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Who has to file income tax return mandatorily?
As per income tax laws, ITR must be mandatorily filed if a resident individual’s total income during the financial year exceeds the basic exemption limit. Remember, the basic exemption limit for an individual depends on his/her age.
ITR filing documents you need for FY 2020-21
While receiving Form-16, one must check that the PAN mentioned on it is yours. If there is any discrepancy, then you must bring this to your employer’s notice. Your employer will rectify the mistakes in Form-16 and issue you a revised form.
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Which ITR form is applicable to you for FY 2020-21?
It is important to ensure that income tax return is filed using correct ITR form for FY 2020-21. If correct ITR form is not used, then filed tax return can be termed as defective ITR.
How to file ITR-1 with salary income, home loan, other incomes for FY 2020-21
Salaried individuals have to use the ITR-1 form to file their tax returns. A resident individual having total income up to Rs 50 lakh from salary, one house property and income from other sources can file his tax return using Form ITR-1.
How to check income tax refund status
How to check income tax refund statusIncome tax refund will be payable to you only after the tax department processes your ITR and confirms the same through intimation notice. Here is how you can check the status of tax refund.