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How to file income tax efiling returns online 2017

Yatheendradas C.k. at 04:31 PM - Jul 29, 2017 ( ) Views: 469

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How to file income tax efiling returns online 2017 LIVE updates: Deadline beckons, check out the FAQs; here is what you must do

How to file income tax efiling returns online 2017 LIVE updates: With the 31st July – the last date for filing income tax return – just a couple of days away, it is high time to file your tax returns.

By: FE Online | New Delhi | Updated: July 29, 2017 3:24 PM

How to file income tax efiling returns online 2017 LIVE updates: With the 31st July – the last date for filing income tax return – just a couple of days away, it is high time to file your tax returns. Hopefully all of you must have got your Form 16 from your employers and might also have compiled various statements, documents and forms relevant for filing tax return. Although the Income Tax Department has made the efiling of tax return very simple now and has also launched a dedicated website for this purpose – www.incometaxindiaefiling.gov.in – there might be some doubts and queries related to tax filing playing on the mind of some of taxpayers, such as how to file income tax return, what is Form 16, can an income tax return be filed after the due date, am I eligible for interest on my tax refund, among others. Here we present some Frequently Asked Questions (FAQs) related to income tax filing which will surely help solve some of your doubts!

Here are FAQs and LIVE UPDATES

3.15 pm: I made an error in my income tax return. Can I revise it?

Yes, you can revise your return. However, the time period given to taxpayers to revise their return has been revised. Earlier, a taxpayer had 2 years in hand to file a revised return which has now been reduced till the end of assessment year or before assessment is completed.

(By Chetan Chandak, Head of Tax Research, H&R Block India)

2:00 pm: I have a PAN card. Do I need to file income tax return?

Merely having a PAN card does not make it necessary for you to file your tax return. Having, PAN is mandatory to file return but you must have a taxable gross income. Filing tax return is mandatory if your total income before claiming long-term capital gain exemption under section 10(38) and chapter VI-A deduction (80C to 80U) exceeds the basic exemption limit as applicable for the taxpayer.

(By Chetan Chandak, Head of Tax Research, H&R Block India)

Read Also: Income Tax Return Filing Online: Not only income, disclose your assets as well in the income tax return

1:00 pm: Can I claim both medical reimbursement and insurance premium paid?

Yes, you can claim both. Medical Reimbursement up to Rs 15,000 p.a. is exempt from Income Tax. You can also claim tax deduction up to Rs 25,000 (Rs 30,000 if you are a senior citizen) on health insurance premium paid for you & your family; & tax deduction up to Rs 25,000 (Rs 30,000 if your parents are senior citizens) on health insurance premium paid for your parents. But for claiming the medical reimbursement exemption, you should submit medical bills to your employer.

(By Chetan Chandak, Head of Tax Research, H&R Block India)

12:00 pm: Is my tax refund taxable?

Your tax refund is the excess amount of tax paid by you. Therefore, it is not taxable. But interest on your tax refund (if any) is taxable as income from other source.

(By Chetan Chandak, Head of Tax Research, H&R Block India)

11:00 am: Am I eligible for interest on my tax refund?

Yes, you are eligible for an interest on the refund payable to you. Interest is calculated @0.5% per month or 6% per annum from the first day of the Assessment Year until the date when the refund is paid to you. In this case even a part of a month is considered as full month for interest calculation purposes. However, it should be noted here that interest is payable only when the amount of refund due is more than 10% of the total tax payable by tax payer for that year.

(By Chetan Chandak, Head of Tax Research, H&R Block India)

10:00 am: Can an income tax return be filed after the due date?

Yes, if one could not file the return of income on or before the prescribed due date, then he can file a belated return. A belated return can be filed at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. A belated return attracts interest and penalty. For example, in case of income earned during FY2016-17, the belated return can be filed up to 31st March, 2018.

9:00 am: If I fail to furnish my return within the due date, will I be fined or penalized?

Yes, if you have not furnished the return within the due date, you will have to pay interest on tax due. If the return is not filed up to the end of the assessment year, in addition to interest, a penalty of Rs 5,000 shall be levied under section 271F. (No penalty under section 271F would be levied w.e.f. Assessment Year 2018-19)

Note: W.e.f. Assessment Year 2018-19, fee as per section 234F is required to be paid if return is furnished after the due date. Fee for default in furnishing return of income will be as follows:
# Rs 5000 if return is furnished on or before the 31st day of December of the assessment year;
# Rs 10,000 in any other case
However, late filing fee shall not exceed Rs 1000 if the total income of an assessee does not exceed Rs 5 lakh.

