Document Required For ITR Filing
If you want to start filing your ITR from this season, then collect this required document. Well, the required document varies as per the sources of income, claim deduction and other financial transactions. Some of the general list of documents are as follows-
- PAN Card: Permanent Account Number is one of the mandatory documents for filing an ITR.
- Form 16: It is issued by the employer and contains the details of salary incomes, TDS ad etc.
- Form 16A/16B/16C: It is the form for TDS on income.
- Bank Statement: Collect the bank statement of all bank accounts from the savings account to the current account.
- Investment Proof: Collect documents if you are investing in Provident Fund (PF), Public Provident Fund (PPF), Equity Linked Savings Scheme (ELSS), Life Insurance Premium, Health Insurance Insurance Premium, Fixed Depots etc.
- Property Document
- Capital Gain Statement: Provide a capital gain statement, if any from the stocks, mutual funds, etc
- Proof of tax payments: Challan or receipt of tax payment
- Form 26AS: Form 26AS is a consolidated tax statement
- Interest certificate, TDS Certificate, from 990, form 1040, etc.
How To File ITR Online?
Filing Income tax Returns online is a very convenient and hassle-free process. Just follow the below step-by-step guide-
- Visit the official website of the Income Tax Return Department by clicking on the www.incometaxindiaefiling.gov.in. If you are an existing user, log into it with your credentials. Otherwise, register yourself with a mobile number or email address.
- Now, you have to choose the ITR form as per your source of income, residential status, etc. The most common forms are ITR-1 (Sahaj) for salaried individuals, ITR-2 for individuals HUFs not having income from business or profession, and so on.
- Now, download the selected ITR form and pre-fill the required information like name, address, PAN number, Aadhar number, etc.
- Next, gather all your required documents like Form q6, bank statements, investment proof, etc.
- Enter your details of all sources of income like salary, interest income, rental income, capital gains and other income. Carefully report all the income details and even cross-check them carefully.
- Next, you have to claim deductions and Exemptions: Declare deductions under various sections such as 80C, 80D, 80E, etc., for investments made in specified instruments like PPF, life insurance premiums, health insurance insurance premiums, and so on. Claim Exemption, if it is applicable.
- Now, calculate your total taxable income and tax liability as per income tax slab rates for the particular year. You can use tax calculation on the Income Tax Department’s website for accurate data or any other website available online at free of cost.
- Verify your form 26AS to ensure that the TDS deducted by your employer, banks, or other deductors matches with the TDS certificates you have received. Income, verify if any taxes are paid by you.
- If there is any tax paid by you, then the details for the particular financial year. Tax paid like advance tax, self-assessment tax, or TDS. Cross-check these details twice for accuracy.
- Carefully review all the information provided by you in the ITR form. Done all the necessary corrections if required. It must be error-free.
- After validation, now generate an XML file of your filled ITR form. This will be used later to upload the ITR form on the Income Tax Department’s e-filing portal.
- Time to log in to the e-filing portal and upload your XML file at the portal. Go to the e-file section, and select the appropriate year and applicable ITR form to upload this XML file.
- After successfully uploading the XML file, verify your ITR using the available options such as Aadhaar OTP, Net Banking, Electronic Verification Code (EVC), or by sending a signed copy of ITR-V to the Centralized Processing Center (CPC) in Bangalore within 120 days of filing the return.
- After successful e-verification, you will be acknowledged by the Income Tax Department. Save this acknowledgement for your records. Your work is done here.
- If you’re eligible for a refund, you can check the status of your refund online using the acknowledgement number.
By following these easy steps, you can file your ITR every year at home. If it is difficult for you, then you can ask your friend or contact a professional CA for accurate work.