Filing IT returns may sound like a difficult process, but in reality, it is not. Here is a complete guide on how to file an IT return.
The income tax return is a form where taxpayers state their tax liability and deductions according to the form’s category and demand. There are various ITR forms like, ITR-1 to ITR-7.
When an individual fills the respective form and submits it to the IT Department, she/he has filed an income tax return. But how? Let us tell you about this process.
An income tax return can be filed both via online and offline methods. We will start with the online IT return filing method first.
If you are not comfortable with filing IT returns online, you can easily take the, other route i.e., the offline process.
The process of how to file ITR step-by-step involves an individual having to download the applicable form, fill in the mandatory details offline and save and upload the newly generated XML file.
However, this method requires downloading one of the following ITR utilities –
Follow these steps mentioned below to file an income tax return offline.
If you choose DSC as a verification option, you have to provide the signature file created from the DSC utility.
If you select Aadhaar one-time password (OTP) as a verification option, you must provide the OTP sent to your UIDAI-registered mobile number.
If you choose ‘EVC Through a Bank Account,’ ‘Bank ATM,’ or ‘Demat Account’ as a verification option, you have to provide an EVC number sent to your linked mobile number with the bank or Demat account.
If you choose any other verification option, the ITR submission process will get completed; however, the procedure will not be considered as completed until the verification is complete. Thus, this is how you can submit an income tax return.
Individuals need to e-verify the submitted ITR by using the My Account ˃e-verify option. The document has to be sent to the IT Department (CPC, Bengaluru) and the individual’s signature on it.
Step 16 - Click on ‘Submit’ ITR.
Here is a list of all the essential documents required for IT returns as per your income type. Find your income category and gather the documents accordingly.
|
Type of Employment |
Document |
|
Salary income |
Form-16 (Known as tax deducted at source certificate) |
|
Income from other sources |
Bank account/bank passbook statement for interest earned on savings, Rent agreement or TDS certificate Form 16A (as required), Interest or TDS certificate for bank FD interest, Dividend warrant (if income is generated from dividend), Other documentary proof (as required) |
|
Tax savings investment |
Receipt of medical insurance, Receipt of the life insurance premium paid, Fixed deposit receipt, Donation paid certificate, Tuition fee paid certificate, Education loan repayment certificate, Public Provident Fund (PPF) passbook, Mutual fund consolidated account statement (CAS) |
|
Capital gains income |
Purchase and sale deed of immovable property, Purchase and sale proof/receipts of all applicable capital assets, Contract note, Demat account statement |
|
Income from business or profession |
TDS certificates, Balance sheets, Audited financial records (as required), Income tax payment (self-assessment tax/advance tax) challan copy |
|
Leave travel allowance |
Applicable tickets and receipts of purchased tickets |
|
Tax deduction on medical expenditure |
Medical expenses bill |
|
HRA exemption |
Receipts of rent paid |
In general, here is the list of documents you need for filing your income tax returns -
In filing IT returns, Form-16 plays a crucial role. Form-16 is an essential certificate that employers provide to employees with all the important details of tax deducted at source (TDS) and proper salary break up.
That is why it is the basic form that individuals should collect. However, there are some cases where an individual can apply for IT files even without Form-16.
Therefore, to clear the fog around how to file ITR with Form-16 as well as without it, we have discussed both these processes.
The income tax form is issued under Section 203 of the Income Tax Act. This document contains detailed information regarding salary, the components paid by an employer, and the tax exempted from the salary.
Below is discussed how to file an income tax return with Form-16.
If you have not received Form-16 from your employer due to some reasons, you can continue to file an IT return. Following is how to file ITR without Form-16.
If you complete all the procedures and do not e-verify, the submission will not start.
Income tax is the money/amount you pay that comes as a boon and helps build the nation with more uniformity.
On top of that, you can avail a host of benefits by filing IT returns. Read along!
You may get a notice under section 142(1) for not filing your income tax return. You can reply to the notice and file your ITR. Apart from that, you may have to pay a penalty for not filing your return.
According to Section 234F of the Income Tax Act, a late penalty fee for filing IT returns will be levied from FY 2018-19 onwards. If you file an IT return after the due date but before the 31st December of the Assessment Year, you will have to pay a late fine of ₹5000. In case you pay after the 31st of December of that AY, the penalty will be ₹10000. However, the late fee would not exceed ₹1000 if your income does not exceed ₹5 lakhs.
The above-mentioned write-up extensively talks about how to file an IT return, the benefits of filing an IT return, the required document, the due date of filing returns, etc. Read the details thoroughly and file an IT return before the deadline to avail of significant benefits offered under it.
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Disclaimer: This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.
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