FAQs on Income Tax

FAQs on Income Tax


1. How much penalties for not filing ITR?
The Penalties for not filing ITR are given in the table below: -

E-filing date

Income below Rs 5,00,000

Income above Rs 5,00,000

Up to 31st July 2020 



Between 31st July to 31st December 2020

Rs 1000

Rs 5000

Between 1st January 2020 to 31st March 2020

Rs 1000

Rs 10000

2. My company deducts TDS. Do I still have to file my tax return?
It is necessary to file tax return even if company deducts your TDS. Tax return should be filed by each & every individual earning under the tax bracket in order to provide information about your income to the tax department.

3. What is the difference between Assessment Year and Financial Year?
 Financial year(FY) is the year for which the taxpayer has been accessed to pay income tax. Assessment year (AY) is the year immediately subsequent to the financial year.
For Example: If FY is 2019-20, then AY will be 2020-21.

4.Should I e-file returns if I earned less than taxable income?
It is not mandatory to file income tax return in case your income is less than the exemption limit of Rs 2.5 Lakh in a year as specified by the income tax department.
In Case you want to file the return, you can still file a nil return.

5. What happens if I don't file ITR?
If you will not file ITR online, you may get a notice from the tax department and it can lead to prosecution too. You can face a jail term ranging from 3 months to 2 years on the basis of due tax amount.

6. Can we file back dated ITR?
As per the finance act 2016 amendment act, you can file your backdated ITR before 31st March of the subsequent assessment year.
For example: For FY 2018-19, you cannot file your ITR after 31st March 2020.

7. What is the last date to E-verify ITR?

• The last Date for e-verifying return is 120 days from the date you submitted your return to the ITD (Income tax Department).

8. If I have paid excess tax how will it be refunded to me?
• The excess tax can be claimed as refund by filing your Income-tax return. It will be refunded to you by crediting it in your bank account through ECS transfer. The department has been making efforts to settle refund claims at the earliest.

9. If I have committed any mistake in my original return, am I permitted to file a revised return to correct the mistake?
• A return of income can be revised at any time during the assessment year or before the assessment made whichever is earlier.
If original return has filed in paper format or manually, then technically it can't be revised by online mode or electronically.

10. Am I required to keep a copy of the return filed as proof and for how long?
• Yes, since legal proceedings under the Income Tax Act can be initiated up to four or six years (as the case may be) prior to the current financial year, you must maintain such documents at least for this period.
However, in certain cases the proceedings can be initiated even after 6 years, hence, it is advised to preserve the copy of return as long as possible. Further, after introduction of the e-filing facility, it is very easy and simple to maintain the copy of return of income.

11. There are various deductions that are not reflected in the Form 16 issued by my employer. Can I claim them in my return?
• Yes, it can be claimed if you are otherwise eligible to claim the same.

12. How to know my Jurisdictional Assessing Officer details?
• To know your Jurisdictional Assessing Officer details » Please log on to https://www.incometaxindiaefiling.gov.in/ and click on “Know Your Jurisdictional AO” under “SERVICES” menu.

13. Where can I view the details of tax payment and TDS deducted?
• The tax payment and TDS data available with the Department can be seen in the Form 26AS Statement.
To check the 26AS statement please login to your e-filing account at https://www.incometaxindiaefiling.gov.in/ and go to “My Account -> View form 26AS (Tax

14. How can I make payment for the outstanding demand?
• Tax payments can be made through a bank authorized to collect Income Tax payments, after filling in the necessary particulars in the Challan provided for this purpose or Online tax payments can be made through the website www.incometaxindia.gov.in under ‘e- Pay Taxes.
• Please make the payment quoting minor head “400” only, as wrong minor head may delay the process of settlement of the outstanding demands.
• Challan Status: You can ascertain the status of your payment Challan through the website https://tin.tin.nsdl.com/oltas/index.html.These payment will also be reflected in Form 26 AS statement.

15. I have made an error while making the payment through challan, how can it be corrected?
• In case you detect any mistake in the Challan after payment of the amounts you may approach the concerned bank branch within 7 days of payment for necessary correction in the challan.
If the changes are to be made after 7 days of payment, kindly contact the Assessing officer for the correction.

For more information on this Visit https://www.taxaj.com/.

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