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income tax return filing


Mock test in income tax return filing for preparation of  CA Final, CA Inter, CMA inter, CMA Final, CS executive, CS Professional exams

income tax return filing MCQ's

Subject :- Direct Tax Laws and International Taxation

Chapter :- Filing of return of income – Test 1

Questions :- 30

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Income Tax Return

Income Tax Return is a form which is used to file the income tax with the Income Tax Department.

Income Tax Return contains information of income and tax paid of an assessee is called Income Tax Return.

Forms for Income Tax Returns such as ITR 1, ITR 2, ITR 3, ITR 4S, ITR 5, ITR 6 and ITR 7

The advantages of filing for Income Tax Return are:

  • Loans: Bank loans like education loans, vehicle loans, personal loans, can be availed easily as they require last three year’s IT returns.
  • Visa: As Immigration centres scrutinize many documents and IT returns proofs is a mandatory document for visa applicants.
  • Avoid penalties: Hefty amounts would be charged for non-filing of income tax returns and hence it is always better to file it to avoid legal repercussions.
How to file your income tax return online?
    • To file your IT returns, gather all documents like bank statements, last year’s return and Form 16
    • Log on to www.incometaxindiaefiling .gov.in.
      • Register at the website using the PAN number. It becomes your ID.
      • View Form 26AS. It shows the tax deducted by the employer. The TDS on Form 16 should match this amount.
      • Download the ITR Form that is applicable to you. If you do not know the right form, consult Vakilsearch.
      • Complete the entire form by filling in the required details and then submit it.
      • Click the Calculate Tax button, to know your payable amount.
      • If applicable, pay the required tax.
      • Enter the challan details on the tax return section of the form.
      • July 31: A firm or individuals who are not liable for audit.
      • September 30: A company or other who is liable to audit.
      • March 31: All individuals and companies filing belated returns.
Documents required for Income Tax Filing in India

To fulfill IT filing in India, the following documents are necessary:

      • Bank statements
      • Proof of investments
      • T.D.S. Certificates in Form 16 or 16A as applicable
      • Documents on purchase and sale of investments/assets
      • Challan of tax paid such as advance tax or self-assessment tax
      • If PAN is applied but not received, a copy of filed PAN application and its acknowledgment
      • In case not applied for PAN, a PAN application form duly filled in and two passport size photographs
      • For businesses – a copy each of the audit report, balance sheet, trading, profit and loss account, personal account of proprietor or partners
      • Statement of receipts and payments when no regular books are maintained
      • Receipts of payment of insurance premium, provident purchase of NSCs, new equity shares, mutual fund, NSS, donations, etc. to support claimed deductions