Filing an income tax return (ITR) can seem daunting, especially if you’re a salaried employee navigating it for the first time. However, with the advent of online filing, the process has become significantly more straightforward. This guide will walk you through the step-by-step process of filing your income tax return online.
1.Gather Necessary Documents
Before you begin, ensure you have the following documents handy:
- PAN Card: Your Permanent Account Number (PAN) is essential for filing ITR.
- Form 16: Provided by your employer, this form contains details of your salary and tax deducted at source (TDS).
- Bank Statements: These will help you tally any additional income and interest earned.
- Investment Proofs: Documents related to investments for claiming deductions (e.g., under Section 80C, 80D).
- Aadhaar Card: Mandatory for e-filing.
2.Register on the Income Tax E-Filing Portal
If you’re filing online for the first time, you need to register on the Income Tax Department’s e-filing portal.
1.Visit the Income Tax E-Filing Portal.
2.Tab on “Register Yourself” and select “Individual”.
3.Enter your PAN, and the portal will validate it as your user ID.
4.Fill in the required details and complete the registration process.
3. Login to Your Account
1.Go to the e-filing portal and tab on “Login Here”.
2.Enter your user ID (PAN), password, and captcha code to log in.
4. Install Form 26AS
Form 26AS is a consolidated tax statement that contains details of tax deducted on your behalf by deductors.
1.Navigate to “My Account” and select “View Form 26AS”.
2.You will be redirected to the TRACES website.
3.Select the relevant assessment year and install the form.
5. Choose the Right ITR Form
For salaried individuals, the most commonly used form is ITR-1 (Sahaj). It is applicable for:
- Individuals with income up to ₹50 lakh.
- Income from salary, one house property, other sources (interest, etc.), and agricultural income up to ₹5,000.
6. Fill in the ITR Form
1.On the e-filing portal, go to “e-File” and select “Income Tax Return”.
2.Choose the assessment year and ITR Form (ITR-1).
3.Select “Prepare and Submit Online” and tap “Continue”.
4.Fill in the required details, including personal information, income details, and tax details. Most of this information will be auto-populated from Form 16 and Form 26AS.
7. Claim Deductions
1.Navigate to the “Deductions” section and enter details of deductions you are eligible for under various sections like 80C (Investments in PPF, LIC, etc.), 80D (Health Insurance), etc.
2.Ensure all deductions are accurately mentioned to minimize your tax liability.
8. Validate Your Return
1.After filling in all the details, tap on “Validate” to check for any errors.
2.Correct any errors highlighted by the portal.
9. Verify Your Return
Verification is crucial to complete the filing process. You can verify your return electronically using any of the following methods:
1.Aadhaar OTP: Verify using a one-time password sent to your registered mobile number linked with Aadhaar.
2.EVC (Electronic Verification Code): Verify using EVC sent to your registered mobile number and email.
3.Net Banking: Log in to your net banking account and select the e-verify option.
4.Send Signed ITR-V: If you cannot verify electronically, print the ITR-V form, sign it, and send it to the Centralized Processing Centre (CPC) in Bangalore within 120 days.
10. Submit and Acknowledge
After successful verification, submit your return. You will receive an acknowledgment on your registered email and mobile number.
11.Rectify Errors or File a Revised Return (If Necessary)
Sometimes, even after submitting your Income Tax Return, you may realize there are errors or omissions in your filing. Thankfully, the Income Tax Department allows you to revise your return before the end of the relevant assessment year or before your return is assessed, whichever is earlier.
Here’s how you can file a revised return:
1.Login to the e-filing portal and select the option to file a revised return.
2.Choose the ITR form (same as your original form) and mention the 15-digit acknowledgment number of your original return.
3.Make the necessary corrections or additions and submit the revised return.
4.Don’t forget to verify the revised return, following the same steps for verification as mentioned in the earlier section.
Note: Filing a revised return is crucial if you notice significant errors. Filing inaccurate returns can lead to penalties, interest on unpaid taxes, or even tax notices from the Income Tax Department.
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