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The income earned by an individual and the taxes paid thereon are to be legally informed to the Income Tax Department of India. Hence, every individual who has a regular source of income must file his or her income tax return.
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The process of filing Income Tax returns has become easier these days with the advent of Electronics Filing system. In order to e-file your income tax returns, you can either take help of a professional or do it on your own through the website of the Income Tax Department of India. July 31 of each financial year is the last date to file income tax returns.
There are three ways to e-file your income tax return:
Use Digital Signature certificate or DCS to e-file your Income Tax return with the help of a Chartered Accountant.
ITR Form V is generated if you e-file your ITR without DSC. Get a printout of the ITR V form and sign on it. Send the form to CPC, Bangalore by speed post or ordinary post. The form should reach CPC within 120 days from the date of ITR e-filing.
E-Return Intermediary (ERI) can be used to e-file your Income Tax Return with or without DCS.
The ITR forms are categorized on the basis of different sources of income. The following table will help you choose the right form to for filing your Income Tax Return.
| ITR Form 1 | If you are a salaried person or if you get regular pension or if you have an income from residential property or other sources. |
| ITR Form 2 | If you earn from any source other than business and profession. |
| ITR Form 3 | If you have an income from Business or Profession. |
| ITR Form 4S | If you have an income from presumptive business |
| ITR Form 4 | If you have a proprietary business or profession |
| ITR Form 5 | If you are associated with LLPs, BOIs, Firms, AOPs,local authorities and artificial judiciary persons. |
| ITR Form 6 | If you are associated with companies claiming no exemptions under section 11 of the Income tax Act. |
| ITR Form 7 | If you or the company you work with are required to file returns under Sections 139(4A), 139 (4D), 139 (4C), 139(4B) |
Things to Check Before e-filing Your Income Tax Returns
The following checklist will help you make necessary preparations before filing your Income Tax Return online:
Choose the right ITR form based on the source of your income.
Check Form 26AS in order to verify your tax credit as per Form 16.
Make sure you have claimed all your previous deductions. If not, claim them first. You can also file claims under section 80G if you have made donations to any charitable institutions.
You must have the documents stating the interests earned on your savings account. A deduction up to Rs.10,000/- is allowed on the interests earned.
You must have the documents of your income tax return of previous years.
You must have your current bank statement with you.
You must have the TDS certificate.
Who Must File Income Tax Return
If you are an Indian citizen and fall under any one of the following categories, you must e-file your Income Tax return:
If your annual income is Rs. 5Lakhs or above.
If you have an asset located outside India
A person who claim Tax relief under section 90 or 90A or claim tax deduction under Section 91
A firm, BOI AOP, Artificial Juridical Person, Local Authority or Cooperative Society.
If you furnish returns under section 139 4B.
If you need to furnish a report of audit specified under sections 10(23C) - (IV), (v), (VI), (via), or 10A, 12A (1) (b), 44AB, 80IA, 80IB, 80IC, 80ID, 80JJAA, 80LA, 92E or 115JB of the Income Tax Act.
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The following steps will help you file your income tax return easily
Log on to IncomeTaxIndiaeFiling[dot]gov[dot]in and register yourself. You will have to set your password and your PAN will be your user ID.
Download the form 26AS to Check your tax credit statement.
Click on the Income Tax Returns form that is suitable for you and then select the financial year.
Download the form and open it in Excel Utility (software).
Fill up the form using the details of your Form 16.
Get the taxable amount estimated by clicking on the “Calculate Tax” button.
Fill the Challan details and click on the “Validate” button to check the data in the worksheet.
Save the sheet in XML file format.
Go to the portal again and click on the “Upload Return” button.
As soon as you upload the saved XML file, you will be asked to digitally sign the file.
If you have “digital signature”, click on “yes”, if you do not have it, select “No”.
On successful completion of all the above steps, ITR Verification form will be generated. You can download and save the form on your computer. This form is generated to acknowledge that your IT return has been successfully filed.
Take a printout of the ITR-V form and sign on it.
Send the form through speed post or ordinary post to CPC (the Income Tax Department), Bangalore.
Make sure your form reaches within 120 days of e-filing your IT Return.
Tax planning or Tax saving investments is an integral part of financial planning. One of the best ways to save tax is by investing in an insurance product. There are mainly three insurance avenues through which you can maximize your tax savings, namely Life Insurance (under section 80C), Health Insurance (under Section 80D), and pension plan (under section 80CCC). If invested wisely, insurance plans will not only provide financial support in times of need but will also help you save tax in the process.
You may also like to read: How to Save Tax With Insurance Polices
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