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FAQ ’ s


FAQ for Income Tax India ITR-3, ITR-4, ITR-5, ITR-6, ITR-4S


Top Queries

What is Income Tax?

Income tax is the Tax imposed by the Government on person who earn Income or deemed to be earn Income in India . It is a direct Tax which is directly borne by the person governed under the Act . Income Tax is charged in accordance with the provisions contained under Income Tax Act’1961 and the Rules made thereunder.

What is Income Tax Return?

An Income tax return is an individual or entity's self-assessment of their income for a particular financial year. The Income Tax department leaves it to the individual to declare his or her income for the year by reporting the incomes from all avenues such as Income from Salary, Interest, Capital Gains on sale of property or shares, and income from House Property and Business Income. The individual has to calculate the total of all the incomes and report them in the various sections, along with deductions such as 80C and 80D.You also have to declare the amount of tax that may have been deducted from these incomes so as to get the appropriate tax credit such as tax deducted from salary.

Do I need to file my tax returns?

Any individual whose income exceeds Rs. 2,50,000, NRI or not, is required to file tax returns. You run the risk of accruing interest on your taxes and attracting a penalty if you don't file your tax returns.

How do I calculate how much I owe to the government in taxes?

Use our tax calculator to evaluate your taxable income after deductions and exemptions.

What is amount of Penalty for non-filing an income tax return?

As per section 271F, the assessing officer can levy a penalty of Rs 5,000 in case you have failed to file your return by due date.

My employer already pays TDS on my behalf. Why should I still do my returns?

Even if all taxes are paid on your salary, a return must be filed if you income is more than the minimum amount which is exempt. Your employer may not have deducted TDS for income you didn't tell him about say interest income. Or may not have given you deduction benefit for an investment which you did not submit a proof for. Filing your tax returns ensures that tax is calculated correctly and all deductions have been adjusted. A return must also be filed if you want to claim a refund or carry forward a loss.

Which ITR form should I choose?

Use our Know My ITR tool Know your ITR

What is the deadline to file income tax returns?

July 31 is the last date to file your income tax returns. If you have not submitted your income tax returns by July 31 of the current year, then you can still file it by March 31 of the next year (this is treated as a belated return). If you miss this deadline then you can file your tax returns by March 31 of the year after but there will be a risk of penalty notice raised by the income tax department.

Doing your Taxes

Who is liable to pay advance tax and how it could be paid?

An assessee is liable to pay Advance tax only if his Advance Tax Liability is Rs 10,000 or more during the previous year which should be paid in predetermined Installments by the assessee otherwise he become liable to pay Interest, An assessee can make the payment of Advance Tax either electronically or through Challan.

Is it mandatory for me to file an Income Tax Return if I have a PAN?

No.You need to file an Income Tax Return only if your Total Taxable Income exceeds the basic exemption limit before taking into account deductions, i.e., Investments & Donations .
The basic exemption limit for financial year 2014-2015 is as under: -
ASSESSEE
Basic Exemption Limit
Resident Individual whose age is less than 60 Years Rs.2,50,000
Resident Individual whose age is 60 Years or more at anytime during the previous year (but less than 80Years) Rs.3,00,000
An Individual whose age is 80 Years or more at anytime during the previous year Rs.5,00,000

Who can Sign Income Tax Return ?

In case of an Individual assessee , an Income Tax Return may be signed by
  1. By the Individual himself
  2. Where the individual is absent from India, then by the Individual himself or by any other person duly authorized by him.
  3. In case where he is mentally incapacitated, then by his legal guardian or any person competent to act on his behalf.
  4. If of any other reason the Individual is not able to sign, then by any person duly authorized by him.

How to e File Income Tax Returns?

You just need to visit www.taxzippy.com then either by uploading Form 16 or by manual filing of details in a very easy to understandable form; you can file your Income Tax Returns in 10-15 minutes.
Taxzippy portal its India’s most simple & most efficient service provider for e filing of Income Tax Returns

My Tax has been already paid form my Salary viz. TDS . Do I need to file my Income Tax Return?

Yes. Every person whose Gross Total Income exceed Rs.2,50,000 or If a person wants to claim refund in respect of excess Taxes Paid shall furnish his Income Tax Return in such a way and manner as may be specified in Income Tax Act and rules made there under.
By filing Income Tax Return as Employee can claim certain deduction which was not informed to Employer at the time of deduction of Tax (Say Interest on Saving Bank Account is eligible to claim deduction u/s 80TTA) Use Taxzippy portal its India’s most simple & most efficient service provider for e filing of Income Tax Returns

E-filing Tax Returns

Who can Sign Income Tax Return ?

