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

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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
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The CAONWEB Team comprises qualified chartered accountants and experienced investment experts who are passionate enough about finances to bring you the best advice and tips on everything related to your hard-earned money.
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