
14. Can a return be filed after the due date?
    
    
15. So far I have never paid any tax. If I file a return this year will the IT department ask me about my earlier year’s income?
    
    
16. If I have paid excess tax how and when will it be refunded?
    
    
17. If I have committed any mistake in my original return, am I permitted to file a corrected return?
    
    
18. How many times can I revise the return?
    
    
19. Am I required to keep a copy of the return filed as proof and for how long?
    
    
20. There are various deductions that have not been reflected in the Form 16 issued by my employer. Can I claim them in while filing my income tax return?
    
    
21. Why is return filing mandatory even though all my taxes and interests have been paid and there is no refund due to me?
    
    
22. Am I liable for any criminal prosecution [arrest/imprisonment etc] if I don’t file my income tax return even though my income is taxable?
    
    
    

1. What is a return of income?
   
   It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income is communicated to the Income tax department after the end of the Financial year. Different forms are prescribed for filing of returns for different persons and Nature of income earned.

   (Back to top)

2. From where can I get a return form?
   
   The Income tax Public Relation Officer [PRO] can be contacted for this purpose. The form can also be downloaded from the site
   http://www.incometaxindia.gov.in/.
   

   (Back to top)

3. How can I know which form is applicable for my income?
   
   You should choose a return form according to your status i.e., individual/ firm/ company, etc and nature of income as explained below:
   
   

   ITR1	For Individuals having Income from Salary/ Pension/ family pension & Interest
   ITR2	For Individuals and HUFs not having Income from Business or Profession
   ITR3	For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
   ITR4	For individuals & HUFs having income from a proprietary business or profession
   ITR5	For firms, AOPs and BOIs
   ITR6	For Companies other than companies claiming exemption under section 11
   ITR7	For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)
   ITRV	Where the data of the Return of Income/Fringe Benefits in Form ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-7 is transmitted electronically without digital signature

   (Back to top)

4. What documents are to be enclosed along with the return of income?
   
   The new return form numbering 1 to 8 is annexure less. Hence no documents are required to be attached.
   

   (Back to top)

5. Where and how am I supposed to file my return?
   
   A return is to be filed before your Assessing officer. It may even be sent by post or filed electronically. Nowadays returns are also being received at designated post offices.
   

   (Back to top)

6. Who is an Assessing officer?
   
   He/She is an officer of the Income tax department who has been given jurisdiction over a particular geographical territory or class of persons. You can find out from the PRO or from the Departmental website http://www.incometaxindia.gov.in/ as to your jurisdiction i.e., the Assessing Officer with whom you need to file your Return of Income.
   

   (Back to top)

7. How is a return filed electronically?
   
   Companies are compulsorily required to file their return electronically. For other persons such as partnership firms/ individuals/ HUF who is required to get its accounts Audited under Income Tax law is required to file their return electronically. For electronic filing of return you have to log on to the Departmental website http://www.incometaxindia.gov.in/ and upload the information of income and taxes in the prescribed form. If you have digital signature the same can be appended and there would be no need to file a hard copy physical return. In case you do not have a digital signature you will be required to file a paper return in ITR V quoting the provisional acknowledgement number received on completion of uploading of Income tax return.
   

   (Back to top)

8. I am going out of India. Who will file my income tax return for this period?
   
   It is not necessary to be physically present while filing your Return of Income in India. However, where it is not possible for you to obtain a digital signature or sign the Return, you can authorize any person by way of a Power of Attorney to file your return. A copy of the Power of Attorney should be enclosed with the return.
   

   (Back to top)

9. Will I be put to any disadvantage by filing my return?
   
   No. On the contrary by not filing your return in spite of having taxable income, you will be laying yourself open to the penal and prosecution provisions under the Income Tax Law.
   

   (Back to top)

10. What are the benefits of filing my return of income?
    
    Filing of return is your constitutional duty and earns for you the dignity of consciously contributing to the development of the nation. This apart, your IT returns validate your credit worthiness before financial institutions and make it possible for you to access many financial benefits such as bank credits etc.
    
    Also, even where your income is below the taxable limit but taxes have been deducted from certain receipts of income earned by you, it is necessary to file Return of Income for claiming the refund of such taxes deducted.
    

