HOW TO FILE INCOME TAX RETURN : SELF GUIDE

The last date to file income tax return (ITR) is JULY 31. Although you have more time, filing your return before the deadline comes with certain benefits such as carry forward of losses, you will also avoid paying late filing fees. If you file your ITR after the deadline you will have to pay late filing fees of up to Rs 10,000.

Now, everyone has to file ITRs digitally except for super senior citizens (that is those aged 80 years and above. To file ITR electronically, one must be registered on the e-filing website of the income tax department.

STEP-BY-STEP GUIDE TO FILE YOUR INCOME TAX RETURN (ITR):

 

1.     Collect all the required documents required to file ITR like bank statements. form 26AS,   Capital Gain Reports , Tds certificates etc.

2.       You can download Form 26AS from the TRACES website. To download it, login to your account on the e-filing website, click on 'My Account' tab and select 'View Form 26AS'. The website will redirect you to the TRACES website to view and download the same.

3.       Compute total income for the year. Total income is computed by adding incomes from five different heads and claiming all the relevant deductions allowed under the Income-Tax Act and setting off losses, if any.

4.       Once you have computed your tax liability in the earlier step, deduct the taxes that have been already paid by you through TDS, TCS and Advance Tax during the year. Add interest, if any, payable under sections 234A, 234B and 234C.

5.       If any additional taxes are due, individuals can be paid physically via cheque or online using challan ITNS 280.

6.    ITR can be filed by downloading the software in Excel or Java utility. However, taxpayers who are eligible to file ITR-1 and ITR-4 also have the option to file it online without downloading any software utility.

7.    If you are eligible to file ITR-1, then you can use option 'Prepare and submit online' without downloading the excel software utility.

8.       The last step of ITR filing is verification. If you want to verify your tax-return electronically, you will not be required to send any documents to the tax department. However, if you wish to verify your return physically, then you will be required to send a duly signed copy of ITR-V/Acknowledgement to 'CPC, Post Box no. 1, Electronic City Post Office, Bangalore- 560100, Karnataka, India.'

9.       Remember after you file your ITR, you have 120 days to verify it. If you do not verify your ITR, then it will be deemed as you have not file ITR. In case you forget to verify your ITR before the deadline, you can file a request to your assessing officer.

If you verify your ITR using an electronic method, then you will immediately receive the confirmation from the tax department regarding verification of your ITR. If you have sent ITR-V via post to the I-T department, they will send you an email confirming that your ITR-V has been received by the I-T department, i.e., your return stands verified.