How To File An Income Tax Return

By Author: Solubilis
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Filing Income Tax Returns (ITR) is an essential task for all taxpayers under tax laws and regulations. ITR is an annual document that taxpayers must submit to the income tax authorities, detailing their income, sources of income, deductions claimed, and tax liabilities for the entire year.
Documents for online IT filing in Coimbatore
If you plan to start online ITR filing in Coimbatore, gather the necessary documents. The required documents vary depending on sources of income, deductions claimed, and other financial transactions. Here is a general list of documents needed:
• PAN Card: The Permanent Account Number is mandatory for filing an ITR.
• Form 16: Issued by your employer, it contains details of salary income, TDS, etc.
• Form 16A/16B/16C: These forms are for TDS on income.
• Bank Statements: Collect statements for all bank accounts, including savings and current accounts.
• Investment Proof: Gather documents for investments in Provident Fund (PF), Public Provident Fund (PPF), Equity Linked Savings Scheme (ELSS), Life Insurance Premium, Health Insurance Premium, Fixed ...
... Deposits, etc.
• Property Documents
• Capital Gain Statement: Provide a statement if there are any capital gains from stocks, mutual funds, etc.
• Proof of Tax Payments: Include challans or receipts of tax payments.
• Form 26AS: This is a detailed tax statement.
• Interest Certificates and TDS Certificates: Include these, as well as forms 990, 1040, etc.
Process of on IT filing in Coimbatore
Online ITR filing in Coimbatore is a convenient and hassle-free process. Follow this step-by-step guide:
1. Visit the Official Website: Go to the official Income Tax Return Department website. If you have an account already, log in with your credentials. If not, register using your mobile number or email address.
2. Choose the ITR Form: Select the ITR form based on your source of income, residential status, etc. Common forms include ITR-1 (Sahaj) for salaried individuals and ITR-2 for individuals and HUFs not having income from business or profession.
3. Download the Form: Download the selected ITR form and pre-fill the required information such as name, address, PAN number, and Aadhaar number.
4. Gather Required Documents: Collect all necessary documents like Form 16, bank statements, investment proofs, etc.
5. Enter Income Details: Input details of all income sources including salary, interest income, rental income, capital gains, and other income. Carefully cross-check all income details.
6. Claim Deductions and Exemptions: Declare deductions under various sections such as 80C, 80D, 80E, etc., for investments in specified instruments like PPF, life insurance premiums, health insurance premiums, and so on. Claim exemptions if applicable.
7. Calculate Taxable Income and Liability: Calculate your total taxable income and tax liability according to the income tax slab rates for the year. You can use the tax calculator on the Income Tax Department’s website or any other free online tool.
8. Verify Form 26AS: Ensure that the TDS deducted by your employer, banks, or other deductors matches the TDS certificates you have received. Verify any taxes paid by you.
9. Cross-check Tax Payments: Check the details of any tax payments made, such as advance tax, self-assessment tax, or TDS. Ensure these details are accurate.
10. Review Information: Carefully review all the information provided in the ITR form. Make necessary corrections to ensure it is correct.
11. Generate XML File: After validation, generate an XML file of your completed ITR form. This file will be used to upload the ITR form on the Income Tax Department’s e-filing portal.
12. Upload XML File: Log in to the e-filing portal and upload your XML file. Go to the e-file section, select the appropriate year and ITR form, and upload the XML file.
13. Verify ITR: Once the XML file is successfully uploaded, verify your ITR using options such as Aadhaar OTP, Net Banking, Electronic Verification Code (EVC), or by sending a signed copy of ITR-V to the Centralized Processing Center (CPC) in Bengaluru. It should be done within 120 days of filing the return.
14. Receive Acknowledgement: After successful e-verification, you will receive an acknowledgment from the Income Tax Department. Save this acknowledgment for your records. Your filing is complete.
15. Check Refund Status: If you are eligible for a refund, you can check the status online using the acknowledgment number.
Conclusion
By following these simple steps, you can file your ITR at home every year. If you find it challenging, you can seek assistance from a consult a professional Service provider, Solubilis.