In case of an Individual assessee , an Income Tax Return may be signed by
  1. By the Individual himself
  2. Where the individual is absent from India, then by the Individual himself or by any other person duly authorized by him.
  3. In case where he is mentally incapacitated, then by his legal guardian or any person competent to act on his behalf.
  4. If of any other reason the Individual is not able to sign, then by any person duly authorized by him.

What is an ITR-V?

ITR-V stands for ‘Income Tax Return – Verification’ form which every assessee on e Filing his Income Tax Return without Digital Signatures, which the assessee need to be signed and mail to Income Tax Department within 120 days of filing Income Tax Return. Non Submission of ITR V within the stipulated time may make return Invalid.

What is the Password to view & download my Income Tax Return?

The password of the document is a combination of PAN (in lower case) and date of birth in the format ddmmyyyy.
For example, if the PAN is Abcde1234f and the date of birth is 27-Nov-1990, the password is abcde1234f27111990.

What is Tax Deducted at Source (TDS)?

TDS means Tax Deducted at Source. It is the amount withheld from payments of various kinds such as salary, contract payment, commission etc. This withheld amount can be adjusted against your tax due. An assessee (deductee) can view the details of Taxes deducted in Form 26AS

Can I file income tax returns for years I missed?

The I-T Department accepts tax returns for two years before the year in which you are filing your tax returns for.
For example, the tax deadline for the Financial Year 2013-2014 is July 31, 2014. If you miss this deadline, you can file by March 31, 2015. If you miss the late deadline, you can still file by March 31, 2016.

I forgot to send my ITR-V. What should I do?

Your tax return process is considered incomplete till you submit ITR-V, a 1-page verification document, to the I-T Department by post. You will have to file a fresh return now, as if you never filed one.

What is IFSC Code?

IFSC (Indian Financial System Code) is basically a code which is alphanumeric containing 11 Characters. It is given to each bank branch which takes part in the basic electronic systems i.e. RTGS (Real Time Gross Settlement) or NEFT (National Electronic Funds Transfer).
You can find IFSC Code from your chequebook as shown below.
Or you can find your IFSC Code from the website: http://www.bankifsccode.com/

Late Return & Penalties

What is the Last Date for filing an Income Tax Return?

The Due Date of filing your Income Tax Return for a financial year is 31st July which is currently extended to 31August 2015 for Assessment Year 2015-2016 , However If any person fails to furnish his Income Tax Return with such prescribed due date then he can file it upto 31st March of the assessment year which is 31 March 2016 for Assessment Year 2015-2016.

What amount of Penalty is levied for Non filing of Income Tax Return within Stipulated Time ?

If a person fails to furnish his Income Tax Return by the time specified u/s 139(1) or by the end of relevant Assessment Year , Then the assessing officer shall direct that person to pay sum of Rs.5,000 by way of Penalty

What will happen if Income-tax return filed without payment of tax?

The Income Tax Department will issue notice to return filer for filing defective return and in case the tax payable is not paid within 15 days of Notice intimating defect, then return filed will be treated as Invalid Return by the Income Tax Department.

Using TaxZippy

How to delete a house property record?

Step 1: Go to the page showing list of House Properties.
Step 2: Click on the cross button against the property/record you want to delete.
Step 3: Go to the checklist page and correct the relevant selection Click on update button.
* Please note that once you have deleted a record, it cannot be called back.

How to fill up the income details?

Step 1: Go to the page showing Income Checklist.
Step 2: select the applicable income details as applicable to you.
Step 3: Go to the relevant income pages and fill up the data.
Step 4: update the forms and close.
* only those pages will be opened/made available which you have selected in the checklist.

How to e file Income tax return?

At Taxzippy, e filing of income tax return become very easy. You just need to sign up and select from the options – Self-service, Expert Assist or Premium Assist. You then sign in using various options and fill the form. Our experts will always be ready to help you if you need assistance at any level.

Refunds & Tax Dues

I think I paid too much in taxes. How do I ask for a refund?

You must file your income tax returns to get your refund.
The I-T Department will assess your calculations and pay the money back, if your calculations are found to be valid.

How do I check for my refund status?

Check it on our website here

What does my refund status mean?

Check it on our website here

Saving on Taxes

How to reduce my tax?

The tax can be reduced by making investments in various Government schemes as well as by making donations to Political Parties/Electoral Trust or approved charitable institutions.

