Income Tax Filing

Yes. If your employer has already deducted tax at source, you still have to file an income tax return (ITR). The reason is TDS & income tax are calculated & settled differently. While TDS is just an interim tax payment, income tax is calculated on the actual taxable income at the end of the year. Therefore, it is important that you file income tax return & disclose your income & taxes paid to avoid any legal issues in the future.

Under Section 237 of the Income Tax Act, 1961, the excess tax you have paid will be returned to you as a refund. But you must note that the income tax department will carefully review your filed return before confirming the refund. Also, unlike some other cases, the excess tax refund won't include any additional interest.

Individuals who have experienced a loss of income during the year are not required for income tax e filing for that year. However, if you are self-employed or a business owner, the rules are different. Even if you have experienced a loss, you are required to file income tax return. By income filing tax, you technically report the loss & have the opportunity to offset future income, which can reduce your overall tax burden.

ITR forms are designed for a streamlined process, & therefore, there is no need to attach any documents. Taxpayers are not required to furnish any evidence, such as proof of investment or TDS certificates, along with their return of income. This is applicable for both manual & electronic filing. Such a practice simplifies the submission process & saves the taxpayer time & effort.

As per the latest norms, it is mandatory to do income tax e filing online if your total income exceeds Rs. 3 Lakhs. But what is the minimum salary required to qualify for ITR filing? While there is no set minimum salary requirement, it is vital to keep in mind that any income generated from multiple sources must be accounted for in your tax returns

E-filing in income tax refers to the electronic filing of income tax returns. Rather than filling out a physical tax form & mailing it to the government, individuals can now file their taxes online. This process simplifies the filing process for taxpayers & reduces the processing time for the government. Also, it offers a greater level of security & accuracy, as e-filing eliminates human errors & ensures that your tax return is submitted promptly.