How to File Income Tax Returns Online? Last Date to File FY 2017-18 ITR For Salaried Professionals is Tomorrow at incometaxindiaefiling.gov.in
Before, you start with your Income Tax Returns (ITR) filing, it is very important to keep a few essential documents like Aadhaar Card, PAN Card, Bank details and other investment related documents ready.
With August 31, being the last date to file your Income Tax Return (ITR) for financial year FY 2017-18, many of you may be struggling to do the last minute documentation to meet the deadline. If you still haven't, then you need to hurry up. You don't need a Chartered Accountant to file the tax returns; even you can do it quickly. Following are some of the steps which can help you when you sit to file your ITR.
Before, you start with your Income Tax Returns (ITR) filing, it is very important to keep a few essential documents like Aadhaar Card, PAN Card, Bank details and other investment related documents ready.
1. Register Yourself at Income Tax Department’s e-filing portal:
The first step is where you will have to register yourself at Income Tax Department's e-filing portal at incometaxindiaefiling.gov.in. Keep your PAN Card ready because you will require it during the registration process. Your mobile number and email address is also required. The registration process is quite simple. Your PAN no will be your user id.
2. Choose the required 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 3, 4 and 4S: This is a form for professionals and business owners.
3. 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.
4. 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.
(The above story first appeared on LatestLY on Aug 30, 2018 12:21 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).