Filing ITR is important for every citizen of India irrespective of whether the salary of an individual comes within the tax bracket or not. However, it is mandatory to file ITR for those individuals whose salary exceeds Rs. 5 lakh. The government of India has made it compulsory to file ITR from the assessment year 2013-2014.
Keeping the convenience of the citizens in mind the income tax department of India has provided a user-friendly platform to pay taxes. TDS Reconciliation, Analysis and correction enabling system (TRACES) enables citizens to cross check the TDS, file ITR, claim refunds, download forms, check the dues status, challans, refunds, etc. As we have already mentioned that filing ITR is significant for every individual, it is important to know the eligibility of filing income tax return.
- Salaried individual whose total income is Rs 5 lakh and above.
- Hindu Undivided residents and individuals with assets located outside India.
- The tax payers are required to submit the audit report specified under section 10(23C) (IV), 10(23C) (V), 10(23C)(Via), 10 A, 12 a(1) (b),80IA, 44AB, 80IB, 80IC, 80JJAA, 80ID, 80LA, 92E or 115JB of the Income Tax Act.
- The taxpayer needs to provide a notice under section 11(2)(a) to the tax officer.
- Any company or firm that does not comes under the provision of section 44AB, AOP, BOI, cooperative society, artificial person and local authority (ITR 5) must compulsorily file income tax returns.
- The taxpayers required to submit returns under section 139(4B)(ITR7) of income tax act.
- Any resident, who has signing authority in any account located outside India.
- An individual who claims deduction or relief under section 90 or 90A and under section 91 of Income Tax Act 1961.
In order to help you learn how to file ITR, here we have mentioned all the respective links for: viewing the form 26AS, registering for e-filing, e-payment of taxes, income tax calculator, e-filing the income tax return, keeping a proper track of dues, downloading the relevant form and ITR form, modification of return, checking the status of refund, online verification of return.
Steps Involved in Filing Income Tax Return
- Firstly, the taxpayers need to collect the certificate of TDS, which should be, mandatorily, in the format required by TRACES.
- If the taxpayer has a digitally signed certificate, then it is important to ensure a check mark on the digitally signed copy, confirming that it has been verified.
- There will a question mark for the non-verified certificate.
- Verify the TDS amount on the certificate with the deducted amount shown in your income.
- Salaried individuals should choose form 16 TDS certificate and other deductor should choose form 16A.
- Download the statement form 26AS of tax credit from TRACES and verify the amount of tax exemption against the exemption mentioned in the TDS certificates.
- In order to download the form 26AS, the taxpayer is required to log in to their e-filing account on the income tax e-filing website.
Link to Access Form 26AS- https://incometaxindiaefiling[dot]gov[dot]in/e-filing/UserLogin/LoginHome[dot]html?nextPage=taxCred http://contents.tdscpc[dot]gov[dot]in/en/netbanking[dot]html/
- If there is any inconsistency in the TDS amount shown in form 26AS consult with the respected tax consultant and request for a modification.
- Once you are done with this, calculate your total income for the financial year and add incomes under all the 5 heads by claiming all the relevant rebates, deductions and setting-off the existing years. Keep in mind not to miss any income while calculating the total income which is taxable.
- By applying the current tax rates for the financial years, calculate your tax liability.
Link to e-pay Taxes- https://onlineservices dot tin dot egov-nsdl.com/etaxnew/tdsnontds dot jsp
Link to See the Dues- https://incometaxindiaefiling dot gov dot in/e-Filing/UserLogin/LoginHome dot html?nextPage=taxDemand
- Once you are done with paying taxes, file the return. July 31st is the deadline to file ITR.
Link to file ITR- http://incometaxindiaefiling dot gov dot in/
- To file the income tax return login to the e-filing website of the income tax department.
- Enter your user ID and password, which will be your date of birth, and captcha code. After you log in, different tabs will open like “my account”, “dashboard”, etc. http://incometaxindiaefiling dot gov dot in/ (Login)
- If you are a new user, you will need to register yourself first on the income tax site. You will need to choose a status like chartered accountant, individual, tax deductor, etc. Once you choose your status, go on and fill all the basic details like date of birth, address and PAN number to get registered. After you are done filling all the information, then you can login to the e-filing website http://incometaxindiaefiling dot gov dot in/
- Once you login to the website chooses the form applicable for the purpose of filing return.
- In case of other forms such as ITR-2, ITR-2A, ITR-3 and ITR4 the taxpayers will be required to download the relevant form from the website.
Link for Downloading the Form- http://www.incometaxindia dot gov dot in/Pages/downloads/income-tax-return dot aspx
- After the relevant ITR forms is downloaded, the individual will be required to fill the personal details, income details and other required details in the form. Once you have filled in these details, upload the form on the website and file the return.
- It is significant to verify the form, as without verification, the filed ITR is not valid.
So, with the help of these links and by following the above mentioned steps an individual can e-file the Income Tax Return. We hope that you will, no longer, find the process of filing ITR daunting. If you have any tips or experiences you’d like to share, we’d love to read about it in the comments section.