Income Tax Return Filing

Yes, we can file ITR after due date under Belated Tax filing with the additional amount as penalty between Rs. 1,000 to 10,000.

It is the main source of income for government. This amount is used for development of our country or to pay salaries, funding of government projects, defence etc.

Yes, it is compulsory to file ITR if income falls under any taxable income slab rate.

Yes, if you have to use alternative documents like FORM 26AS, pay slips and investment records then you can file ITR without FORM 16.

Yes, Aadhaar number is necessary to link with PAN number to file ITR.

It is not necessary to file ITR but for keeping your tax record straight and improves your image with department.

TDS full form stands for Tax Deducted at Source. It is the tax amount deducted by the employer from the taxpayer which is deposited to the IT Department on behalf of the taxpayer. It is a certain percentage of one’s monthly income which is taxed from the point of payment.

TDS or Tax Deducted at Source is income tax reduced from the money paid at the time of making specified payments such as rent, commission, professional fees, salary, interest etc. by the persons making such payments. Usually, the person receiving income is liable to pay income tax.

The last date to file ITR for individuals is 31st July of the relevant assessment year and 31st October for taxpayers whose accounts are subject to audit.

An individual with an income above Rs 50 lakh. An individual who is either a director of a company or has held any unlisted equity shares at any time during the financial year. Residents not ordinarily resident (RNOR) and non-residents.

Non-filing of ITR can lead to imprisonment, where the term can be between 3 months to 2 years, or up to 7 years in case of a higher tax liability.

TAN must be obtained by all persons responsible for deducting tax at source or who are required to collect tax at source. It is compulsory to quote TAN in TDS/TCS return, any TDS/TCS payment challan, TDS/TCS certificates and other documents as may be prescribed.

Form 16 helps you easily file your income tax returns. It is proof that the employer submitted the money to the authorities that it deducted as TDS from your salary. It also details how your tax was computed based on the investment declarations you made at the beginning of the financial year.

Form 26AS means a Tax Credit Statement and is an important document for taxpayers. 26AS full form is Annual Information Statement (AIS). Form 26AS provides a detailed overview of your financial activities for a specific year, going beyond just TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) transactions.

Annual Information Statement (AIS) is comprehensive view of information for a taxpayer displayed in Form 26AS. Taxpayer can provide feedback on information displayed in AIS.