How to Return Income Tax File in 2023 | Important Updates 2023
In this important article related to how to return income tax file we will guide you through the basics and important things to keep in mind before filing the ITR. An ITR is a document filed by individuals who have earned income and paid taxes in India. An individual's ITR is submitted to the tax authorities at the end of each financial year. The ITR contains details about the taxpayer's earnings, deductions, credits, and any other relevant information.
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| How to Return Income Tax File |
1. Form 16
The first step toward filing an ITR is to file Form 16. A person should fill out Form 16 if he/she earns more than Rs 20,000 per month. In the case of self-employed persons, they need to fill out Form 16A instead of Form 16.
2. Form 16B
Form 16B is filled out by taxpayers whose total income exceeds Rs 2 lakh per annum. The form is similar to Form 16 except for some minor changes. Because of these different confusing Forms people mostly search for how to return income tax file on google.
3. Form 16C
This form is filled out by those earning less than Rs 2 lakh per annum. The form is different from Form 16 and 16A in that it does not require the taxpayer to mention his/her total income. Instead, it asks for the amount of income earned by him/her.
4. Form 16D
This form is filled by those who earn between Rs 2 lakh and Rs 5 lakh per annum. Like Form 16C, this form does not ask for the total income of the taxpayer. However, it requires the taxpayer to specify the amount of income earned.
5. Form 16E
This form is filled in by those who earn more than Rs 5 lakh per annum. Unlike Forms 16C and 16D, Form 16E does not ask for the amount of income. Instead, it only asks for the nature of income earned.
6. Form 16F
This form is filled out when the taxpayer wants to claim certain allowances. These allowances include medical allowance, transport allowance, etc.
Return Income Tax File Process
Now, it's time to know how to return income tax file complete process. The first step toward filing income tax returns is to obtain a PAN card (Permanent Account Number). A PAN card is a unique 10-digit number issued by the Income Tax Department to each individual taxpayer. You need to apply online at www.incometaxindiaefiling.gov.in. Once you have applied for a PAN card, you should receive it within 15 days.
1. Fill out the ITR Form
Once you have received your PAN card, you can start filling out the ITR form. The ITR form consists of two parts – Part 1 and Part 2. Part 1 contains details about yourself and your business. Part 2 contains information regarding your income and expenses.
2. Submit the ITR Form
You can submit the ITR form either electronically or manually. If you choose to do it manually, you can download the form from the website and fill it out. Make sure you keep a copy of the filled-out form for future reference. You can then send the original form along with the supporting documents to the nearest office of the Income Tax department.
3. Pay the Tax
After submitting the ITR form, you will have to pay the tax amount. You can make payments using any of the following methods:
a) Online payment
b) Demand Draft
c) Cheque
d) Cash
e) Credit Card
How Indians file Income Tax Return
1. A person who files an income tax return under section 10(10D) of the Income-tax Act, 1961 (hereinafter referred to as “the Act”), shall be deemed to have filed his/her return if he/she submits a declaration in Form No. 1 (Form of Declaration for filing Income-Tax Returns).
2. In case of any dispute regarding the correctness of the statement submitted in Form No. 1, the same may be verified by furnishing to the Assessing Officer a certificate issued by a competent authority stating that the statement was given by him/her at the time of filing the return.
3. If the assessee fails to furnish the certificate mentioned above, then the statement contained in Form No. 1 shall be taken to be correct.
4. The following documents are not accepted as proof of filing of return:
a. Any document received after the due date;
b. Any document containing information relating to the assessment year subsequent to the assessment year covered by the return;
c. Any document showing the name of the assessee or his/her spouse or dependent children or their names, except those documents furnished by the Central Government.
d. Any document showing the address of the assessee or any of his/her dependents.
e. Any document showing the signature of the assessee or of any of his/her spouses or dependents.
f. Any document showing the photograph of the assessee or the spouse or dependent child or any of them.
g. Any document showing the occupation or profession of the assessee or spouse or dependent child or of any of them.
h. Any document showing the place of birth or domicile of the assessee or dependent child or any spouse of the assessee.
i. Any document showing the residence of the assessee or dependents.
j. Any document showing the particulars of the assessee's assets.
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Income Tax Return File FAQs
1. What is the difference between a PAN card and Aadhaar?
PAN Card is issued by the income tax department to each individual who earns any kind of income. It is mandatory to have a PAN card while filing I-T returns. Aadhaar is a 12-digit unique number given to each citizen at birth. It is mandatory to link Aadhaar with a PAN card before filing an I-T return.
2. How do we file our I-T returns online?
You can now file your I-T returns online using the e-filing facility. There you will find links to fill your I-T returns.
3. Do I have to pay taxes if my total income is less than Rs 5 lakh per annum?
Yes, even if your total income is less than Rs 5 Lakhs, you have to pay taxes. If your total income is below Rs 5 Lakhs then you have to file a TDS Return (Tax Deducted at Source).
4. Can I claim a deduction under section 80C of the IT Act?
Yes, you can claim a deduction under section 80 C of the IT Act. However, you cannot claim a deduction under section 80CCD.
5. Is there any provision to claim deduction under section 10(10A) of the IT Act?
No, there is no provision to claim deduction under Section 10(10A)of the IT Act.
6. Can I claim deduction u/s 24 of IT Act?
Section 24 of the IT Act provides for the deduction of expenditure incurred on account of medical treatment. However, you cannot avail of deduction under section 24 of the IT Act if you are not covered under any insurance scheme.
7. Can I claim a deduction for house rent paid?
Yes, you may claim a deduction for house rent. However, you cannot deduct the amount spent on the maintenance of the house.
Conclusion
We hope now you know how to return income tax file in 2023. When you complete your income tax return, you should check off each box to ensure that you have entered all relevant information. Here's a list of items that you should review before filing your return.
a) Check if you owe money.
b) Make sure you've included all deductions.
c) Double-check your calculations.
d) Correct any errors.
e) Review your return.
f) File your return.
g) Print out a copy of your return.
h) Send your return to the IRS.
i) Pay any taxes due.
j) Get a receipt.
k) Keep a copy of your return for future reference.
Now, that's all for how to return income tax file, and below we will mention some more articles which you may like to read. Thank You.
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