Frequently Asked Questions

For individuals and HUFs (not requiring audit), the due date is July 31st of the assessment year. For example, for FY 2023-24 (AY 2024-25), the due date is July 31, 2024. For businesses requiring audit, the due date is October 31st.

ITR-1 (Sahaj): For salaried individuals with income up to ₹50 lakhs from salary, one house property, and other sources.

ITR-2: For individuals with capital gains, multiple house properties, or foreign income.

ITR-3: For individuals with business or professional income.

ITR-4 (Sugam): For presumptive income under Section 44AD/44ADA.

• PAN Card and Aadhaar Card
• Form 16 from employer
• Bank account details and statements
• Investment proofs (80C, 80D, etc.)
• Home loan interest certificate (if applicable)
• Capital gains statement (if applicable)
• Form 26AS

Yes, you can file a belated return under Section 139(4) before December 31st of the assessment year. However, a late filing fee of up to ₹5,000 (₹1,000 if income is below ₹5 lakhs) may be applicable. You also cannot carry forward certain losses in belated returns.

Typically, refunds are processed within 20-45 days after e-verification of your ITR. If you've linked your Aadhaar to PAN and verified via Aadhaar OTP, the process is usually faster. You can track your refund status on the Income Tax e-filing portal.

GST registration is mandatory if your annual turnover exceeds ₹40 lakhs (₹20 lakhs for special category states). It's also mandatory for:

• Inter-state suppliers
• E-commerce operators/sellers
• Casual taxable persons
• Those required to pay tax under reverse charge

GSTR-1: Details of outward supplies (sales) - Monthly/Quarterly

GSTR-3B: Summary return with tax payment - Monthly

GSTR-9: Annual return

GSTR-9C: Reconciliation statement (for turnover above ₹5 crore)

ITC allows you to claim credit for GST paid on business purchases against the GST collected on your sales. This reduces your net GST liability. To claim ITC, you need valid tax invoices and the supplier must have filed their GSTR-1.

TDS (Tax Deducted at Source) is a mechanism where the payer deducts tax while making payments like salary, rent, interest, professional fees, etc. The deductor deposits this tax with the government on behalf of the deductee.

Form 16 is a TDS certificate issued by employers to employees. It contains details of salary paid, TDS deducted, and taxes deposited. It's essential for filing ITR and has two parts:

• Part A: Details of TDS deducted and deposited
• Part B: Detailed salary breakup and deductions