    (Back to top)

11. Is it necessary to file return of income when I do not have any positive income?
    
    If you have sustained a loss in the financial year, which you propose to carry forward to the subsequent year for adjustment against its positive income, you must make a claim of loss by filing your return before the due date of filing of Return of Income. Failure to file Return of Income may result in loss of availability of carry forward of losses to subsequent years.
    

    (Back to top)

12. What are the due dates for filing returns of income/loss?
    
    The due dates are as follows:
    
    

    Companies & their Directors	30th September
    Other business entities, other than companies, if their accounts are auditable & their working partners	30th September
    In all other case	31st July

    
    
    For example, for Financial Year 2010-11, the due date of filing returns of income/loss is July 31, 2011 or October 31, 2011.
    

    (Back to top)

13. If I fail to furnish my return within the due date of filing, will I be fined or penalized?
    
    Yes. This may take the form of interest if the return is not filed before the end of the assessment year. If the return is not filed even after the end of the assessment year, penalty upto Rs. 5,000/- may also be levied.
    

    (Back to top)

14. Can a return be filed after the due date?
    
    Yes. It may be furnished at any time before the expiry of two years from the end of the financial year in which the income was earned. For example, in case of income earned during FY 2010-11, the belated return can be filed before March 31, 2013.
    

    (Back to top)

15. So far I have never paid any tax. If I file a return this year will the IT department ask me about my earlier year’s income?
    
    It is never too late to start honoring your constitutional obligations for payment of tax. The department may ask you to file return of income for earlier years if it finds that you had taxable income in those years and there is tax payable by you.
    

    (Back to top)

16. If I have paid excess tax how and when will it be refunded?
    
    The excess tax can be claimed as refund by filing your income tax return. It will be refunded by issue of cheque or by crediting to your bank account. The Income Tax Department has been making efforts to settle refund claims within four months from the month of filing return.
    

    (Back to top)

17. If I have committed any mistake in my original return, am I permitted to file a corrected return?
    
    Yes, provided the original return has been filed before the due date and provided the department has not completed assessment of your income and taxes. However it is expected that the mistake in the original return is of a genuine and bona fide nature.
    

    (Back to top)

18. How many times can I revise the return?
    
    Theoretically a return can be revised any number of times before the expiry of one year from the end of the assessment year or before assessment by the department is completed; whichever event takes place earlier.
    

    (Back to top)

19. Am I required to keep a copy of the return filed as proof and for how long?
    
    Yes. Since legal proceedings under the income tax act can be initiated up to six years prior to the current financial year, you must maintain such documents at least for this period.
    

    (Back to top)

20. There are various deductions that have not been reflected in the Form 16 issued by my employer. Can I claim them in while filing my income tax return?
    
    Yes.
    

    (Back to top)

21. Why is return filing mandatory even though all my taxes and interests have been paid and there is no refund due to me?
    
    Amounts paid as advance tax and withheld in the form of TDS or collected in the form of TCS will take the character of your tax due only on completion of self-assessment of your income. This self-assessment is intimated to the department by way of filing of return. Only then does the government acquire rights over the prepaid taxes as its own revenue. Filing of return is critical for this process and, hence, has been made mandatory.
    

    (Back to top)

22. Am I liable for any criminal prosecution [arrest/imprisonment etc] if I don’t file my income tax return even though my income is taxable?
    
    Non-payment of tax attracts interests, penalty and prosecution. The prosecution can lead to rigorous imprisonment from 6 months to 7 years and fine.
    

    (Back to top)

Add Comments

Comments
deepj3791@gmail.com Aug 06, 2019 My pan card number
knr.jyothi01@gmail.com Mar 19, 2018 how to return same person earn salary and business,which form select can you help
swapnilvp@hotmail.com Mar 22, 2011 Thanks for the information sir. Such articles will certainly simplify complexity of finance.
kokalg@yahoo.com Mar 23, 2011 such informaative artice but can not be saved in soft copy g kokal
kamuju@ibibo.com Mar 23, 2011 Good job done! Most of the myths can be cleared with the given FAQ. I also request you to explain how a Return can be filed electronically, in detail (step by step). Thanks in advance.

 1 2