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National Income Tax Day: Time To File And Verify Your ITR

Author: Balwant Jain/Tuesday, July 24, 2018/Categories: Tax, Expert View

National Income Tax Day: Time To File And Verify Your ITR

There are two ways in which you can file your ITR. One is the traditional way of submitting the paper returns and the other is the new age online filing called electronic filing.

Who can file paper return as well as electronic returns

All individual taxpayers who are 80 years or more have an option to file returns on paper. Likewise, any individual or HUF whose total income does not exceed Rs 5 lakhs for the year ended March 31, 2018 and also is not claiming any refund of excess taxes paid or deducted also has the option to file paper return. However, you cannot file returns on paper if you have taxable capital gains or have business income other than which is taxable under presumptive basis and for which ITR 4 Sugam is required to be filed. There is no bar for these taxpayers from filing their ITR electronically.

Who has to file electronic return?

So taxpayers who do not have the option to file income tax returns on paper have to mandatorily file the ITR electronically.

How the ITR is to be verified?

The ITR filed by you has to be verified in the prescribed manner. In case of paper ITR, you need to physically sign the form. However, ITRs filed electronically need to be verified in the manner prescribed under the law.

Through digital signature

The ITR filed electronically can be verified with your digital signature. For taxpayers, verification of ITR with digital signature is mandatory. This category includes all the companies. Even individuals, HUF, partnership firms and Limited Liability Partnerships engaged in any business or profession and whose accounts are subject to tax audit by virtue of its turnover exceeding specified limits can digitally sign their forms.

Modes other than digital signatures

The oldest form of verification is by way of sending the copy of signed ITR V to the Central Processing Centre in Bangalore within 120 days of submitting it electronically. Those taxpayers who have filed their ITR electronically and do not have a digital signature or do not want to send the physical copy of ITR V to CPC can verify their ITR by way of an electronic code generated based on your Aadhaar or net banking.

The author is a CA, CS and CFPCM

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Balwant Jain
Balwant Jain

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