List Common Questions for Effective ITR Filing

When you are looking to file the ITR, there are lots of factors in mind. Out of that, some are the common questions that everyone would have. Here are such questions that you might not be knowing. Continue reading to all those questions solved and have e filing of income tax return.

What is ITR?

ITR or Income Tax Return is a prescribed form in which details of the income earned by an individual and the taxes paid on that income are reported to the Income Tax Department. This allows loss carry forward and refund from IT department. Different forms of income tax returns are prescribed for filing returns of different status and nature. These ITR forms can be downloaded from www.incometaxindia.gov.in.

Is my liability over after payment of tax as per Income Tax Act?

No, you are responsible for ensuring that tax credits are included in your tax credit report, that you have obtained TDS/TCS certificates and that full details of income and tax payments are submitted to the IT department in the form of returns to be filed. before the last date.

If I don’t file my income tax returns, am I liable to criminal charges like arrest or imprisonment?

Non-payment of tax may result in interest, penalties and prosecution. Prosecution is punishable with rigorous imprisonment of three months to two years. If tax evasion is more than 25 lakhs, the punishment will be from six months to seven years.

How to file returns?

ITR or return of income can be filed in hard copy (ITR 1/4 only in certain cases) at local office of Income Tax Department or online at www.incometaxindiaefiling.gov.in.

Is there any e-filing help desk set up by income tax department?

For queries related to e-filing of returns, taxpayers may contact 1800 180 1961.

Can I file my return without mentioning PAN?

From September 1, 2019, every PAN holder, if he has linked his Aadhaar with PAN under Section 139AA, can provide his Aadhaar instead of PAN for all transactions where quoting of PAN is mandatory under the Income Tax Act. Also, from September 1, 2019, an assessee can file his return citing his Aadhaar instead of mentioning his PAN number. Note, Mention of PAN number in return of income is mandatory.

Thus, this might serve as the eye opener where you can get the answers for all your queries in mind. With this, you can proceed filing the ITR without any hassles.