The Moneycontrol
Tax-Filing Guide

The due date for filing income tax returns, considered a tedious annual ritual by many, for the financial year 2021-22 is just a few days away - July 31, 2022. From getting all the documents in order to choosing the right return forms, to navigating the e-filing portal introduced last year, avoiding pitfalls and finally calculating as well as paying your dues, we have covered every detail needed to make the process smooth. Here is our detailed coverage on filing income tax returns for assessment year 2022-23 (financial year 2021-22).

Income Tax Return | All you need to know about filing I-T returns for AY 2022-23

From the right form to avoiding common mistakes and tax notices, Moneycontrol’s one-stop ITR filing guide has answers to all your common queries.

ITR filing | Four ways to file income tax return

You can file your income tax return on your own through the income tax department’s e-filing website, or take the help of experts like tax return preparers (TRPs), e-filing intermediaries, or chartered accountants.

I-T Return Filing | Interest, penalties on the cards if failed to file returns by July 31

The due date to file income tax return is July 31. A return can be filed after the due date, but it attracts penalties, interest and has its own limitations.

ITR Filing | Mistakes to be avoided while filing income-tax returns

Blind belief in pre-filled details, hiding Form 16 from previous employers, and failure to declare details of property transactions, even though there is nil tax, are some of the pitfalls to avoid while filing I-T returns

Income-Tax Return Filing | How to select the right form?

The choice of income-tax return forms depends on your source of income, income level, and so on. This year, there are a few changes in the details sought and some new disclosure norms have been introduced.

Want a loan or credit card? File your income tax return first

Filing income tax return may not be mandatory if your income is below the basic exemption limit. But several benefits and the right to claim tax refunds are open to only those who file their income tax returns

Watch
  • Video: ITR Filing Online | Dos and don’ts for filing income tax returns

    As the due date for filing Income Tax Return (ITR) approaches, one could end up making numerous tax filing mistakes. One must be careful while filing returns as any oversight can lead to a penalty or tax notice from the Income Tax Department. Here are some common mistakes to avoid while filing income tax returns by July 31, 2022

  • Video: Income Tax Return Filing: Which form is right for you?

    July 31, 2022 is the last date to file income tax returns for FY22. This year, the ITR forms have a few but significant changes one needs to take note of. In this video, we take a look at the key changes and the form that will suit you best.

  • Video: Watch | Answering FAQs on filing income tax returns

    Continuing Moneycontrol's special series on filing income tax returns, we've answered the most frequently asked questions to help taxpayers complete the exercise on time

Getting started with I-T return filing? Verify your Form 26AS and Annual Information Statement first

Tallying the information in your Form-16, bank statements and so on with Form 26AS and Annual Information Statement should be step one in your income-tax return-filing process.

Couldn’t file a belated income-tax return? You can now use the updated tax return facility

Many new expenses are being reported and mismatches can be a hassle. Updated returns can be filed within 24 months of the end of an assessment year

Last minute tax-filing: 5 types of incomes you must not forget

Irrespective of the amount and whether it is taxable or exempt, make sure you disclose in your tax returns any income, windfall gains, capital gains, interest income, etc., you may have had during the financial year

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Simply Save | Why you must file your income-tax returns by July 31

Giving income tax return-filing a miss could invite notices from the tax department, while delayed filing will attract penalties

Simply Save | Get discrepancies in Form 26AS rectified before proceeding to file income tax returns

As part of Moneycontrol’s income tax return-filing series, Preeti Kulkarni speaks to Mayur Shah of EY to understand why it is important to check and verify Form 26AS before you go ahead with your return-filing exercise.

Simply Save | ITR filing - Know all the tax benefits linked to home loans and HRA

Despite being commonly-claimed tax benefits, many tax-payers are not fully aware of tax rules related to home loans and house rent allowance (HRA) that can result in under-utilisation of tax breaks offered. Tune into Simply Save to know all about tax benefits and rules related to housing and accommodation before you file your returns.

Frequently Asked Questions
Do I need to file income tax returns?
Yes, it is mandatory to file returns if your income exceeds the basic tax exemption limit, which is Rs 2.5 lakh for those below 60 years of age. Irrespective of your income, you must file returns if your foreign travel expenses in a financial year exceeded Rs 2 lakh or your electricity bill amount crossed Rs 1 lakh. The same is the case if you have foreign income or assets. Then, there are other conditions, too, that make filing of returns mandatory, irrespective of your income.
Why is it important to select the right income tax return (ITR) form?
A wrong ITR form will result in your returns being considered invalid. The income tax department has notified seven ITR forms for assessment year 2022-23 (financial year 2021-22). For individuals, the applicable forms are ITR-1 to ITR-4. For salaried taxpayers, ITR-1 and ITR-2 are the most relevant forms.
I missed submitting proof of investments to my employer in January. Can I claim these deductions while filing returns?
Yes. The deadline set by employers for submitting investment declarations to claim deductions under sections 80C, 80D, 80E and so on is January or February. However, many employees fail to meet the deadline for submitting proof of tax-saving investments. As a result, a higher amount of tax is deducted from the salary during the last three months of the financial year. If you missed submitting such proof earlier, you can enter the details in your tax return form and claim the deductions and refunds for any excess tax deducted.
What are the most common errors made while filing income tax returns?
Minor errors made when filing income tax returns can render them invalid. These errors could be as simple as not choosing the right assessment year. Remember, you will be filing income tax returns for financial year 2021-22 and, thus, assessment year 2022-23. Double-check your bank account details. Entering incorrect details could lead to a delay in getting your tax refund. Also, if you have switched jobs during 2021-22, do not forget to declare the salary paid by your previous employer in your ITR.
What if I forget to disclose some income that I had earned? Will the income-tax department send me a notice?
Some taxpayers forget to disclose certain income, even if unintentionally. This is the case particularly with salaried individuals who rely primarily on their Form 16, which does not contain details of capital gains, fixed or savings deposit interest income, for instance. While the detailed Annual Information Statement (AIS) that collates your financial transactions could prevent such mistakes, you need to be careful. If the income tax department detects this missing income, you could end up getting a notice. Ensure that you file a revised return as soon as you notice errors in disclosing any income.
Do I need to complete the verification process after filing tax returns?
Yes, this step is mandatory – return-filing won’t be considered complete until you verify the returns. You have to complete this process within 120 days of having filed your ITR. But many forget to do so even though the electronic process can be completed through simple modes such as Aadhaar-OTP or net banking in a matter of minutes. You can also download the ITR-V, or acknowledgement form, and send it physically to the income tax department’s CPC office in Bengaluru.