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Hurry! It is still not too late to file your income tax returns
July 31 is still a fortnight away. Here are answers to top 10 questions often asked about filing tax returns.
Tax filing is upon us. But tax filing is still not as simple as we think it should have been. IT department has tried its best to make it convenient and hassle free for lakhs of tax filers every year. However, there are tons of questions in the minds of taxpayers whether it is e-filing or manual filing.
Since we cannot answer all of them, we have tried to pick top ten from them.
1. I want to file tax returns. Which ITR form should I use?
This is the probably the most common of them all.
You need to choose the ITR form as per the income you earn. If you have multiple incomes, you might have to use a different form.
Every form includes basic deductions, exemptions, personal details, etc. However, if you do not know which ITR form to use for your income, your returns might get rejected.
We have explained which ITR form to use in detail in our article HERE.
2. What documents are needed to file income tax returns?
Usually, documents such as Form 16, loan repayment proof, TDS certificates, medical bills, insurance premium proofs and interest from deposits are needed at the time of filing tax returns.
However, you do not have to attach or scan these documents at the time of filing. This is only for you to enter the accurate details.
Keep the documents handy so that you can produce them in case IT department asks for the same.
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3. Am I done if I fill the details in tax filing forms online?
No. Tax filing process does not end by filling of forms online.
After this, you will be receiving an acknowledgement from IT department, called ITR-V.
You need to take a print out of this and send it to the Income Tax office in Bengaluru. It has to be sent within 120 days of your original tax filing date.
4. What if I miss the due date of filing?
The tax filing due date is July 31, 2014. You need to complete your filing before this date.
However, even if you miss this deadline, you can still file your taxes.
There could be some penalties for the delay depending on your tax status.
It is always advisable to file before due date in any case as it will give you some benefits.
Read our article on tax filing before due date HERE.
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5. I have not filed my returns for the past few years. Can I do it now?
Yes, you can still file your returns for the income received in the past. It can be delayed by a maximum of two financial years.
For example, if you have received income for FY 2013-14, you can file your returns by March, 2016.
6. I have paid excess tax this year. Will I get a refund?
Yes, if you have paid excess tax for the year, you will be eligible for a refund.
The refund amount will be calculated automatically when you fill the ITR form.
Such amount will be directly credited to your bank account. The faster you file, faster you will get it.
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7. I have made a mistake while filing returns. Can I update it?
Any mistakes made during tax filing can be corrected by filing a revised return.
However, to be eligible for filing a revised return this year, you should have filed your original returns within the due date i.e. July 31, 2014. If not, you will not be allowed to make changes to your returns.
8. I don't have my Form 16. Can I still file returns?
Tax filing can be done either with Form 16 or without Form 16. You just need to know the details such as salary received in the year, TDS deducted and so on.
If you have received salary from multiple employers, you need to state all of them.
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9. I do not have any income except interest from FDs. Do I still need to file my returns?
Interest from fixed deposits is also taxable. Hence, if this interest exceeds the basic exemption limit, you must file your taxes for the year.
Such income needs to be reported under the head 'income from other sources'.
10. I am a retired person. I only have pension income. Am I exempt from tax filing?
No. Pension received after retirement is treated in the same way as salary received before retirement. If the pension received is more than the basic exemption limit, you need to file your tax returns.
However, the limit is slightly more for senior citizens. Please check the exemption limits before filing.