Frequently Asked Questions

• RS 250000/- for resident individual below 60 years of age.
• RS 300000/- for resident individual above 60 years but below 80 years of age.
• RS 500000/- for resident individual above 80 years of age.

• If you file your returns using online mode, you have two options.
• E-Filing using digital signature - If you file e-return using digital signature there is no requirement to send signed copy of ITR to Bangalore CPC.
• E-Filing without using digital signature - If you file e-return without using digital signature, then you are required to send signed copy of ITR to Bangalore CPC at following address

• To claim refund - If you have a refund due from the Income Tax Department, you will have to file returns, without which you will have to forgo the refund.
• To claim refund - If you have a refund due from the Income Tax Department, you will have to file returns, without which you will have to forgo the refund.
• To carry forward losses - If you do not file returns, you will not be able to carry forward capital losses (short-term or long-term), if any, in a financial year to be adjusted against capital gains made in the subsequent years.
• Loans - Its easy to get loan,if you have ITR receipts.
• Visa Processing -If you are travelling overseas, foreign consultants ask you to furnish ITR receipt of the last couple of years at the time of the visa interview. Some embassies may ask for ITR receipts of previous three years, while some others may ask for the most recent certificate.
• Buying a high life cover -Buying life cover of Rs 50 lakh or Rs 1 crore has become commonplace. However, these covers are available against your ITR documents to verify annual income. Life insurance companies, especially LIC, ask for ITR receipts these days if you opt to buy a term policy with sum insured of Rs 50 lakh or more.
• Government Tender -Experts say that if one plans to start their business and need to fill a government tender or two for the same, they will need to show their tax return receipts of the previous five years. This again, is to show your financial status and whether you can support the payment obligation or not. However, this is no strict rule. It may vary depending on the internal rules of the government department. Even the number of ITRs required can vary.
• Self Employed -Businessmen, consultants and partners of firms do not get Form 16. Hence, ITR receipts become an even more important document for them, provided their annual income exceeds the basic exemption limit of Rs 2.50 lakh.

• View your tax credit statement of Form 26AS to ensure that the TDS deposited by your employer matches the amount on your Form 16. In case it doesn’t match, you can get a notice from the IT department.
• You can claim deductions even if you forgot to submit proof to your HR. Deductions under section 80C, 80G can be claimed while filing income tax returns.
• Interest up to Rs. 10,000 on savings accounts and fixed deposits is exempt from tax.
• Ready your profit and loss statement, balance sheets or audit reports before you begin e-filing, if applicable.
• Log onto www.ispeedtax.com and e-file your income tax return.

• TDS
• TCS
• Advance Tax or Self-assessment tax
• 15G/H details
• Details of paid refund

It is given at the end of year and helps the employee to file the income tax return. Remember Form-16 is not an alternative for Income Tax Return. Filing Income tax return is mandatory even if correct TDS has been deducted as per Form—16.

• TDS
• TCS
• Advance Tax or Self-assessment tax
• 15G/H details
• Details of paid refund

• Income from Salary/Pension
• Income from One House Property (excluding cases where loss is brought forward from previous years)
• Income from Other Sources (excluding winning from Lottery and Income from Race Horses)
• In case of clubbed Income Tax Returns, where a spouse or a minor is included, this can be done only if their income too is limited to the above specifications.

• More than one Property
• Lottery, Race horses, Legal Gambling etc.
• Non tax-exempted capital gains (Short term and Long term)
• Agricultural means exceeding Rs. 5000
• Business and Profession
• Individual who is a Resident and has
• Assets (including financial interest in any entity) outside India or
• Signing authority in any account located outside India.
• Individual claiming relief of foreign tax paid or double taxation relief under section 90/90A/91.

• This form is received when you e-File without using a digital signature.
• Income Tax Department needs to verify the authenticity of income tax return when filed online without using a digital signature.
• On receipt of ITR-V you have to sign the copy and submit to the Income Tax Department to complete the filing process.

