Filing one’s annual income tax returns, to repeat a tired joke, can be quite taxing. But like flossing one’s teeth before turning in every night, it is advisable. If you don’t file returns thinking you are in the clear as you have paid your taxes, you run the risk of losing any deducted tax amounts the government owes you. More compellingly, it is the law: anyone with an annual income of over Rs 2.5 lakh before deductions in India is mandated to file income tax returns. Needless to say, non-filers can be penalized.
The last date to file your income tax return is July 31. However, the government has extended the date this year to August 31. In case if you have not done so yet, do it by the due date to avoid any future penalties.
There are two ways that returns can be filed:
Either way, you need the same set of documents/information. But before starting the process, make sure you have the following details/documents with you:
The following is the break-up of information you have to provide if you have income from different / other sources:
Additionally, you should also update yourself on tax credit, Section 80G deductions and your tax liability on interest income before filing your returns. A few pointers on these:
You will find below the four steps to file your returns, the first step being different for new users and registered filers.
(For first timers)
Password sent to your e-mail address and mobile number respectively. (For registered users)
After having logged in, you need to choose the correct ITR form (Income Tax Return form): there are seven – check the list below; this is how you go about it:
The List of ITR Forms:
The last step in the process is the submission of the ITR filed by you. As stated earlier, forms can be submitted by both post and online.
The Postal Way
The Online Way
(To use DSC, you have to register it in the e-filing application. You can do so by logging in on the e-filing website of the IT Department and updating the Profile Settings Section. Under Profile Settings, you have to select Register Digital Signature Certificate and download the ITD e-Filing DSC Management Utility. You can use this utility to generate the DSC file.)
You can e-verify your tax returns using any of the following modes:
If you want to use the Aadhaar OTP method, this mobile number must be the one linked to your Aadhaar card. In this process, an OTP is generated and sent to the registered mobile number. Enter the OTP in the text box provided and click on submit. A “Success” sign will be displayed. It is important to remember that Aadhaar OTP is valid for 30 minutes only.
You can also opt for the second route. EVC can be generated by clicking on the “Generate EVC” option under the “My Account Tab”. This will produce four options to verify your ITR – choose any.
Over and above the pointers stated in the “Check List” section, as well as a few in the tax filing steps, there are some points that you could keep in mind:
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