10 Easy Steps for Filing your Tax Returns

The last date to file your taxes is approaching fast. Incase you havent filed your taxes yet, you still can in just 10 easy steps. Just follow the steps below and you are good to go

  1. Log on to https://incometaxindiaefiling.gov.in/ using the login credentials (user id is your PAN). If you are filing it for the first time, create a profile using your PAN as your user id.
  2. Select your applicable IT Return Utility and download the form:
    1. ITR 1, for individuals having Income from Salary/Pension and interest i
    2. ITR 2, for individuals who do not have income from their business or profession (includes capital gains, income from house property & income from other sources).

OR in case ITR 1 is applicable to you, use the Quick e-File ITR under Quick Link.

Know your form – https://incometaxindiaefiling.gov.in/

  1. Please ensure that you fill in the correct information:
    1. Your personal information such as email id and mobile number
    2. Salary & TDS information stated in the Salary Certificate and Form 16
    3. Fill in the details of your house property, bank interest and deductions if not claimed in Form 16
    4. In case of income from Capital gains, always enter the full value of consideration for which the asset is sold
    5. Bank details are mandatory; ensure that you enter the correct IFSC code
    6. Verify all TDS credits with your Form 26AS to ensure correctness of the information

Note: Follow the tips and in-built validations to ensure that the information filled is complete and accurate. You can save the form at any stage and complete it as per your convenience.

  1. Determine your income & pay tax if necessary.
    1. Tax computation –  Refer to the Tax calculator: http://incometaxindia.gov.in/Pages/tools/tax-calculator.aspx
    2. Tax can be paid online here: https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp
    3. Read the FAQs at https://www.tin-nsdl.com/oltas/oltas-faq-payment.php
  2. Verify your details, tax payment, refund etc. and then generate the .xml file
  3. The utility creates an xml file based on the details filled. Save this on your system.
  4. Log on to https://incometaxindiaefiling.gov.in/portal/index.jsp, select the Assessment Year as 2015-16 (if you are filing for FY 2014-15), and go to the Returns section to upload.
  5. Browse and select the xml file saved in your system
  6. After uploading the file, an electronic receipt of the IT return will be generated.
    1. In case you have signed your return using a digital signature, the receipt of the e-return may be kept for your records and this receipt need not be submitted to the IT Department.
    2. In case you have filed without the digital signature, the electronic receipt is generated i.e. ITR-V form. Please note that the ITR-V form can be generated only by the IT Department once you submit the ITR form. From this year onwards, there is no need to send theprinted version of the ITRV to the CPC if you e-verify your ITRV by following any one of the methods mentioned in point 10.
    3. If you haven’t opted for e- verification, print the ITR-V, sign with a blue ink pen and post it to the Income Tax Department – CPC, Post Bag No – 1, Electronic City Post Office, Bengaluru – 560100, Karnataka. The due date for submission of ITR-V is 120 days from the date of upload of e-return.
  7. Once the Electronic Verification Code is generated, the e-Verification of ITR-V can be done using the below options:
    1. Option 1: I already have an EVC to e-Verify my return*
    2. Option 2: I do not have an EVC and I would like to generate the EVC to e-Verify my return*
    3. Option 3: I would like to generate Aadhaar OTP to e-Verify my return*

*Please refer to this link for e-verification of ITR-V

Additional details

  • For queries, contact the toll free number of the Income Tax Department Helpdesk: 1800-4250-0025/+91-80-2650 0025
  • Select Voluntary return on or before the due date for filing the tax return
  • To know your jurisdiction, click here: https://incometaxindiaefiling.gov.in/e-Filing/Services/KnowYourJurisdictionLink.html
  • If you want to claim deductions for investment in Life insurance, NSC, PPF etc., which are not shown in Form 16, please re-compute your income & taxes considering these proofs. Submission of proofs is not needed along with the return.
  • This facility is free of cost

Note: All information contained in this communication is for general information sharing purpose only. Income Tax returns filing is the responsibility of the individual and hence employees are requested to read and understand all relevant aspects or seek professional advice before complying with their tax filing obligations.

Source: Quora | Images: Google

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