Come July, August, September, and what do you expect? No, it’s not just the rains, but these are also the months associated with filing your income tax returns and often the chaos and madness around it. Income tax return is a document that you file with the state tax board declaring your income, profits and losses of your business, and also details of your tax refund. Thanks to the online platform, you can now file your returns online sitting in the comforts of your home or office. However, there is more to it than meets the eye. This article highlights some valuable tips for successfully efiling of income tax return online. Keep reading.
Filing your returns shows that you are responsible. It’s a mandatory rule by the government that individuals who have a particular amount of annual income need to file a tax return, within a specified due date. The calculated tax has to be paid by the individual otherwise you will be penalised.
You can traditionally file your tax returns, or you can make use of the electronic filing system. We will list out the various steps of online tax filing today. You just have to furnish all the details online, at no cost.
- Download Income Tax Return Form: First and foremost, you would need to log on to the Indian income tax website and select the appropriate income tax return form, based on your type of income. There are different IT return forms available for different income groups, whether it is from the salary, business or house property. Download the correct one from the ‘Downloads’ page.
- Prepare the Return: You can enter all the details using the downloaded software. Enter all the details correctly and confirm that they are matching with the figures mentioned in Form 16, Form 16A, Form 26AS. Give accurate information regarding your income, tax details, deductions, etc.
- Uploading details and Logging In: E-filing of Income Tax return can be done directly to I-T website if you furnished details via ITR Utility. Or save the IT return data in XML format to your PC and log in to your account on the e-filing website and upload it.
- Acknowledgement: After you successfully upload the IT return, ‘Acknowledgement Details’ will be on display. An ITR-V form will be generated and sent to your e-mail id. The process of e-filing is completed in case you digitally sign the ITR form.
- Sign: If you do not use the digital signature, the ITR-V Acknowledgement form has to be signed and sent to the IT office.
Filing income tax returns, online or otherwise sends people into a panic mode because it seems very complicated. But I hope with this simple step by step guide filing your IT returns becomes simple and much more achievable. Show your commitment as a responsible citizen of the country, so that the youth follow you and never shy away from filing returns and paying taxes. Remember the income tax department is your companion, not a foe.