Everything You Need To Know About Income Tax Returns Filing In India

One of the most straightforward methods is to use the New Income Tax Portal, which offers a JSON tool for filing returns. A taxpayer can file their income tax returns if they download the utility and fill out the form. The utility will help the Assessee by pre-filling information that is already on hand. The taxpayer must ensure that the information is correct before proceeding to disclose any further income.

How To File Your ITR?

Here are the steps you need to follow to file your ITR

Step 1: Select a way to e-file

You can file your returns online in one of two methods. The first option is to download the necessary form, complete it offline, and then upload it to the website later. Another alternative is to select the fast e-file option and complete the form online.

Step 2: Select the form you require

Depending on your career and annual income, there are numerous sorts of income tax return forms. Individuals earning a salary, pension, or income from a property and other sources, for example, must complete the ITR (Income Tax Return)-1 form, whilst those earning capital gains must complete the ITR (Income Tax Return)-2 form. As a result, select the most important form.

Step 3: Keep your documents handy

To file taxes online, you will need documents such as your PAN card, TDS certificates, Form 16, investments details, insurance and loan papers. If you earn more than a specific amount as income, you will have to disclose the value of all your assets. You can upload scanned versions of these documents online, as and when required.

Step 4: Upload and Submit

Upload your form to the Income Tax Department's website once you've filled out all of the details correctly. If you completed your form offline, you must upload the XML file before submitting it.

Step 5: Verify your ITR (Income Tax Return) 

A unique number will be produced after you submit your form. An ITR (Income Tax Return)-V will be prepared and delivered to your registered email address if you did not submit using a digital signature. Within a 120-day period, you can choose to electronically verify or mail the signed ITR (Income Tax Return)-V to the processing centre. Only after your ITR-V (Income Tax Return) is verified is your tax filing process complete.

You no longer have to be concerned about a time-consuming income tax filing process. E-filing your taxes isn't as tough as you might think. And reporting your income tax on time demonstrates that you are financially savvy and a responsible citizen.

Things To Remember Before Filing Your ITR

Here are a few things to keep in mind before filing your ITR

1. Valid Bank Account Number

When filing an ITR, the correct account number must be entered so that the Income Tax Department can provide a refund automatically.

2. Tax Deducted Income

It is vital to list all income, even if tax has already been deducted from it when completing the ITR. All such deductions must be listed on the 'Tax Paid' sheet of the ITR form.

Non-reporting of Exempt Income: The ITR form must be filled out with information regarding the income generated the previous year. Such earnings, on the other hand, are tax-free. It's important to note that the ITR form has a distinct schedule for reporting tax-exempt income.

3. Investment Deduction

It is critical for all taxpayers to claim a deduction based on investment during the years in Section 80C, 80CCC, and 80CCD, as well as Section 80D and 80DDB.

4. Non-Reporting of Exempt Income

The ITR form must be filled out with information regarding the income generated the previous year. Such earnings, on the other hand, are tax-free. It's important to note that the ITR form has a distinct schedule for reporting tax-exempt income.

Documents Required

TR return forms have no attachments, therefore the taxpayer does not have to include any documents (such as evidence of investment, TDS certificates, etc.) with the return of income (whether filed manually or filed electronically). These records, on the other hand, should be kept by the taxpayer and brought before the tax authorities when requested in scenarios such as assessment, inquiry, and so on.

Conclusion

Electronic filing, sometimes known as e-filing, is the phrase for submitting your tax return electronically. When compared to the traditional technique, e-filing is easier, faster, and more private. You can no longer be concerned about the laborious paperwork. Given above in this article are some simple instructions on how to file your income tax online.

You may also like to read - Important Things To Know About Loan Against A Life Insurance Policy

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.