How to File Income Tax Return
If your total earnings during the previous year are more than the maximum amount not chargeable to income, you need to file your income tax return (ITR). When you file your returns electronically, it is known as e-filing.
You may either file your returns on your own or seek professional assistance if required. To e-file your returns, you will need to register on the income tax department’s official website. Individuals must file their returns by August 31 of every year.
What is e-filing of returns?
E-filing primarily refers to submitting your returns online. You may file your returns offline by visiting the income tax office, which is time-consuming and inconvenient. A popular way is to file your returns online, which is an easy, quick, and hassle-free procedure. It eliminates the need to complete tedious documentation and you may file your returns from the comfort of your home or office.
Before discussing on how to file ITR online, here are the documents you must have available:
- Permanent Account Number (PAN)
- Investment details
- Form 16
- Bank account details
- Aadhaar Card
Steps to file an ITR online
- First, you need to login to your account using your username, password, date of birth, and Captcha Code.
- The next step in the process of ITR filing is to go to the e-file tab and click on the ‘prepare and submit ITR online’ button
- You must then select either Form ITR1 or ITR 4 and the assessment year, for which you want to file the return
- Once you select the appropriate form, you must complete all the relevant details and then click on the ‘submit’ tab
- When applicable, you may upload the Digital Signature Certificate (DSC); you must ensure that the DSC is registered with the e-filing website
- On successful submission, ITR-V is displayed (when you do not use the DSC); click on the link to download the ITR-V, which is also sent to your registered email address
- The ITR-V must be printed, signed, and sent to the Central Processing Cell (CPC) within 120 days from the date of e-filing; your return is processed only after the CPC receives a duly signed ITR-V
- If you use the DSC for ITR filing, you do not have to download the ITR-V
Information to be filled while filing ITR online
- Personal information such as your full name, PAN, father’s name, and complete date of birth
- Income details, including the name of all your employers during the assessment year and type of employer. Additionally, you must input your salary and the Tax Deducted at Source (TDS) details (Also read: Tax Salary slab rate for AY 2018 - 19). You must provide a detailed breakup of your salary.
- The Income Tax Act includes certain provisions for claiming deductions, which reduces your tax liability. You must provide information about all your investments such as life insurance premium, Public Provident Fund, and others. Deductions are available under section 80C for various investments. Section 80TTA allows deductions on interest earned during the year on your savings bank account.
- Details of tax paid for any non-salary income you earn during the financial year. This may include interest or earnings from freelance work. The tax payments made towards such income must be input; these details may also be uploaded through the Form 26AS.
- You must provide the bank details to complete the process of ITR filing online. It is recommended that you include all your bank accounts and provide details about the primary account.
- After completing the aforementioned information, if you see ’no tax due’ or ’refund’ intimation, you may complete the e-filing process to receive acknowledgment on submission. In case you get a message saying ’tax due,’ you must follow the instructions to pay the same before the ITR filing.
Filing your income tax returns on time is important to ensure that you do not pay any penalty. E-filing has made the process simpler and you may e-verify your ITR to enjoy complete peace of mind.
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