●
ITR
filing is mandatory as per specifications
●
Check
your ITR status using your login credentials
●
If
not, check ITR status using PAN and ITR acknowledgment
●
Filing
ITR helps in getting financing via a Home Loan
Filing your
Income Tax Return (ITR) is a process of declaring your total taxable income for
the given financial year, which includes all sources of earnings such as via
investments, salary or revenue from a business. Taxes vary based on, and you
should know the slab you fall under to compute the tax you need to pay. While
filing of income tax return is
mandatory if your annual gross taxable income exceeds Rs.2.5 lakh, you need to
file an ITR even under other conditions such as when you need to claim a tax
refund, if you have a financial interest in an entity outside India, when you
pay an electricity bill of over Rs.1 lakh and more.
Whether you
prepare your ITR offline and upload it online or are e-filing income tax returns online in entirety, remember that
timely ITR filing can come in handy when you are applying for a loan. For
instance, if you are planning to take a home loan to finance your dreams of
being a homeowner, having your income tax returns in place can help you get the
loan quicker as it attests to your income and reliability as a borrower.
You can file
IT returns by downloading the forms available on the Income Tax Department’s
official website. Once you have filed your income tax return, you can check the
status online in two ways. Read on to know more.
How to check ITR status using your login
credentials
Once you have
completed the filing of Income Tax Returns online, you can use your login
credentials to check the status of your IT returns.
● Log in to the official Income Tax Department
website
● Click on ‘Dashboard’ from the menu
● From the drop-down options, click on ‘View
Returns/Forms’
● Then select ‘Income Tax Returns’ and the
assessment year from the and click on the ‘Submit’ button
● View the status of your IT returns displayed
on the screen
● The status will either have ‘successfully
e-verified’ or ‘ITR processed’
‘Successfully
e-verified’ means that your ITR has been successfully verified. Once the
processing is complete, in which case the refund, if due, is sent to you, you
will see the words ‘ITR processed’.
How to check ITR status without using your
login credentials
If you have
misplaced the details of your login credentials, you can still check the status
of your Income Tax Returns through the following steps.
● Visit the official Income Tax Department
website.
● Click on the ‘ITR Status’ mentioned under the
‘Services’ tab.
● You will then be redirected to a page wherein
you will need to fill in your PAN card number and ITR acknowledgment number.
● You then need to click on the ‘Submit’ button
upon entering the captcha code.
● View the status of your IT returns displayed
on the screen.
Now that you
know how to check the status after filing income tax returns, here is all you
need to know about when you need to file ITRs and the documents you need to do
so.
Who needs to file Income Tax Returns?
Here is the
list of Indian citizens who need to file ITRs.
● Individuals under the age of 60 and having an
annual income exceeding Rs.2.5 lakh, excluding deductions
● Senior citizens having an annual income
exceeding Rs.3 lakh, excluding deductions
● Super senior citizens having an annual income
exceeding Rs.5 lakh, excluding deductions
● Individuals who want to carry forward a loss
or claim a tax refund
● A resident who has a financial or beneficial
interest in any asset or entity outside India
● A resident who has signing authority in a bank
outside India
The Budget
2019 mandates that the following are required to file ITRs in 2020-21
irrespective of income:
●
Individuals
who withdraw from their current account more than Rs.1 crore annually
●
Individuals
who pay Rs.1 lakh or more as their electricity bill
●
Individuals
who pay more than Rs.2 lakh for international travel
Documents required to file IT Returns
While you may
not need to submit all of the following documents for e-filing Income Tax Returns, you will need to refer to them to
correctly file your income tax return. Experts further recommend that you store the
receipts and certificates for future reference.
● Copy of your PAN card and Aadhaar card
● Proof of tax-saving investments and expenses,
if applicable
● Duly filled Form 16 (A/B/C, as applicable)
● Your salary slips for each month
● Your bank account statement
● TDS certificate
● Interest certificates (for a housing loan,
FDs, etc)
● Duly filled form 26AS
● Proof of capital gains
● Home loan statement from your financier
● Proof of deductions under section 80D to 80U
In order to
avoid a penalty, ensure that you file your income tax return every financial
year. As explained above, filing ITR in a timely fashion also helps you get a
loan easily.
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