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Friday, 6 July 2018

Step-By-Step Guide on How to File Income Tax Return

Step-By-Step Guide on How to File Income Tax Return

As 31st July is just a few days away. It is high time to file your Income Tax Return now. Here is a step by step guide on How to File Income Tax Return. Read on and file your ITR in an easy and quick manner.

1. If you are a first-time return filer, register yourself on the income tax department’s official E-filing portal www.incometaxindiafiling.gov.in. Your permanent account number (PAN) will act as your user ID.

2. Keep key documents handy, including the Form 16, Form 26AS (tax credit statement), bank statements, copy of returns filed last year, capital gains statement from mutual funds and brokers.

3. Go to ‘Downloads’ tab to download the ITR preparation software (JAVA or Excel utility) for the relevant assessment year.

4. If tax is due, make the payment immediately and enter the details in appropriate schedule. Repeat above step so that tax payable turns ‘zero’.

5. Enter all data and click on ‘Calculate’ to compute the tax and interest liability and final figure of refund or tax payable.

6. Prepare the return using the downloaded software application; pre-populate the personal details and tax payments/TDS by clicking on the ‘pre-fill’ button. Compare with the information you have to ensure that nothing is left out.

7. Generate and save the ITR data in XML format.

8. Login to the e-filing website, go to ‘e-file’ and click on ‘Upload Return’.

9. Select the relevant ITR, Assessment Year and XML file saved.

10. In case of physical verification, you will have to send the printed and signed ITR-V form to the I-T department’s CPC in Bengaluru by post within 120 days of e-filing your return; an acknowledgement from the department confirming receipt will complete the process.

11. If you have not used DSC, ITR-V will have to be downloaded, you can also choose to generate electronic verification code through your bank ATM/net banking or use Aadhar-based OTP for e-verification.

12. Upload Digital Signature Certificate (DSC), if you have obtained one and it is registered with the portal, and click on ‘Submit’ button. In this case, your process will now be considered complete.

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