Income Tax Return Filing: An Overview

• What is an income tax return?
  An income tax return is a form where taxpayers declare their taxable income, deductions, and tax payments. This procedure of filing income tax returns is referred to as income tax filing. While filing, the total income tax you owe to the government is also calculated. If you've paid more tax than needed for the financial year, the IT Department will refund the extra money to your account. If you have underpaid taxes for the year, please pay the remaining amount, and then file your income tax returns.
  Income tax return form ranges from ITR 1 to ITR 7, used for different types of income. Some forms are longer than the others, and they may need additional disclosures such as balance sheet and a profit and loss statement information.
• Why do you have to file income tax returns?
  Whether you are a resident Indian or an NRI, filing an income tax return is compulsory, if your total Indian income exceeds Rs 2.5 lakh.
  Even if you don't meet this threshold, it's a good practice to file or e-file your income tax return. An income tax return is an important document you must produce at the time of availing a home loan, as it reflects your financial discipline and prosperity as well as shows your capacity to repay a loan.
  If you are planning to go abroad for higher studies, or are about to take up a job outside of India, you'll need at least three years' filed income tax returns to show as proof of income. People processing your visa application may request for your ITR documents to evaluate your financial health, which in return shows that you can support yourself on your own in their country.
• How can you file an income tax return in India?
  You can file your income tax returns online, either on the income tax department's website or with us on www.cleartax.in.
  Income Tax filing or e-filling is made easy on Cleartax.in. You can e-file your returns within just 7 minutes!
  Also note that the due date to e-file your income tax returns for the assessment year 2019-2020 is on or before July 31, 2019.
• What are the details you need when you're e-filing your income tax returns?
  - Produce basic information such as PAN, Aadhar Card, and current address.
  - Details about all the bank accounts you've held in the given financial year is mandatory.
  - Income proofs like current salary details, income from investments (like FDs, savings bank account) etc.
  - Information about all the deductions you've claimed under Section 80.
  - Tax payment information such as TDS and advance tax payments.
• Is it possible to file Tax Returns for financial years before 2014 online?
  No, you cannot file income tax returns online for years before 2014. From 2017-18 onwards, you can only e-file income tax return for 1 year. For example, you can e-file the income tax return for FY 2017-18 only up to 31 March, 2019. You can't file any returns for years passed.
• What’s the next step after you’ve e-filed your income tax return?
  Once you’ve filed your tax return online, you will see a 15-digit acknowledgement number on the screen confirming your submission. You must then verify your tax return, which you can do from your Netbanking accounts.

Income Tax Filing

Start your Income tax Return preparation and filing with an easy to use interface where you just answer simple questions and our system does the rest.

 

Notice Assistance

Received an Income tax notice? Do not worry! We can help you deal with it! Simply leave it on our tax experts who will assist you, provide proper advice to handle and resolve.

 

Generate Rent Receipt

Use this feature to generate rent receipts online in the required format. Download and
Print receipts and claim HRA with your employer on timely basis.

 

Check Refund Status

Check Income tax refund status year wise. It is important to keep a record for refunds and here is a convenient place to find out for all the years when return is e-filed.

 

Generate Form 12BB

Claim tax benefits for House Rent Allowance (HRA), Leave Travel Allowance / Concession (LTA/LTC), etc. Simply fill up the form and generate and submit to your employer.

 

Advance-tax Estimator

Calculate your Advance-tax liability. Just enter your Income, Investment and Tax Paid details to calculate your tax liability and make payments accordingly.

 

HRA Calculator

Calculate House Rent Allowance (HRA) using this simple tool. Just enter few details related to rent and get accurate calculations. HRA calculations are useful for tax planning.

 

EMI Calculator

Find EMIs to be paid for loans taken, or if you wish to take a loan and would like to know the monthly installment amount. Use this simple tool to find it out.

 

Tax Calculator

Calculate Income-tax payable accurately. Just enter Income details, Investment details and Tax paid details to calculate tax liability.