What is Income Tax Return (ITR): Know your ITR Status Manual

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What is Income Tax Return (ITR) Know your ITR
Status Manual

• Income Tax Return (ITR) is a document that is
  filled out by the taxpayers of India in order to
  provide the details of the Income Tax Department.
  Income tax returns need to be filed by entities
  and employers that receive over the set threshold
  of the government for exemption. This facilitates
  the operations of checking transactions and
  enables the government to monitor and collect
  taxes more efficiently.
• Importance of Filing ITR
• Legal Compliance The submission of ITR is legal
  requirement in India for individuals and
  entities who have certain threshold income.
• Financial Record This acts like an
  identification card for income and tax, which may
  be vital when it comes to granting of loans,
  visas, and so many other financial activities.
• Claim Refunds Even to get a refund in case of
  excess tax on the employees side as per
• the provisions of Section 192 of the I.T. Act for
  every financial year, they prefer filing an ITR.
• Carry Forward Losses In ITR filing, one has the
  ability to transfer losses from one year to the
  succeeding years in a bid to minimize future tax
  payments.
• Types of ITR Forms
• 1. ITR-1 (SAHAJ)
• - Who Can Use It For the newly launched housing
  schemes one needs to have up to ? 50 lakh salary,
  single residential property and other incomes.
• 2. ITR-2
• - Who Can Use It The income which is derived
  from the other sources which are not related to
  business or profession from the side of the
  individual and HUF.

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• - Who Can Use It The charitable or religious
  trusts that have been filed under the specific
  section, political parties, and the research
  associations.
• Checking Your ITR Status
• Heres how you can manually check your ITR
  status
• Visit the Income Tax E-Filing WebsiteLocate the
  Income Tax Department of India e- filing site
  https//www. incometaxindiaefiling. gov. in
• Log In to Your AccountTo access the account, use
  your PAN, password, and date of
  birth/incorporation.
• Navigate to the ITR StatusOnce you are inside
  the site, click on the option either Dashboard
  or My Account and then click on View
  Returns/Forms.
• Select the relevant assessment yearChoose the
  ITR filing year which is the assessment year for
  which you want to check the ITR status online.
• View StatusThe processing status of the filed
  ITR will be available such as Processed, or it
  may have some pending action or there could be
  some issues.
• Conclusion
• They are legal obligations that every earner of a
  specific kind of revenue and the filing of the
  income tax returns cannot be avoided. If one is
  to understand the frequently asked issues related
  to tax returns by ones own, one should know
  about How to Check ITR status of ones return
  manually. On the issue of taxes, keep on being
  careful and do not exploit the contents of Income
  Tax Departments website on them.