What is Pre-Construction period interest and how it is treated?

Pre-construction Period interest is the Interest paid by the assessee up to the financial year ended before the date of Completion of Purchase or Construction of Property, The amount of interest accumulated from the date of borrowing till March 31 of the year preceding the year of acquisition or completion shall be allowed as deduction in five equal installments.

What is 80EE Deduction?

A new section has been introduced in the income tax act . This section allows for a deduction to individual assesses for interest payable on their housing loan on satisfying some conditions upon which a person become entitled to claim deduction upto Rs.1,00,000 in aggregate for AY 2014-2015 and AY 2015-2016.

Does Donation paid in cash can be claimed as deduction ?

Yes, donation paid in cash upto Rs. 10,000 can be claimed as deduction. If payment exceeds 10,000 it is to be paid by other than cash mode to take the benefit of deduction under section 80G

What are the Incomes which are exempted from the payment of Income Tax ?

Agricultural Income U/s 10(1), Share of profit from Partnership Firm U/s 10(2A), Compensation on account of any disaster U/s 10(10BC), Educational Scholarships U/s 10(17), Pension to gallantry award winners U/s 10(18), Family Pension received by family member of armed force U/s 10(19), Income of Minor of Rs. 1500 per minor child U/s 10((32). Dividend from Indian companies on which Dividend Distribution Tax is paid by the company U/s 10(34), Long Term Capital Gain on transfer of Listed Securities U/s 10(38).

Whether a property used for Business, can it be taxed under House Property?

No, Because Annual value of Property shall be chargeable to Income Tax under head Income from Hose Property However if such property is used for the Business or Profession of the assessee then nothing will be Chargeable to Income Tax; at the same time assessee is entitled to claim deduction in respect of Interest Paid on such property.

What is equity oriented units?

Equity oriented unit is a fund in which more than 65% of fund value is invested in equity shares.
* only those pages will be opened/made available which you have selected in the checklist.

Do we need to show the Capital gains earned from sale of equity oriented shares and mutual funds units?

A sale of Equity oriented unit which is held for more than 12 months is exempt under section 10(38) of the income tax act. you do not need to fill up these details in capital gain page. you can fill up the exempt income page and report the gain from such sale.
The equity funds/shares held for less than 12 months or debt funds held for less than 36 months are taxable and have to be reported in the return

Can I file a Revised Income Tax Return ?

If a person discover any omission or any wrong statement in the return filed within due date of filing, he may file a revised return at any time before 31-03-2016 or before the completion of the assessment, whichever is earlier.

Whom should I contact in case I have queries / difficulties?

Taxzippy’s Customer Support team will be happy to help resolve all your doubts and queries. You can write to us at support@taxzippy.com.

Who is eligible to file Revised Return ?

If a person has furnished a return u/s 139 (1) or in pursuance of Notice u/S 142 (1) , discover any mistake or Omission or wrong statement therein , then he may furnish Revised Income Tax Return For Filing a revised Income Tax Return , you are mandatorily required to enter the date of filing Original Income Tax Return & Acknowledgement number of it.

How to e File Income Tax Returns?

You just need to visit www.taxzippy.com then either by uploading Form 16 or by manual filing of details in a very easy to understandable form; you can file your Income Tax Returns in 10-15 minutes.
Taxzippy portal its India’s most simple & most efficient service provider for e filing of Income Tax Returns

Where should I communicate to discuss any Payment / Refund related query:


Payment related query – SBI Contact Centre
Call: 18004259760 (Toll free) Email: itro@sbi.co.in
Refund related query – Aaykar Sampark Kendra
Call: 0124 2438000 Email: refunds@incometaxindia.gov.in
CPC Refund related query – CPC Bangalore
Call: 1-8004252229 or 080-43456700

What could be the reasons for non receipt of ITR V by the Income Tax Department ?

  1. The ITR-V may be in transit via India Post
  2. The ITR-V may be under process at CPC, Bangalore
  3. Your ITR-V may be defective, viz. not signed ITRV or signed in black or got torn in the transit or its bar code could not be scanned

What could happen if I do not file my Income Tax Return?

In accordance with the provision of Section 142(1) The assessing officer may require assessee to file Income Tax Return by serving notice within such period as may be prescribed in the notice also the assessing officer has the power to assess the Income of the assessee to the best of his judgement on the basis of Information and documents available and require him to pay Income Tax along with Interest & Penalty.

Which foreign assets come under other assets?

It means any investment made in any asset (other than financial Interest, Immovable property or bank account balance) located in a country outside India.