The process for filing income tax returns in India for a salaried individual
The process for filing income tax returns in India for a salaried individual typically involves the following steps:
Gather necessary documents: Collect all the relevant documents required to file your income tax return. These may include:
- Form 16: This is provided by your employer and contains details of your salary, tax deductions, and TDS (Tax Deducted at Source) information.
- Form 26AS: This form reflects the tax credits available to you based on TDS, advance tax payments, or self-assessment tax payments.
- Bank statements: Obtain statements for all your bank accounts to report interest income, if any.
- Investment and expense proofs: Collect documents related to investments eligible for tax deductions (e.g., life insurance premium receipts, home loan interest certificate, etc.) and expenses that can be claimed (e.g., medical bills, rent receipts for HRA claim, etc.).
- Aadhaar card and PAN card: Ensure you have both documents readily available.
Register on the Income Tax Department's e-Filing website: Visit the official website of the Income Tax Department of India (https://eportal.incometax.gov.in/) and register as a new user. Provide the required details and create your account.
Choose the appropriate ITR form: Select the relevant Income Tax Return (ITR) form based on your income sources and nature of income. For most salaried individuals, ITR-1 (Sahaj) or ITR-2 would be applicable.
Fill in the details in the form: Fill in the necessary details in the selected ITR form, such as personal information, income details, deductions, and tax computation.
Verify your form: Review the filled-in form for accuracy and completeness. Ensure that all the relevant sections are appropriately filled and any applicable schedules or annexures are attached.
Calculate tax payable or refundable: Use the income tax calculator provided by the e-Filing portal to calculate your tax liability or refund, based on the information entered in the ITR form.
Submit the form: Once you are satisfied with the information provided, submit the ITR form electronically on the e-Filing portal. You can either use the Digital Signature Certificate (DSC) option or generate an Electronic Verification Code (EVC) to verify the return.
E-verify the return (if required): If you choose the EVC option for verification, you will receive the code via email or SMS. Use the EVC to electronically verify your return on the e-Filing portal within the specified time.
Acknowledgment receipt: After successful submission and verification, you will receive an acknowledgment receipt (ITR-V) on the portal. Download it and keep a copy for your records.
Send ITR-V to the Centralized Processing Center (CPC): If you have chosen the DSC option or were unable to e-verify, you need to physically sign the ITR-V and send it to the CPC within 30 days of filing the return.
Remember to keep copies of all the documents and forms submitted for future reference.
For more detailed and up-to-date information on filing income tax returns in India, including the latest forms and guidelines, it is recommended to visit the official website of the Income Tax Department of India (https://eportal.incometax.gov.in/).