Easy Step-by-Step Guide to Filing Income Tax Return (ITR) in India
This is step-by-step guide to filing Income Tax Return (ITR) in India:
Step-by-Step Guide to Filing Income Tax Return (ITR) in India
Step 1: Gather Required Documents
Before starting the filing process, ensure you have the following documents ready:
- PAN Card
- Aadhaar Card
- Bank statements
- Form 16 (provided by your employer)
- TDS certificates (if any)
- Investment proofs (for claiming deductions)
- Details of any other income (rental, interest, etc.)
- Form 26AS (Tax Credit Statement)
Step 2: Register on the Income Tax e-Filing Portal
1. Visit the e-Filing Portal: Go to https://www.incometaxindiaefiling.gov.in.
2. Register: If you are a new user, click on 'Register Yourself' and complete the registration process using your PAN.
3. Login: Once registered, log in to the portal using your User ID (PAN), password, and captcha code.
Step 3: Download Form 26AS
1. Navigate to Form 26AS: After logging in, go to the 'My Account' section and click on 'View Form 26AS'.
2. Download Form: This form shows details of tax deducted at source (TDS) and tax paid. Download it and verify the TDS details.
Step 4: Choose the Appropriate ITR Form
1. Select ITR Form: Depending on your income source, select the appropriate ITR form (e.g., ITR-1 for salaried individuals, ITR-4 for professionals, etc.).
2. Download or Use Online: You can either download the applicable form in Excel or Java utility or use the online filing option available on the portal.
Step 5: Fill in the ITR Form
1. Personal Information: Enter your personal details such as name, PAN, address, etc.
2. Income Details: Fill in details of your income from salary, house property, capital gains, business/profession, and other sources.
3. Tax Details: Enter details of TDS from Form 16, Form 16A, and Form 26AS.
4. Deductions: Fill in the details of deductions under sections 80C, 80D, etc.
Step 6: Validate the Information
1. Validate: Use the 'Validate' button in the utility to ensure all required fields are filled correctly.
2. Calculate Tax: Click on 'Calculate Tax' to compute your tax liability.
Step 7: Generate XML File
1. Generate XML: Once all information is validated, click on 'Generate XML' to create an XML file of your return.
Step 8: Upload XML File
1. Upload: Go back to the e-Filing portal, click on 'e-File' and select 'Upload Return'.
2. Select AY and ITR Form: Select the appropriate Assessment Year and ITR form.
3. Upload: Upload the generated XML file.
Step 9: Verification
1. Verification Options: Choose one of the verification options:
- e-Verify using Aadhaar OTP: Generate an OTP using your Aadhaar.
- e-Verify using Net Banking: Use your net banking account.
- e-Verify using EVC (Electronic Verification Code).
- Send signed ITR-V: If you are unable to e-verify, you can send a signed copy of ITR-V to CPC, Bangalore within 120 days of filing.
Step 10: Confirmation
1. Acknowledgement: Upon successful verification, you will receive an acknowledgment receipt on your registered email and mobile number.
2. Download ITR-V: If you opted to send ITR-V physically, download it, sign it, and send it to CPC, Bangalore.
Tips for Successful Filing
- Double-check Information: Ensure all details are accurate to avoid discrepancies.
- Keep Records: Maintain copies of all documents and proofs for future reference.
- Seek Professional Help: If you are unsure about any step, consider consulting a tax professional.
By following these steps, you can file your Income Tax Return accurately and efficiently.