There are a variety of ways to file income tax in India. Whether you’re an individual or a business, there are specific requirements for filing your tax return. First, you need to know your income and deductions. Then, you can choose an appropriate ITR form, which is based on your circumstances. For example, you may need to file an ITR if you earned more than Rs 2 lakh in a single year, or you need to claim more than Rs 1 lakh in annual electricity bills.
Filing your income tax return is easy and can be done from home. You can fill the form online or download an Income Tax Return Utility and fill it offline. Once you’re done, you need to submit your ITR-V to the Income Tax Department. The maximum penalty for not filing your return on time is Rs 10,000.
Another way to calculate your income tax is to look into your house property. The income you earn from a house property is classified as either self-occupied or on rent. If you rent out a house to other people, you will have to report the rental income as rent. If you have two or more house properties, it’s likely that you’re earning rent.
The new portal is easier to use than the old one, and it comes with more help for mobile users. There are also step-by-step video guides that walk you through the process. The new portal will also provide pre-filled ITR forms. All of these features should make the process of filing your income tax return easier than ever. You’ll also be able to see your deductions, if any. This is helpful for those who want to save money while filing their taxes.
You can make corrections while filing your ITR if you find errors. Just remember that any mistakes you make need to be corrected before the deadline, and you must file a revised ITR. However, you can request an extension if necessary. You can also ask your Chartered Accountant for help. You’ll get an acknowledgment from the government if your return was accepted.
If you don’t pay your taxes on time, you may be fined. This is because the Income Tax Department keeps track of non-filers. It’ll send you a notice if the amount you owe is incorrect. If you pay less than the required amount, you may have to pay a penalty of 0.5% per month, which is $2 a month.
If you’re having trouble paying your taxes on time, you should consider requesting an extension in October. This way, you have a little more time to prepare your return. But it’s still important to pay your taxes on time or risk penalties and interest. The IRS offers payment plans to help you make payments on time.