Q. What will be the Assessment Year for Financial Year 2016-17?

Ans. 2017-18 will be the Assessment Year for Financial Year 2016-17.

Q. What is previous year?

Ans. According to Indian Income Tax Act previous year is a financial year or accounting year.

Q. Can I file a revised return if I find any mistake in my income tax return after filing? Suppose I filed the income tax return for Financial Year 2016-17 on 25.07.17. I have found a mistake in my return then up to which date I can file my revised return?

Ans. Yes, if any mistake or defect is noticed in the original return, you can submit a revised return before assessment has been made or within one year from the end of relevant assessment year, whichever is the earlier. In your above mentioned case, you can submit your revised return up to 31.03.19 or before the assessment is made.

Q. Is it mandatory to make e-payment of income tax?

Ans. Not in all cases, but it is mandatory for all assessees whose accounts are subject to tax audit and all companies are required to make e-payment of income tax through internet banking facility or through internet by way of credit or debit card . Other assessees also can make e-payment. An assessee can make electronic payment of tax through his account or from the account of another person. However, the PAN of assessee should be clearly mentioned on whose behalf the payment is made.

Q. From where I will get Income Tax Return Form?

Ans. You can download Income Tax Return Form from incometaxindiaefiling.gov.in

Q. What are the different methods of filing the Income Tax Return?

Ans.  You can submit your return in following modes:

  1. You can file the return in paper mode.
  2. You can file your return electronically with digital signature.
  3. You can file your return electronically with out digital signature. In this case you have to send the signed copy of Form ITR-V to the income tax department in Bangaluru.

Q. Who is supposed to file the income tax return electronically?

Ans. All assessees are supposed to e-file the income tax return  except the individual and HUF who are not covered under tax audit and taxable income is up to Rs.5 lakh and no refund is claimed and individual who is 80 or more years old.