03 May 2019
Income tax return or ITR refers to a legal document or form where an individual is supposed to provide all the necessary and required information about his income and tax.
Under the Income Tax Act, 1961 and Income Tax Rules of 1962, all the Indian citizens are obligated to file return with Income tax department at the end of every fiscal year.
Procedure to file ITR
• PAN card
• Aadhar Card or other identity.
• Details of the bank account you use.
• Form 16
• Investment information and details.
Steps to follow:
• You can easily find the authorized site online and click on Form 16.
• Carefully enter all the General Details such as your name, Pan, date of birth as well.
• Then, comes the Salary Details section. Here, you have to start from filling the name of your employer and choose the type.
• Make sure to click on the right fiscal year before you start filling the form.
• In Salary Details section, next step is to provide the necessary information of your TDS and salary as well.
• This is followed by entering the detailed break up of your salary like- Value of Pre-requisites, Profits in Lieu of Salary, etc.
• Then you will arrive on the next section which is- Details for Claiming Deduction. In this section you have to enter all the required details for all the deduction which needs claim. These deductions include- LIC, PPF, and other tax benefits as well.
• If you have kids, then you can also claim benefits on their tuition fees under Section 80 C of the Income Tax Act, 1962.
• Next step is again a very important one to follow. In the next section of the Form 16 you need to fill all the information of taxes paid according to the income tax compliance in India. If you possess any non-salary income such as freelance income or income based on any interest, then you need to carefully add the information of taxes which you have done already.
• Next step is to simply fill your bank details, and then move on to the next section which is- e-filing.
• This step finishes the filing procedure. But, if you want you can further click on the e- verify tab. In fact, you must get the e-verification done.
• Then click on the final Submit tab.
If you fail to file the ITR on time, for any given fiscal year then you can simply pay a late fees of rupees 5000 and then do it. The last date for late filing expires on 31 March for any fiscal year. Hire the best income tax consultants to get the best services.
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