Well, Income Tax refers to the direct tax paid on income, to the government, within a specified financial year (April-March).
Who needs to file income tax returns?
Filing of returns is compulsory for all individuals if the gross taxable income outstrips the basic exemption limit. The exemption limit is Rs. 2,50,000 for regular taxpayers, Rs. 3,00,000 is for senior citizens (60 years and above) and Rs. 5,00,000 is for super senior citizens (80 years and above).
So, even if your tax liability is zero or your employer has cut TDS or you have paid all your taxes, you are still liable to file income tax returns if your gross total income is beyond the basic exemption limit. Now, we will explain to you the steps to file an income tax return!
Steps to file an income tax return:
Before you begin with the step by step guide to filing income tax returns, make sure that you have all the documents ready with you. These documents contain the previous year’s income tax returns, Form 16 as provided by the employer and the current bank statement. Once you have your documents ready, sign in to the official website of the income tax department named www.incometaxindiaefiling.gov.in. The steps can now be followed.
Step 1 – Registration:
Get yourself registered with the website. This can be completed by making your PAN (Permanent Account Number) user id.
Step 2 – Check Your Tax Statement:
Check your tax statement in the Form 26AS. The tax debited by the employer from your salary in the form of TDS in the present financial year would reflect here. The TDS broached in your Form 16 must tally with the data mentioned in the Form 26AS. If it’s not so, then you may get the notice from the IT Department on the filing of returns.
Step 3 – Generating the Link:
Now you have to move to the Download tab which is given on the Income Tax Returns Form section. The financial year will be chosen first and then the ITR form relevant to the taxpayer would be downloaded. The ‘Quick e-file ITR link’ is issued to those taxpayers who drop into ITR 1 and ITR 4s categories. This quick link will permit you to do the entire process on the portal itself.
Step 4 – Filing the details:
The next step requires the filling up of the details mentioned in Form 16 by opening the downloaded software for the file tax return preparation.
Step 5 – Reconfirmation:
Reconfirm the tax amount payable by hitting on the calculated tax tab. This will give you the accurate figure and if payable then do it and enter the details of the challan in the e-verify return form.
Step 6 – Validation:
Validate the information filled up by you with the help of the ‘Validate’ tab.
Step 7 – Generating the XML File:
Generate an XML file after authentication and save it at the familiar location on the computer.
Step 8 – Digital Signing:
You can now transfer the saved XML file on the income tax portal by choosing the transfer file tab on the left corner of the portal. The portal will ask you whether you want to sign the form digitally. In that case, if you are owning the digital signature, then move for it or just choose “No”.
Step 9 – Downloading IRT-V Form:
Once the entire process is completed, you will get the message of successful completion and the acknowledgment form. This IRT-V form can be downloaded and saved on the computer to grasp the print.
Step 10 – Printing:
The print of the IRT-V should be sent within 120 days to the Income Tax refund Department – CPC, Post Bag No – 1, Electronic City Post Office, Bangalore – 560 100.
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