Step-wise filing of ITR & all the links you need The income tax department has provided an easy to use platform for users to pay taxes, file ITRs, cross-check TDS through TRACES, download forms, claim refunds, check status of dues, refunds, challans etc.
Step-wise filing of ITR & all the links you need
It is time to start work on your income tax return. Although the last date to file for individuals is July 31, it helps to start early so that one is not rushed at the last minute. Here are all the links you need to help you e-file your tax return on your own and also a step by step guide on how to do it.
The income tax department has provided an easy to use platform for users to pay taxes, file ITRs, cross-check TDS through TRACES, download forms, claim refunds, check status of dues, refunds, challans etc. However, a technically-challenged tax-payer may find it difficult to use these services. Below are quick links for: Registering for e-filing, viewing your form 26AS, Income tax calculator, e-payment of taxes, checking your dues, e-filing the income tax return (ITR), downloading ITR forms and other relevant forms, checking refund status, rectification of return, e-verification of return etc.
Steps in filing your Income Tax Return
1. Collect your TDS certificates, which have to be mandatorily in TRACES format, from all deductors. In case of digitally signed TDS certificates ensure that there is a check mark on the digital signature indicating it has been verified. Non-verified certificates will have a question mark over the digital signature. Cross check the TDS figure on the certificate with that shown as deducted from your income e.g. TDS figure on salary slip with the figure on the TDS certificate. Check whether deductor has deducted and deposited the tax with the government. TDS certificates are in Form 16 for salaried employees and Form 16A for other deductors.
2. Download your tax credit statement (Form 26AS) from TRACES and cross-check the amount of tax deducted with that mentioned in TDS certificates. You should be getting certificates for all TDS reflecting in your Form26AS and all the TDS from your income should reflect in Form26AS. You need to log into your e-filing account on the income tax e-filing website to download your Form26AS. You can also download it via net-banking wherever the bank provides for this.
3. In case of any difference in the TDS amount shown in Form 26AS and TDS certificates, take up the matter with the deductor (employer, or others, as the case may be) and request for rectification.
4. Now compute your total income for the relevant financial year by adding income under all 5 heads and claiming all the relevant deductions, rebates and setting-off the current year and brought forward losses. Make sure that you don't miss any income in computing your total income which is chargeable to tax.
5. Compute your tax liability by applying the applicable tax rates in force for the financial year for which you are calculating the tax - FY2015-16 for most filers.
6. Next compute your final tax dues payable or refund of taxes. This is done by deducting the taxes that you have already paid for the year by way of - TDS, TCS, and Advance Tax from the tax liability computed above and adding interest payable under sections 234A, 234B, 234C, if any. Finally pay the final tax dues, if any. Tax can be paid physically via cheque or online using challan ITNS 280. Income tax payments made after 15th March of the financial year for which return is to be filed are called payment of self assessment tax. The same should get reflected in your Form 26AS within 2-3 working days from the date of payment which you should cross check.
7. Once you have paid your taxes, file the return. The deadline for filing individual tax returns ( except for those whose accounts are required to be audited as per section 44AB or those who are required to furnish the Transfer pricing report) is normally July 31 of the year immediately after the financial year for which the return is being filed.
8. To e-file the return, log in to income tax department's e-filing website with User ID, Password, Date of Birth and enter the Captcha Code. Once you login, you will see different tabs like "dashboard", "my Account" etc.http://incometaxindiaefiling.gov.in/ (Login)
9. In case of new user - Register yourself with income tax site first. You need to choose your status (individual, chartered accountant, tax deductor etc.) and fill in your basic details like address, DOB, PAN to get registered. Only then you can log in to e-filing.
http://incometaxindiaefiling.gov.in/ (Register yourself)
10. After signing in, choose the form applicable to you for the purpose of filing return.
http://www.incometaxindia.gov.in/Pages/downloads/income-tax-return.aspx (and read instructions)
11. In case Form ITR-1 or ITR-4S is applicable to you, then you can simply file your return electronically without any need to download and upload the ITR forms.
Link to quick e-file ITR-1 and ITR-4S
12. In case of other forms like ITR-2A, ITR-2, ITR-3 and ITR4, you need to download the relevant form from the website (either in excel utility or Java utility).
Links for downloading the form
13. Once you have downloaded the relevant form, you need to fill in your personal details, income details and other details required in the form. After filling the form completely, the same is to be uploaded to the website and the return will be filed.
14. Filing of return (whether directly or after uploading the ITR-forms) is not valid without its verification. Return once filed has to be verified by the user.
15. Verification of return can be done by any one of two modes i.e. e- verifications of ITR and Physical verification of ITR.
E-verification can be done by:
(i)) Making use of internet Banking,
(ii) or by using the OTP sent on your mobile number after you have linked your aadhar with your account on the e-filing portal of the Income tax department or by generating the EVC.
(iii) Another method for verification of your ITR is through bank account-based validation system if you don't have Aadhaar number or internet banking facility.
(iv) Bank account-based validation
On the other hand ITR can be verified physically as well. An acknowledgement or ITR-V is generated by the e-filing website immediately after you file/upload your return. To verify your return physically, you need to take a print-out of this acknowledgement, check and sign it and send it to the address mentioned on this acknowledgement.
Link to e-verify the return
http://incometaxindiaefiling.gov.in/ (after signing in, go to "e-file" tab and click on "e verify")
16. Once you have received the acknowledgement of your e-verification filing of your return is complete. You should receive an email confirming that your ITR-V has been received by the IT department i.e. your return stands e-verified. The email will be sent to the email you have registered in your e-filing account on the income tax department's e-filing website.
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