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Top Ten FAQs on Tax Filing Answered

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tax filing faqs

Tax filing is here. Tax filing is still not as simple as we think it should have been. IT department has tried its best to make it convenient and hassle free for lakhs of tax filers every year.  However, there are tons to questions in the minds of tax filers whether it is e-filing or manual filing. Though we cannot answer all of them, we have tried to pick top ten from them.

1) I want to file tax returns. Which ITR form should I use?

This is the probably the most common of them all. You need to choose ITR form as per the income you earn. If you have multiple incomes, you might have to use a different form. Every form includes basic deductions, exemptions, personal details, etc. However, if you do not know which itr form to use for your income, your returns might get rejected. We have explained this in detail in our article on ITR forms – Which ITR form to use?

2) What documents are needed to file income tax returns?

Usually, documents such as form 16, loan repayment proof, tds certificates, medical bills, insurance premium proofs and interest from deposits are needed at the time of filing tax returns. However, you do not have to attach or scan these documents at the time of filing. This is only for you to enter the accurate details. Keep the documents handy so that you can produce them in case IT department asks for the same.

3) Am I done if I fill the details in tax filing forms online?

No. Tax filing process does not end by filling of forms online. After this, you will be receiving an acknowledgement from IT department, called ITR-V. You need to take a print out of this and send it to the IT dept. office in Bengaluru. It has to be sent within 120 days of your original tax filing date.

4) What if I miss the due date of filing?

The tax filing due date is 31st July. You need to complete your filing before this date. However, even if you miss this deadline, you can still file your taxes. There could be some penalties for the delay depending on your tax status. It is always advisable to file before due date in any case as it will give you some benefits. Read our article on tax filing before due date.

5) I have not filed my returns for the past few years. Can I do it now?

Yes, you can still file your returns for the income received in the past. It can be delayed by a maximum of 2 financial years. For example, if you have received income for FY 2013-14, you can file your returns by March, 2016.

6) I have paid excess tax this year. Will I get a refund?

Yes, if you have paid excess tax for the year, you will be eligible for a refund. The refund amount will be calculated automatically when you fill the ITR form. Such amount will be directly credited to your bank account. The faster you file, faster you will get it.

(Also see: Incomes not to miss during tax filing)

7) I have made a mistake while filing returns. Can I update it?

Any mistakes made during tax filing can be corrected by filing a revised return. However, to be eligible for filing a revised return, you should have filed your original returns within the due date i.e. 31st July. If not, you will not be allowed to make changes to your returns.

8) I don’t have my form 16. Can I still file returns?

Tax filing can be done either with form 16 or without form 16. You just need to know the details such as salary received in the year, TDS deducted and so on. If you have received salary from multiple employers, you need to state all of them.

9) I do not have any income except interest from FDs. Do I still need to file my returns?

Interest from fixed deposits is also taxable. Hence, if this interest exceeds the basic exemption limit, you must file your taxes for the year. Such income needs to be reported under the head ‘income from other sources’.

10) I am a retired person. I only have pension income. Am I exempt from tax filing?

No. Pension received after retirement is treated in the same way as salary received before retirement. If the pension received is more than the basic exemption limit, you need to file your tax returns. However, the limit is slightly more for senior citizens. Please check the exemption limits before filing.

Let me now if you have unique requirement which is not covered in this article. Also, leave your valuable comments/suggestions on this piece of content.

  • Pooja

    From where can I download the ITR forms?

    • Av Suresh

      You can download all the ITR forms from IT department website.

      • pooja

        Okay.Thanks for the reply

  • MMG

    If my tax paid by my employer is less than the tax payable,then how can i pay the remaining tax payable to Income tax dept? if found this during e filing

    Thank you in advance.

    • Av Suresh

      You can e-pay the tax through the same portal from where you are filing your returns.

  • Rajesh

    your suggestion/help on below points:

    1. I
    have income from two companies. Company A has not deducted any HRA so shall I
    deduct(4 month HRA) from total income while filling ITR?

    Form26AS shows 2.30 lac from company A but in form16 thotal income imount is
    1.21 lac so which one should I consider please suggest?

    Income from company 2 and Bank ineterest is exactly matching as per form 16 and
    form 26as. LAos all TDS from all three sources are reflecting correctly.

    per my Form 16 of Company A(1.16 lac) and Company B(4,79,710) FD
    interest(42042) total (6 lac) but I am showing 6,62 lac becoz in Form26 Imcome
    form company A comes to 2.30 lac and Compnay2 is 3,79,710, interest 42042. Is
    this correct or will I face any problem later.. please sugeest.

    suggest what should I consider while filling ITR.(Bank interest+company2 Income
    chargable under salary head — no issue but confuse in Company1 salary head
    income??? wht to consider 2.30 lac(as per Form26) or 1.21 lac (as per Form 16))
    Help me.

  • Sachin

    I need ur suggestion on one issue regarding income tax….

    I am govt employee and my firm gives me form 16 for tax deduction….also, i
    save some amount in bank in the form of FD….this year my bank has paid Rs.940/- (10% for Rs.9397/-)
    towards tax deduction on some of my FDs…..When I collected my TRACES form from
    the bank, i realized that they have deducted this amount for interest earned on
    my FD….But, as per some of the sites, the interest earned upto Rs. 10000/- is non
    taxable…When I checked with the banks in detail, they have given me a statement for the interest paid to me during last financial year..as per that statement, I have received an interest of Rs.21509/- Then, what should be my final deduction if I am falling in 20% bracket??if calculated like (21509-10000= 11509), I am supposed to pay tax on Rs.11509/-…but bank has paid tax on Rs. 9397/- how to resolve this discrepancy???pls guide me…

  • sidhickh

    Kindly clarify that what type of proof has to be produced, if any one claims exemption under section 54(F) towards construction of house, when enquiry noticed

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