Income Tax Return 2019-20 FAQs

Every individuals with an income must submit details of their income, deductions, and tax payments to the Income Tax Department. The

income tax return

forms ranges from ITR 1 to ITR 7, used for different types of income. All the forms are available online on the official website of the Income Tax department. Here are some of the frequently asked questions about income tax return:

1. What is income tax?Income tax is a tax levied by the government on the income of every earning individual.
2. Who is supposed to pay Income-tax?Income-tax is to be paid by every Individual/Hindu Undivided Families [HUFs]/Association of Persons [AOPs]/Body of individuals/Firms/LLPs/Companies/Local authority and any artificial juridical person not covered under any of the above.
3. What is exempt income and taxable income?An exempt income is not charged to tax, i.e., Income-tax Law specifically grants exemption from tax to such income. Incomes which are chargeable to tax are called as taxable incomes.
4. Do I need to maintain any records or proof of earnings?For every source of income taxpayers have to maintain proof of earning and the records specified under the Income-tax Act.
5. What are the different modes of filing the return of income?The Income Tax Return Form can be filed - by furnishing the return in a paper form; - by furnishing the return electronically under digital signature; - by transmitting the data in the return electronically under electronic verification code; - by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V

Stay informed with the latest Business News on Times of India. Explore updates on International Business, gain insights with Financial Literacy tips, and make use of Financial Calculators. Don’t forget to check the list of Bank Holidays in 2025, including Bank Holidays in January.


Ready to Master Stock Valuation? ET’s Workshop is just around the corner!