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About TAX Filing

Taxes in India can be categorized as direct and indirect taxes. Direct tax is a tax you pay on your income directly to the government. Indirect tax is a tax that somebody else collects on your behalf and pays to the government eg restaurants, theatres and e-commerce websites recover taxes from you on goods you purchase or a service you avail. This tax is, in turn, passed down to the government.

Direct Taxes are broadly classified as :

  1. Income Tax – This is taxes an individual or a Hindu Undivided Family or any taxpayer other than companies, pay on the income received. The law prescribes the rate at which such income should be taxed

  2. Corporate Tax – This is the tax that companies pay on the profits they make from their businesses. Here again, a specific rate of tax for corporates has been prescribed by the income tax laws of India. Indirect taxes take many forms: service tax on restaurant bills and movie tickets, value-added tax or VAT on goods such as clothes and electronics. Goods and services tax, which has recently been introduced is a unified tax that has replaced all the indirect taxes that business owners have to deal with.

How to file ITR online?

  1. Using Acknowledgment Number (without login credentials)

    1. Visit the Income Tax Department

    2. On the left side of the homepage under the ‘Services’ tab, select the ‘ITR Status’ option.

    3. After selecting the option, you will be redirected to a new webpage where you will be required to provide your PAN, ITR acknowledgment number and captcha code.

    4. Submit the details and the status will be displayed on your device’s screen.

  2. By Using Login Credentials

    1. On the ‘Dashboard’, select ‘View Returns/Forms’ option.

    2. Select the Income Tax Returns option and the relevant assessment year from the drop-down menus and submit.

Documents required with the ROC every year

  1. Form 16: Form 16 is also known as the TDS (Tax Deducted at Source) Certificate. Form 16 is the base for filing the income tax returns. Thus, Form 16 is the first form that should be collected. The form is provided by your employer after furnishing the information related to the taxes paid on behalf of you. This is done after taking your salary, allowances, and deductions into consideration.

  2. Form 16 A: Form 16 A is the document which records all the details related to tax deducted at source by deductors other than the employer. This tax is usually deducted by banks or other institutions for the interest or commission which is earned by you during the year. This Form can be collected from the respective banks or institutions.

  3. Form 26AS: Form 26AS reflects the details of every tax deducted from your income by any deductor and deposited on your behalf. Form 26AS can be downloaded from the official website of the income tax department. On selecting the Form 26AS option on the website, you will be automatically redirected to the TRACES website, from where you can download the statement. This statement shows the total amount of tax paid against a PAN in a financial year. If there is any discrepancy, it is suggested that you pay the necessary tax in order to avoid any kind of trouble in the future.

  4. Capital Gain Tax: In case you have invested in shares, mutual funds, etc., you are required to collect a capital gain statement. This statement will be issued by your broking house. It contains the details of all the short-term capital gains that are required to be paid in case you have exited certain shares before the tenure of 1 year. Even though you may not have to pay taxes on long-term capital gains, you are required to mention them as well in your statement.

  5. Aadhaar Card

  6. PAN card

  7. Self assessment Challan/Advance tax Challan

  8. Details about all your bank statements

  9. Statement related to home loan

  10. Details related to property

  11. Deductions under Section 80D to 80U

  12. Income Tax (IT) Login details

  13. Interest certificate from Banks and Post Office

  14. Salary slips


all inclusive fees


all inclusive fees

Advantages of Filing Income Tax Return Online

  1. Every year, the deadline for filing of income tax returns is 31st Filing your tax returns a month or two in advance can help you finish the task rather quickly as you will face less congestion on the website, which tends to lag as the final date approaches.

  2. Not filing the income tax return in time can lead to penalties for each day until the payment is made. Filing of income tax return online offers you the convenience of filing your returns in time anytime and from anywhere.

  3. Filing of income tax online helps you keep a record of all the financial transactions with the IT Department in an efficient way. Whenever an individual or an organisation seeks a loan from any bank or financial institution, proof of income is required. This record can be your proof of income.

Frequently Asked Questions

ITR forms, whether filed manually or filed electronically, do not require any documents like proof of investment, TDS certificates, etc. However, these documents should be retained by the taxpayer and produced before the tax authorities when demanded in situations like assessment, inquiry, etc.

If you have not filed your returns within the due date, you will have to pay a penalty of Rs. 5,000. You will also have to pay interest on tax due.

Form 26AS is a statement that shows the details of tax credit in a tax-payer’s account as per the I-T Department’s records. The tax credit will include all the different taxes like TDS, self-assessment tax, advance tax etc.

  1. Annual compliance filling – Compliances which are required to be made once in a year by all the companies incorporated under the Companies Act, 1956.
  2. Other Compliance filling – Compliances which are required to be made from time to time on various events.

Once Income Tax Returns are filed, you need to verify it. It is not treated as valid until it is verified by the taxpayer. There are different ways of verification. It can be printed, signed and sent to Centralised Processing Centre, Bengaluru. It can be e-verified using an electronic verification code (EVC), Aadhar, ATMS, netbanking or bank account based validation.

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