Income Tax ITR Filing Deadline: The story stays the same every year, people either run into issues or get stuck at the last minute when filing their tax return. A taxpayer faces a lot of terminology and confusion when filing the ITR, however, most of them can be easily resolved if you keep a checklist before filing the ITR. Amit Gupta, MD, SAG Infotech, shares her knowledge on RTI filing and has provided a checklist here to ensure hassle-free filing of tax returns.
Step 1: Documents
“Keep the following documents handy,” says Amit Gupta.
“1. Aadhaar number
2. Permanent account number (PAN)
3. Copy of your tax return from last year.
4. Bank statements, except for bank accounts that have not been open for two years or more.
5. Form 16 issued by your employer.
6. Summary of all interest income received during the year on your savings account balances.
7. Certificate of tax deduction from another source (TDS).
#Note: Your Permanent Account Number (PAN) is your identifier for logging into the Income Tax website. “
Amit Gupta shares the requirements for filing the declaration:
“1. Visit the official website of the income tax department’s tax declaration website http: // Incometaxindiaefiling.gov.in and create your profile on it.
2. Make sure you have an active email id and mobile number to verify your profile.
3. Now enter your Aadhar card number in the form and you also need to verify your Aadhar information.
4. You must now select the form corresponding to your case. This is ITR 1- SAHAJ for most people.
# Important Factor You Should Know: ITR 1- SAHAJ is for people who have salary income, home ownership and income from other sources like interest income, dividends, earnings income , etc. :
Step 3: Filing of the IT declaration
“1. You can complete the computer return online as well as in offline mode.
2. If you want to work on your computer, switch back to offline mode. Visit the website, you will find the link in the left tab to download the tools. Click and download a Java or Excel utility (preferably Java).
3. When you are logged in, click on the Pre-fill option in the Java utility. Some of the basic and personal details will be retrieved and filled in automatically.
4. It is advisable to download form 26AS from the income tax portal. This form provided the details of your tax credit. It displays the total amount of taxes deducted and already paid on your part.
5. If salary income is the only source of income for you, your computer return will look like Form 16 provided by your employer.
6. Make sure that the deduction claimed on the return complies with Form 16.
7. Make sure you have mentioned all of your income from other sources.
8. You should also add any interest income earned during the year to the balance of all your savings accounts. According to section 80TTA, you can claim a deduction of up to Rs. 10,000.
9. Make sure the completed return claims all deductions and exemptions for your insurance policies to which you are entitled under the Income Tax Act.
#Note: Remember to save your information as a draft with every update of the form to avoid losing data when filing RTI online, ”according to Amit Gupta.
Electronic verification of computer declarations
“1. The computer declaration that you have produced will only be considered valid if you verify it.
2. To verify your completed return, you can either opt for physical verification or choose electronic verification. your come back. Various methods are available for electronic verification.
3. If you opt for physical verification for any reason, you will need to print out the ITR-V receipt, then sign it in blue ink and send it to a central processing center (CPO, Bangalore ) within 120 days of depositing your return, ”Gupta explained.
“If there is something still bothering you when filing IT returns, feel free to contact the experts, CAs and even the firms involved. They will be able to help you better. For any financial questions, you can use the comment section and we’ll try to get back to you as soon as possible, ”Gupta concluded.
(Disclaimer: The opinions / suggestions / advice expressed here in this article are solely by investment experts. Zee Business suggests that its readers consult their investment advisers before making a financial decision.)