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Frequently Asked Questions - FAQs
Here are some very common questions that we are asked
What is Income-Tax Return ?
An Income Tax Return (ITR) is a form that individuals or entities submit to the tax authorities, like the Income Tax Department in India, to report their income, expenses, and tax liabilities for a specific financial year. It shows the total income earned from various sources (such as salary, business, or investments), deductions claimed (such as those for savings or investments), and the tax paid or due. Filing an ITR is essential to calculate whether you owe additional tax or are eligible for a refund based on the tax you've already paid.
What is the Full form of ITR ?
The full form of ITR is Income Tax Return.
What is TDS ?
TDS stands for Tax Deducted at Source. It is a mechanism used by the government to collect tax directly from the source of income. Under this system, a certain percentage of tax is deducted by the payer (like an employer, bank, or tenant) before making a payment to the payee (like an employee or contractor). The deducted tax is then deposited with the government on behalf of the payee, and the payee can claim the deducted amount as tax paid when filing their Income Tax Return (ITR).
What is TAN number ?
A TAN (Tax Deduction and Collection Account Number) is a unique 10-digit alphanumeric number issued by the Income Tax Department of India to entities responsible for deducting or collecting tax at source (TDS or TCS). It is mandatory for all entities (such as businesses, employers, or organizations) that deduct or collect tax to obtain a TAN and use it in all TDS/TCS-related filings, such as submitting TDS returns, issuing TDS certificates, and making tax payments to the government.
The format of a TAN is: 4 letters, 5 numbers, and 1 letter (e.g., ABCD12345E).
What is e-verification of ITR ?
E-verification of ITR (Income Tax Return) is the process of electronically validating or confirming the authenticity of your filed tax return without the need for physical documents. After you file your ITR, the Income Tax Department requires you to verify it to complete the filing process. E-verification is a convenient way to do this online.
Methods of E-verification:
Aadhaar OTP: You can verify your ITR by generating a One-Time Password (OTP) through your Aadhaar-linked mobile number.
Net Banking: If you have internet banking access, you can verify your ITR by logging into your bank’s net banking portal.
Bank Account EVC: You can generate an Electronic Verification Code (EVC) using your pre-validated bank account.
Demat Account EVC: An EVC can also be generated using your pre-validated Demat account.
ATM-based EVC: Some banks offer the option to generate EVC through ATM services.
Digital Signature Certificate (DSC): If you have a DSC, you can use it to verify your return.
Alternatively, if you do not want to e-verify, you can send a physical signed copy of the ITR-V acknowledgment form to the Centralized Processing Center (CPC) of the Income Tax Department in Bengaluru.
Importance:
E-verification is necessary for your tax return to be processed. Without verification, the return will not be considered valid, and any refunds due will not be processed until the verification is completed.
What is ITR-V?
ITR-V stands for Income Tax Return Verification. It is a one-page document that the Income Tax Department issues when you file your Income Tax Return (ITR) online without e-verifying it. The ITR-V acts as a verification form that confirms you have successfully filed your return, but it requires further verification to complete the process.
How to check the status of my refund?
You can check the status of your Income-tax refund for any particular year from this link: https://tin.tin.nsdl.com/oltas/refund-status-pan.html
What are the documents that I need?
Following is the list of suggested documents required for filing of return.
1.Your PAN card.
2.Your aadhar card.
3.Your Form 16 (For salary earners).
4.You bank statement (For interest income).
5.Interest income & TDS certificate issue by banks.
6.Your Annual Information statement/Taxpayer information Statement.
7.Your Form 26AS.
8.Your Investment details are eligible for tax deductions like children’s school tuition fees, LIC receipt etc.
9.Home loan interest certificate (For Interest deduction).
Who should file an Income tax return?
All Individuals earning Income in India should file their tax return. Even if they do not fall in any tax bracket. It is a self declaration of your Income that the Government verifies, and may give you back refunds, if any.
How to file a nil Income tax return?
You can file a nil Income tax return using myTaxsupport experts by answering simple questions about your Income or Investments, if any.
How to file an Income tax return for capital gains?
You can opt our Assisted filing service, our tax expert will help to to file with your capital gains income.
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