ITR Filing (Individual)

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Income tax return filing is required to be filed by every individual on fulfillment of prescribed criteria(s). Further, the non-filing of Income tax returns may lead to implications (viz., fine, penalty etc.) under Income tax Act, 1961, depending on various scenarios. Certain relevant queries in connection with the same have been dealt below in the form of an FAQ:

FAQ

Frequently asked questions about ITR filing (individual)

1. When it becomes mandatory to file an Income Tax Return for an individual assessee?

Filing of Income tax Return is mandatory in any of the following situations: - Income Criteria (Prescribed by Income-tax Act, 1961)

Persons	Gross Total Income (before 80C to 80U deductions)
(Individuals) Senior Citizen (age >= 60 years <= 80 Years)	Exceeding 2,50,000/-
(Individuals) Super Senior Citizen (age > 80 Years)	Exceeding 3,00,000/-
Individuals other than above	Exceeding 5,00,000/-

In addition to above, tax return is required to be filed where a refund is due or loss is required to be carried forward. While the above criteria(s) are prescribed, there are following situations wherein income tax return is required to be annexed as document.

In case a loan is intended to be applied to any financial Institutions
In case VISA application is required to be filed

2. What are the consequences of non-filing of an Income Tax Return?

The non-filing of an income tax return shall lead to fine of following amount under section 234F

Filing of return on	Amount of Fine If Income is up-to INR 5 Lakhs	Amount of Fine If Income is above INR 5 Lakhs
After due date but before 31st Dec 2020	INR 1,000/-	INR 5,000/-
After 31st Dec 2020 but before 31st Mar 2021	INR 1,000/-	INR 10,000/-

3. What is the due date of filing Income Tax Returns?

Normally the due date of filing income tax return for the FY 2019-20 is

Persons	Normal Due Date	Due date extended due to COVID-19
Individuals having income from Salary/ Interest/ house Property	31st July 2020	30th November 2020 (Applicable for FY 2019-20)

4. What is the rate of Income tax in India?

The government has specified various rates as follows Individuals

			Senior Citizens	Very Citizens	Others
Age	>=60 Years <=80 Years	>80 Years	<60 Years
Income Slab	Tax Rate	Income Slab	Tax Rate
upto 2.5 Lakhs	Nil	Nil	Nil
2.5 Lakhs to 3 Lakhs	Nil	Nil	5%
3 Lakhs to 5 Lakhs	5%	Nil	5%
5 Lakhs to 10 Lakhs	20%	20%	20%
5 Lakhs to 10 Lakhs	20%	20%	20%
10 Lakhs & Above	30%	30%	30%

5. What are some basic/ key documents/information required for filing Income Tax Returns?

Income Tax E-portal login id & password
PAN & Aadhar of the assessee
Digital Signature Certificate, if available
Details of Income such as Form-16, Interest Income, House Property Income, Capital Gain income, income from other sources and/or Income earned outside India
Tax saving investments, if any
Bank Statement of the assessee

6. What is the procedure to file Income Tax Returns?

The broad process of filing Income Tax Return involves following steps:

STEP 1: Provision of requisite mentioned documents/information to us
STEP 2: Validating the documents/ information and processing the same.
STEP 3: Filing of return and submission of the same in online/offline manner, as the case may be
STEP 4: Payment of appropriate government fee as applicable
STEP 5: Submission of return within due date

7. What is the time period within which the Income Tax Return can be submitted?

The process of submission of Income Tax Return can take anywhere between 1 to 2 working days, subject to submission of correct information and complete documentation.

8. How Legal Terminus can help you to file Income Tax Return?on Item

Legal Terminus can help you with filing of Income Tax Return for you or your organization, within due date, in a hassle-free manner within a reasonable time span and for competitive professio

nal fee. To know more, please book a telephonic appointment with one of our consultants free of charge.