9:05 pm: 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 subsequent years’ positive income, you must make a claim of loss by filing your return before the due date.

8:00 pm.What are the benefits of e-filing the return of income?

E-filing can be done from any place at any time and it saves time and efforts. It is simple, easy and faster. The e-filed returns are generally processed faster as compared to returns filed manually.

6:46 pm: What are the benefits of filing my return of income?

Filing of return is your duty and earns for you the dignity of consciously contributing to the development of the nation. Apart from this, your income-tax returns validate your credit worthiness before financial institutions and make it possible for you to access many financial benefits such as bank credits, etc. You also need to file tax returns if you wish to claim a tax refund.

Read Also: Income Tax Return Filing: 10 ways you get benefited from filing your tax return

6:05 pm:  Who is supposed to file the income tax return electronically?

In any of the following cases the Income Tax Department has made it mandatory to e-file your return.

#You want to claim an income tax refund
#Your taxable income is more than Rs 5,00,000
# ITR-3, 4, 4S, 5, 6, 7 have to be mandatorily e-filed

Paper returns can only be filed by those who are above 80 years of age OR by an individual or HUF whose income does not exceed Rs 5,00,000 and who has not claimed any refund in the return of income.

(By Chetan Chandak, Head of Tax Research, H&R Block India)

Read Also: Watch video: Income tax efiling; how to file returns using ITR 1 form in less than ten minutes on incometaxindiaefiling.gov.in

5:35 pm: What at is the difference between e-filing and e-payment?

E-payment is the process of electronic payment of tax (i.e., by net banking or SBI’s debit/credit card) and e-filing is the process of electronically furnishing of return of income. By using the e-payment and e-filing facility, the taxpayer can discharge his/her obligations of payment of tax and furnishing of return easily and quickly.

4:40 pm: What is the e-filing utility provided by the Income Tax Department?

The Income Tax Department has provided free e-filing utility (i.e., software) to generate e-return and furnishing of return electronically. The e-filing utility provided by the department is simple, easy to use and also contains instructions on how to use it. By using the e-filing utility, taxpayers can easily file their returns of income. Utility can be downloaded from www.incometaxindiaefiling.gov.in.

Read Also: Income Tax Return Filing Online: How to decode Form 26AS and use information to file returns for AY2017-18 on www.incometaxindiaefiling.gov.in

3:50 pm: How can I file the return of income electronically?

The Income Tax Department has launched an independent portal for e-filing of income tax return (ITR). Those who have to file ITR electronically should log on to www.incometaxindiaefiling.gov.in for e-filing their income tax return.

3:45 pm: What is advance tax? Is it not the same as TDS deducted?

Advance tax is payment of income tax in installments to the government. There are 4 installments to be made on 15th of June, September, December and March if there is a tax liability after reducing TDS from the Total Tax. It is not the same as TDS. The liability of advance tax arises when income earned is not subject to TDS or the rate of TDS deduction is lower than the tax slab under which you fall.

(By Archit Gupta, Founder and CEO, ClearTax)

3:40 pm: I make some money out of freelancing. How do I declare this in my return?

Freelancing income is considered as a part of business income. You can also claim any expenses that you have incurred for providing these services as deduction from your freelancing income. Also, you can declare your income on presumptive basis whereby you declare certain percentage of your total freelancing receipts as deemed income. You may want to calculate this in advance and pay accordingly to avoid interest.
(By Archit Gupta, Founder and CEO, ClearTax)

Read Also: Income Tax Return Filing Online: 6 interest incomes you are likely to forget to include in I go about filing my income tax returns?

You can file your return on the income tax website www.incometaxindiaefiling.gov.in or you can file your returns through online intermediaries. Some of these websites offer free income tax return filing. Filing on these websites is also easy as they pick up all information directly when you upload your Form 16 without the need for manually entering all values.
(By Archit Gupta, Founder and CEO, ClearTax)

3:30 pm: What is Form 16? How can I get it?

Form 16 is a certificate from your employer that proves that TDS has been deducted on your salary. Employers usually provide their employees with their Form 16 in the month of June. This document is very important for filing income tax returns in India.
(By Archit Gupta, Founder and CEO, ClearTax)


(1 to 1 out of 1) - Latest Replies on Top | First | << Previous | Next >> | Last |
Deva Senapathi at 05:17 PM - Jul 29, 2017 ( )

Dear  Yatheendradasji,

Thanks for your threads that is very helpful for all tax payers.  

By DEVA

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