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e-ITRs
Income Tax return refers to tax form or forms an individual uses to file Income Tax with the Income Tax department. It is a way to inform the government about the money you have earned during a financial year and the taxes you have paid. According to the Income Tax Act, Income Tax returns must be filed every year by an individual or business for all sorts of income one has received in that year which could be through wages, dividends, interest, capital gains and other sources.
On 29.05.2020, the Central Board of Direct Taxes (CBDT) has notified the Income Tax Return (ITR) forms and manner of furnishing Return of Income for Assessment Year (A.Y.) 2020-21 i.e. Financial year (F.Y.) 2019-20.
ITR Forms applicability for A.Y. 2020-21 / F.Y 2019-20
Form ITR-1 (Sahaj): This form is for Individuals being a Resident (other than not ordinarily resident) having total income upto Rs. 50 lakhs, having Income from Salaries, one house property, other sources (Interest, etc.), and agricultural income up to Rs. 5,000. This form is not for an individual who- a) has assets (including financial interest in an entity) located outside India; or b) has signing authority in any account located outside India; or c) has income from any source outside India; or d) is a Director in any company; or e) has held any unlisted equity share at any time during the previous year; or f) owns more than one house property, the income of which is chargeable under the head “Income from House Property”; or g) has income under the head “Income from Other Sources” in the nature of:- (i) winnings from lottery; (ii) activity of owning and maintaining race horses; (iii) income taxable at special rates under Section 115BBDA or Section 115BBE; or h) has any brought forward loss or loss to be carried forward under any head of income; or i) is assessable for the whole or any part of the income on which tax has been deducted at source in the hands of a person other than the assessee.
Form ITR-2: This form is for Individuals and HUFs not having income from profits and gains of business or profession.
Form ITR-3: This form is for Individuals and HUFs having income from profits and gains of business or profession.
Form ITR-4 (Sugam): This form is for individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakhs and having income from business and profession which is computed under Section 44AD, 44ADA or 44AE of the Income Tax Act, 1961. This form is not for an individual who- a) has assets (including financial interest in an entity) located outside India; or b) has signing authority in any account located outside India; or c) has income from any source outside India; or d) is a Director in any company; or e) has held any unlisted equity share at any time during the previous year; or f) owns more than one house property, the income of which is chargeable under the head “Income from House Property”; or g) has income under the head “Income from Other Sources” in the nature of:- (i) winnings from lottery; (ii) activity of owning and maintaining race horses; (iii) income taxable at special rates under Section115BBDA or Section 115BBE; or h) has any brought forward loss or loss to be carried forward under any head of income; or i) is assessable for the whole or any part of the income on which tax has been deducted at source in the hands of a person other than the assessee. Form ITR-5: This form is for persons Other than an Individual, HUF, Company and person filing Form ITR-7. Form ITR-6: This form is for Companies other than companies claiming exemption under Section 11 of the Income Tax Act, 1961. Form ITR-7: This form is for persons including Companies required to furnish return under Sections 139(4A) or 139(4B) or 139(4C) or 139(4D) of the Income Tax Act, 1961 only.
e-Rectifications/Revision
The Income Tax Return (ITR) being e-filed by the taxpayer is processed by the ‘Centralised Processing Centre’ (CPC), Bengaluru, of Income-tax department and in case of any variance between the returned income and the return as processed by CPC, an intimation u/s 143(1) of the Income Tax Act, containing all the details and reasons for such variances, is being sent to the registered e-filing account of the taxpayer.
Such variances between the returned income and the return as processed by the department may result in raising of additional income tax demand in the hands of the taxpayer, and such demand is reflected in the registered e-filing account of the taxpayer.
If the taxpayer agrees with such demand, he/she has to revise his/her ITR electronically and pay the additional demand.
However, if the taxpayer disagrees with the demand then:
- he/she can file his/her online response of disagreement with the demand electronically;
- he/she can file online application for ‘rectification of mistake apparent from record, u/s 154 of the Act electronically.
The filing of online responses (agreement/disagreement) to the income-tax demand and the filing of online application for rectification of mistakes apparent from record u/s 154 of the Income Tax Act, is the most common and recurring compliance to be done by the taxpayers.
How TaxAaram can Help You
TaxAaram, on receiving the necessary e-mandate/authorization from its valued registered users, will render its seamless and hassle-free e-services in relation to e-filing of ITRs and effective ‘e-responses/submissions’w.r.t. their outstanding income-tax demand notices and ‘e-application for rectification of mistakes apparent from record u/s 154 of the Income Tax Act.
The valued registered users of TaxAaram, will get such e-services, in the most professional and cost-effective manner, within the comforts of their homes, without even the requirement of visiting the Income-tax department or tax consultant’s office.
The ‘e-responses/application u/s 154’ prepared and brainstormed by ‘TaxAaram’ will be available to be viewed and approved by the registered users electronically before being uploaded in the e-Proceedings utility in the e-filing portal of the Income-tax department.
This revolutionary and path-breaking e-service in relation to e-rectification/revision, is taxpayer friendly and cost-effective as besides saving precious time of the registered users, it will also provide them with a 24X7 anytime/ anywhere access to the ‘e-submissions’ documents and information filed electronically with the income-tax department by TaxAaram, on behalf of its registered users.
TaxAaram's e-ITRs/e-Rectifications Plans
