INCOME TAX RETURN FILING

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How to file the income tax return in India-

The process of filing income tax returns is online which is known as e-filing. Income tax returns can be filed self or through the help of a professional by registering on the income tax department website. E-filing of Income Tax Return is easier & popular as it doesn’t involve tedious paperwork and can be done easily from home or office.

PROCEDURE

• Register or log in on income tax site i.e. IncomeTaxIndiaeFiling.gov.in
• Choose the applicable Income tax form and choose the financial year.
• Download the Income-tax form
• Open the downloaded form in excel utility
• Fill in the details
• Check your tax credit statement
• Claim 80G, savings certificates, and other deductions
• Check the tax payable amount by clicking the ‘calculate tax’ tab and pay the tax (if applicable).
• Fill in the challan details in the Income tax form
• Confirm all the details filled in the worksheet by clicking the ‘validate’ tab.
• Create an XML file and save it on desktop.
• Go to ‘upload return’ on the income tax site (IncomeTaxIndiaeFiling.gov.in) and upload the saved XML file.
• In case you have a digital signature, select’˜Yes’ otherwise, choose ‘No’.
• On submission the XML file of the income tax form, the acknowledgment form, ITR Verification (ITR-V) will be generated which will automatically be received in your registered email or the same can be downloaded by you.
• Take a printout of the form ITR-V (acknowledgment form) and sign it in blue ink.
• Send the form by ordinary or speed post to the Income-Tax Department for e verification-CPC , Post Bag No. 1 , Electronic City Post Office, Bangalore, 560 100, Karnataka within 120 days of filing your returns online (Or e verification can also be done through online through electronic verification code or Aadhaar-linked one-time password, within 120 days of e-filing the return as mentioned on portal).

 TECHNICAL TIP: The system should be equipped with Java Runtime Environment Version 7 Update 6 or above

List of Documents required for e-filing of tax returns

The checklist of documents required for filing Income Tax Return is provided below :

General details:

• Bank account details
• PAN Number

For salary income:

• Rent receipts for claiming HRA
• Form 16
• Salary Slips

For House Property income:

• Address of the house property
• Details of the co-owners (including their share in the property) and PAN details
• Certificate for home loan interest
• Date when the construction was completed, in a case under construction property, was purchased
• In case the property is rented, Name of the tenant and the rental income

For capital gains:

• A stock trading statement with details of the purchase, if there are capital gains from selling the shares
• In case a house or property is sold, details of the sale price, purchase price, registration, and capital gain is required
• Mutual fund statement, debt funds, sale and purchase of equity funds, ELSS and SIPs

For other income:

• Bank account statements are required

• In case of interest accumulated in a savings account, A deduction for up to Rs.10,000 is allowed on interest earned on savings accounts.

• Interest income from tax saving bonds and corporate bonds

• The details of income earned from post office deposit