What are the Modes of Filing Return of Income

  • Blog|Income Tax|
  • 2 Min Read
  • By Taxmann
  • |
  • Last Updated on 18 December, 2020

Recent Posts

Blog, News, Insolvency and Bankruptcy Code

Interim Moratorium Barred Continuation of Proceedings u/s 138 of NI Act Against Petitioner Due to IBC’s Overriding Effect | HC

Blog, News, FEMA & Banking

Borrower’s Right to Redeem Secured Asset Ends on Publication of Notice u/s 9(1) of SI Rules, Not After Sale Completion | SC

Latest from Taxmann

Return of income can be filed in paper mode or in e-filing mode. If return of income is filed through electronic mode, then the assessee has following three options:
 
(1) E-filing using a Digital Signature
 
(2) E-filing without a Digital Signature
 
(3) E-filing under electronic verification code
 
If return of income is filed using a digital signature or under electronic verification code, then there is no requirement of sending the signed copy, ITR V (i.e., acknowledgement of return filed electronically) to Bangalore CPC. 
 
However, if the return is filed without using digital signature or without electronic verification code, the assessee shall send the signed copy of ITR V on the following address within 120 days of uploading the return either by ordinary post or by speed post only:
 
Income Tax Department – CPC, Post Bag No.-1, Electronic City Post Office, Bangalore -560100, Karnataka 
 

Read also: Link Aadhaar with your PAN for e-Filing Income Tax Return 

When Is It Mandatory to File Return of Income?

It is mandatory for a company and a firm to file its return on income. However, for an individual, HUF, association of persons and body of individuals it is mandatory to file return of income if his/its gross total income (without giving effect to provisions of section 10(38)1 section 10A or section 10B or section 10BA or Chapter VI-A deduction) exceeds the maximum exemption limit. 
 
The maximum exemption limit and the slab rates for Assessment Year 2017-18 are given in the following table:
 

Class of persons

Tax slab (Amount)

Tax rate

Resident senior citizen (aged 60 years and above but less than 80 years)

Up to Rs. 3,00,000

Nil

Rs. 3,00,000 to Rs. 5,00,000

10%

Rs. 5,00,000 to Rs. 10,00,000

20%

Above Rs. 10,00,000

30%

Resident super senior citizen (aged 80 years or above)

Up to Rs. 5,00,000

Nil

Rs. 5,00,000 to Rs. 10,00,000

20%

Above Rs. 10,00,000

30%

Any other individual or HUF (i.e., other than above)

Up to Rs. 2,50,000

Nil

Rs. 2,50,000 to Rs. 5,00,000

10%

Rs. 5,00,000 to Rs. 10,00,000

20%

Above Rs. 10,00,000

30%

 

 
Related Articles:
 

Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.

Comments are closed.

«
»

Everything on Tax and Corporate Laws of India

To subscribe to our weekly newsletter please log in/register on Taxmann.com

Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied