It is that time of the year, where a lot of people will be seen struggling to do the last minute documentation to meet the March 31 tax filing deadline. According to reports, the Income Tax Department has already warned taxpayers to ‘Come Clean’ and file their belated or revised income tax returns for assessment years 2016-17 and 2017-18, with interest, if any, for late filing latest by March 31, 2018.
Before, you start with your Income Tax Returns (ITR) filing, it is very important to keep few important documents like Aadhaar Card, PAN Card, Bank details and other investment related documents ready. A lot of people think, that you always need a Chartered Accountant to file your ITR and sort these things out, but the reality is, even you can do it easily. Below are few easy steps to simplify this process, which may look complicated to many.
1. Register Yourself at Income Tax Department’s e-filing portal:
Get yourself registered at Income Tax Department’s e-filing portal. You have to provide your PAN, name and date of birth and choose a password. Your PAN no will be used as your user id.
2. Quick e-file ITR:
Click on 'Quick e-File ITR' on the left hand side menu & select the applicable Income Tax Return (ITR) form.
3. Select the requisite form:
Select the relevant form and the assessment year, for which the return has to be filed. Below are the ITR forms, which needs to filed based on your income criteria.
ITR-1: It is the Income Tax Return Form for salaried individuals (i.e. salary/pension/family pension and interest income).
ITR-2: It is a form for those earning capital gains. ITR 2A for those owning more than one house but no capital gains.
ITR 3, 4 and 4S: This is a form for professionals and business owners.
4. Keep your Essential Documents Ready:
Keep your bank statement, Form-16 and other investment related documents in handy. As per reports, if you earn more than Rs 50 lakh, from this year you will have to fill an additional column —"AL" or assets and liabilities. You will have to disclose the value of your assets and liabilities. Assets have to be declared at cost. Pay Income Tax due, if any, then recalculate the tax and hit the ‘Submit’ button.
5. Verify ITR V:
Before selecting the final submission, it is important to save the data entered and also cross check the information, to avoid any mistakes. The Department asks you whether you want to digitally sign your return, if you choose ‘Yes’, then you need to upload your signature, which needs to be pre-registered at the Income Tax website. However, if you do not have the digital signature, you can verify your return either electronically using Aadhaar OTP or Electronic Verification Code Method or by sending it to Income Tax Department-CPC, Post Bag No - 1, Electronic City Post Office, Bangalore - 560100, Karnataka by ordinary or speed post within 120 days of filling your returns electronically. Remember, the tax filing process is incomplete and ITR is invalid unless your ITR V is verified.
After your ITR is processed, you will be informed about the same via mail and SMS on your registered number.
(The above story first appeared on LatestLY on Mar 13, 2018 12:12 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).