Basic Steps to file ITR (Income Tax return) of an Individual

 

  1. Gather Necessary Documents: Collect all relevant documents, including Form 16 (issued by your employer), TDS certificates and details of income from other sources, investment proofs, bank statements, and PAN card.
  2. Choose the Appropriate Form: Select the correct Income Tax Return (ITR) form based on your sources of income. For individuals with salary income and one house property, ITR-1 (Sahaj) is commonly used.
  3. Download the Applicable ITR Form: Visit the official website of the Income Tax Department of India (https://www.incometaxindiaefiling.gov.in/) and download the relevant ITR form for the assessment year.
  4. Fill in the Details: Complete the ITR form with accurate details regarding your income, deductions, exemptions, and other relevant information.
  5. Compute Your Tax Liability: Calculate your total income and tax liability based on the information provided. Consider eligible deductions and exemptions.
  6. Claim Deductions and Exemptions: Include details of deductions under sections like 80C, 80D, 80G, etc. Ensure that you have the necessary supporting documents.
  7. Verify Form 26AS: Cross-verify the information in your ITR with Form 26AS, which provides details of TDS (Tax Deducted at Source) and other tax-related information.
  8. Use Digital Signature (if applicable): If you are filing the return electronically and wish to sign it digitally, obtain a digital signature.
  9. File Your Income Tax Return: Visit the income tax e-filing portal and log in with your credentials. Upload the filled ITR form and submit it. Alternatively, you can use the “Quick e-file ITR” link for online filing.
  10. Verify Your ITR: After filing, you need to verify your return. You can verify it electronically using Aadhaar OTP, net banking, or by sending a signed ITR-V to the Centralized Processing Centre (CPC) in Bengaluru.
  11. Receive Acknowledgment: Upon successful verification, you will receive an acknowledgment of your ITR filing. Keep a copy of the acknowledgment for future reference.
  12. Monitor Refund Status (if applicable): If you are eligible for a refund, you can track its status on the income tax e-filing portal.
  13. Address Any Discrepancies: If there are discrepancies in your return, you may receive a notice from the Income Tax Department. Address any issues promptly.
  14. Plan for Future Tax Compliance: Understand changes in tax laws, plan for the next financial year, and ensure timely compliance with tax regulations.
  15. Consider Professional Assistance: If your financial situation is complex or if you are unsure about the filing process, consider seeking assistance from a tax professional or CA for filling your Income tax return.

Keep in mind that tax laws and procedures can change, so it’s advisable to refer to the official website of the Income Tax Department of India or consult with a tax professional for the most accurate and up-to-date information. Filling your Income tax return by a CA can be the most professional way to do this task. You can also contact us if you are looking for income tax return filling services.

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