• You are guided through simple interactive screens with online help available at each step.
• If you have basic queries like navigating through the website, printing your return etc.,you can contact us by email.
• Your tax calculations are done by intelligent algorithms that are built into our website and incorporate the latest updates. So you do not have to bother about tax laws and updates. Our system does it all!

1. by furnishing the return in a paper form;
2. by furnishing the return electronically under digital signature.
3. by transmitting the data in the return electronically under electronic verification code;
4. by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V;

• From the assessment year 2015-16 onwards any asessee filing ITR 1/2/2A (other than an individual of the age of 80 years or more at anytime during the previous year) having a refund claim in the return or having total income of more than Rs. 5,00,000 is required to furnish the return of income electronically with or witho​ut digital signature or by using electronic verification code.
• Every company shall furnish the return of income electronically under digital signature. In other words, for corporate taxpayer e-filing with digital signature is mandatory.
• A firm or an individual or a Hindu Undivided Family (HUF) whose books of account are required to be audited under section 44AB shall furnish the return of income electronically under digital signature. In other words, in such a case, e-filing with digital signature is mandatory.
• A resident assessee having any assets (including financial interest in any entity) located outside India or signing authority in any account located outside India or income from any source outside India shall furnish the return of income electronically with or without digital signature or by using electronic verification code.
• Taxpayers claiming relief under section 90, 90A or 91 shall furnish the return of income electronically with or without digital signature or by using electronic verification code.
• A person who is required to file ITR - 5 shall file the same electronically with or without digital signature. However, a firm liable to get its accounts audited under section 44AB shall furnish the return electronically under digital signature.
• A taxpayer who is required to furnish a report of audit under sections 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)via), 10A, 10AA, 12A(1)(b), 44AB, 44DA, 50B, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E, 115JB or 115VW​ or to give a notice under section 11(2)(a) shall furnish the return electronically..

1. By furnishing the return electronically under digital signature;
2. By transmitting the data in the return electronically under electronic verification code;
3. By transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V.

1. Tax Deducted at Source (TDS)
2. Tax Collected at Source (TCS)
3. Advance tax or Self-assessment Tax or Payment of tax on regular assessment.

• The first and foremost precaution is to file the return of income on or before the due date. Taxpayers should avoid the practice of filing belated return. Following are the consequences of delay in filing the return of income :
• Loss (other than house property loss) cannot be carried forward.
• Levy of interest under section 234A.
• Penalty of Rs. 5,000 under section 271F can be levied.
• Exemptions/deductions under section 10A​, section 10B, 80-IA, 80-IAB, 80-IB, 80-IC , 80-ID and 80-IE are not available.​
• Belated return cannot be revised under section 139(5). However, w.e.f. 01-04-2017, income-tax return for the Assessment Year 2017-18 and onwards filed under section 139(1) or section 139(4)[belated return’ can also be revised.
• Taxpayer should download Form 26AS and should confirm actual TDS/TCS/Tax paid. If any discrepancy is observed then suitable action should be taken to reconcile it.
• Compile and carefully study the documents to be used while filing the return of income like bank statement/passbook, interest certificate, investment proofs for which deductions is to be claimed, books of account and balance sheet and P/L A/c (if applicable), etc. No documents are to be attached along with the return of income.
• The taxpayer should identify the correct return form applicable in his case.
• Carefully provide all the information in the return form.
• Confirm the calculation of total income, deductions (if any), interest (if any), tax liability/refund, etc.
• If any tax is payable as per the return of income, then the same should be paid before filing the return of income, otherwise return would be treated as defective return.
• Ensure that other details like PAN, address, e-mail address, bank account details, etc., are correct.
• After filling all the details in the return of income and after confirmation of all the details, one can proceed with filing the return of income.
• In case return is filed electronically without digital signature and without electronic verification code do not forget to post the acknowledgement of filing the return of income at CPC Bangalore (as discussed earlier).