Queries related to Income Tax eFiling

Hey there!

It is mandatory to register on the incometaxefiling portal, to be able to file ITR. Once you have an e-filing account, you can log in and file your ITR online.

Have questions around how to file Income Tax return online? Ask away!

Hey @TeamQuicko

Can you tell me about ITD’s new ITR filing utility for AY 2021-22?

Hey @HarshitShah

To improve the tax filing process, the Income Tax Department has decided to do away with the excel and java-based utility and has launched a new offline JSON-based utility for the AY 2021-22. The new utility will help taxpayers import prefilled data and edit it before filing the income tax return (ITR).

The taxpayers can download the pre-filled data from the income tax e-filing portal and fill in the rest of the data. This imported prefilled data can be edited to change basic information such as address and all. Currently, the utility can be used to file ITR1 to ITR 4. ITD has also released a step-by-step guide to using the utility.

Hope this helps! :slight_smile:

Is it possible to file ITR online without an account on the Income Tax e-filing portal?

What should be done in case of discrepancies in actual TDS and TDS credit under Form 26AS?

Hey @Amitabh_Verma

It is mandatory to create an account on the Income Tax e-filing portal to file your ITR online. It is a hassle-free quicko process. One can register on the portal by providing relevant details such as user type, PAN, first name, surname, date of birth, and fill in the registration form.

Hey @Niraj

Many times mismatches and discrepancies in actual TDS and TDS credit under Form 26AS happen because of wrong information provided in the TDS return. One can approach the employer/deductor to file a revised TDS return after making the necessary corrections.

The income-tax department allows an assessee to mention the reason for mismatch in the online portal in answer to a notice sent by them.

Hope this helps! :slight_smile:

Hi, actually I filed ITR 1(A.Y. 2013-14) due to notice served in Jan month.

The ITR is pending for verification. Ask the options aren’t available for me client i.e Aadhar verification,evc etc. Only thing is I got my clients DSC. but option of DSC for e-verification is not showing. I can’t send CPC to Bengaluru since it will take time. How can I use DSC to e-verify my already filed return

Hi @Arsheen

The option to e-verify ITR using DSC is to be selected while filing. Once you have filed your ITR only option available for e-verification is EVC/Aadhar OTP or sending ITR V to CPC Bangalore. You have 120
days from the date of e-Filing to e-verify your ITR.

So if 120 days are not over you can send the signed ITR V to CPC Bangalore to get it e-verified and processed.

Hope this helps :slightly_smiling_face:

Hey Yesha,

How does my tax filing stand, if I’m not a resident and have already filed taxes in the residing country? The stock trades were a total loss! and no other income

Thanks!

Hi @Sharath

It is suggested to file ITR as NRI in India if you have trading transactions even if there are losses.
If you do not file ITR then there are high chances of your PAN getting flagged by the IT department for non-filing of ITR.
Also, If you file the ITR on time you can take benefit of carry forwarding the losses and setting off those losses against the profits in future years.

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I have started an HUF by infusing funds by collecting gifts from HUF members. If I invest in Shares, Equity MF, from that Capital (Collected as gifts from members), and earn income in the name of HUF, will that income be clubbed with the income of the members?

In a way that will be the outcome of the business (trading and investing of shares) done by HUF. And there will be a degree of efforts and luck involved, not a fixed income instrument as FD, etc.

Hi @Scalperji

Yes, as per section 64(2) assets transfered to HUF attract clubbing provisions. Assets cover cash, movable and immovable property. To avoid clubbing it is better to infuse funds given by members as loan to HUF. Even if HUF earns investment Income on such loan, there will be no clubbing of income on loan transactions and investment income will be taxed only in hands of HUF.

@Laxmi_Navlani Thanks for the help and suggestions!

One of a female person source of income details mentioned below in f.y.20-21.
1.income from home tuitions rs:1,20,000/-
2.interest income from cash debtor rs:50,000/-
2.cash gift from mother rs:1,50,000/-
Question:
Assess it returns filed mandatory in f.y.20-21.

Hey @Sundaraiah_Kollipara, from the given income sources of yours, there will not be any tax liability in your case but it is recommended that you file your ITR.

I am a student and I began trading in equity in Feb 2020. I have no other source of income to show other than income from trading shares and interest on bank accounts. I wish to learn to file my ITRs by myself. If anyone can direct me to some guide for the same, it will be very helpful. Thanks.

Hey @royanish388

In case of income from trading you need to file ITR-3.

To understand more about filing taxes for investors, you can check out this video which will give more clarity.

You can also check out this tool to understand which ITR form is applicable to you.

We have some exciting new features coming up. Follow us on Twitter to stay updated!

Stay safe!

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Thank You @Ridhima_Sharma for this.
Stay Safe.

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I have filed my ITR on 2018-2019 and 2020-2021, but Unfortunately missed the ITR for FY 2019-2020. What can be done?