How to file income tax returns? A step-by-step guide to help you do that

Other than sheer procrastination, one of the reasons why you may not have filed your tax returns could be lack of information. So if you are not procrastinating, but are genuinely unaware about the process, take a look at step-by-step guide to file your ITR in a correct manner:

If you are genuinely unaware about the ITR filing process, take a look at step-by-step guide. Image source: Pixabay

Nearly a month remains before the deadline for filing the income tax returns expires. So, if you haven't yet filed your ITR, you better do it at the earliest to avoid last-minute rush and technological snags. Other than sheer procrastination, one of the reasons why you may not have filed your tax returns could be lack of information. So if you are not procrastinating, but are genuinely unaware about the process, take a look at step-by-step guide to file your ITR in a correct manner:

Collect all your documents

Although ITR return forms are attachment less forms, but you would need your documents such as PAN, Aadhar card, proof of investment, TDS certificates etc while e-filing the ITR. Keep your 'other income' documents like those of capital gains, rental income, dividend income etc handy too. Documents for foreign income or assets should be organised too.

Create your ITR e-filing account

Once you collect all the documents, the next step is to sign up on the income tax department’s website. After creating your e-filing account, you need to login on the website by entering your user ID (your PAN), password, date of birth and captcha code.

Once you login to your ITR e-filing account, clink on “filing of income tax return” on the dashboard. Further, you need to choose the assessment year (AY) for which you want to file the ITR. The current AY is 2018-19, where you file returns for financial year (FY) 2017-18. FY is the year in which you earn the income, while AY is the year in which you assess your income and file your return.

Select the correct ITR form

This year on, ITR forms have undergone a few changes. "As per the new ITR forms notified, individuals qualifying as Non-Resident (NR) or Resident but Not Ordinarily Resident (RNOR) can’t file his return in ITR 1. From this year onwards, a fee will be levied on account of any delay in filing the income tax return. Accordingly, a section on fee for delayed filing of tax return has been included in the ITR forms," said Divya Baweja, Partner – Deloitte India.

Sec. 194-IB was introduced by the Finance Act 2017 w.e.f. April 01, 2017 which requires PAN of tenant for the purpose of deduction of tax on rent exceeding Rs 50,000.

"In line with this, PAN and name of the tenant is required to be mentioned in the tax return form. Besides, it is to be mentioned that under what capacity tax return is being filed by the taxpayer," Baweja added.

That said, before filing your ITR, go through the applicability and non-applicability of various ITR forms.

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Fill in the correct details

Provide details for all the information the form is seeking. Upload Digital Signature Certificate (DSC), if applicable.

Upload and Verify

Finally, you should review all your details and upload the form. Click on 'Submit' button to complete the process. On successful submission, ITR-V would be displayed (if DSC is not used). Click on the link and download the ITR-V. ITR-V will also be sent to the registered email. If ITR is uploaded with DSC, the Return Filing process is complete.

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Income Tax Returns (ITR) filing