How to File Individual Tax Return
Income Tax Filing: How to File Individual Tax Return Online?
Income Tax Return is a form which is used to file the income tax with the Income Tax Department.
Income tax is a tax imposed by the Central Government on income of a person.
Filing income tax is every citizen’s responsibility. The IT department verifies these declarations of income and if any amount has been paid in excess, the department refunds the amount to the assessee’s bank account. All entities are required to file the taxes on time to avoid penalty.
The form that contains information of income and tax paid of an assessee is called Income Tax Return. The Income Tax Department of India has various forms for it such as ITR 1, ITR 2, ITR 3, ITR 4S, ITR 5, ITR 6 and ITR 7.
Things to remember during income tax return filing
- Do not wait for the due date to file the IT return.
- Always collate all the documents needed to file ITR
- Pick the correct IT return form. This is important.
Why file IT returns?
The advantages of filing for IT returns are:
- Loans: Bank loans like education loans, vehicle loans, personal loans, can be availed easily as they require last three year’s IT returns.
- Visa: As Immigration centers scrutinize many documents and IT returns proofs is a mandatory document for visa applicants.
- Avoid penalties: Hefty amounts would be charged for non-filing of income tax returns and hence it is always better to file it to avoid legal repercussions.
IT Tax Refunds & Taxpayers Responsibility
A taxpayer becomes eligible for tax refund when an excess amount of tax is paid than the actual tax liability. In order to claim the refund the taxpayer must have filed the returns within the due date.
Tax payers usually receive notices by the IT department to ensure they complete the filing process without any delays. Any loss against house property, depreciation, business loss and any form of loss not set off against the income can be carried forward to the subsequent years.
How to file your income tax return online?
A Detailed Process
To file your IT returns, gather all documents like bank statements, last year’s return and Form 16
Log on to www.incometaxindiaefiling.gov.in.
- Register at the website using the PAN number. It becomes your ID.
- View Form 26AS. It shows the tax deducted by the employer. The TDS on Form 16 should match this amount.
- Download the ITR Form that is applicable to you. If you do not know the right form, consult TAXAJ.
- Complete the entire form by filling in the required details and then submit it.
- Click the Calculate Tax button, to know your payable amount.
- If applicable, pay the required tax.
- Enter the challan details on the tax return section of the form.
Due dates for filing IT return
- July 31: A firm or individuals who are not liable for audit.
- September 30: A company or other who is liable to audit.
- March 31: All individuals and companies filing belated returns.
TAXAJ recommends making use of Google Calendar to get early notification of due dates and on time ITR filing.
Income Tax Return acknowledgment
Once ITR is filed, an acknowledgment slip in duplicate is issued. It consists of details like:
- Permanent Account Number
- A brief statement of taxable income
- Tax paid
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