Filing your income tax returns can seem to be very tedious. It may look to be confusing and above all boring to browse through the numerous columns that need to be filled. However, in reality, if you have the papers ready and are clear of what is to be done; filing income tax return is a cake walk.
Start Filing Online
If you are planning to file income tax return, which can now be done in few easy steps online, you need to first know what documents you would need to file income tax returns. The guide can let you file income tax returns (ITR) in easy steps and also lays down all the checklists so that you do not miss out on any information. Also filing income tax returns is mandatory as per government regulation and thus ensure that you file income tax returns on time and show all your income when you file income tax returns.
Get All Your Papers and Documents Ready
In order to begin filing your returns you first need to get all your documents in place. These are all the financial documents that you have of this financial year. You also need to have your Form16 and Form 12 B that you will receive from your employer. You may also have documents from other income sources.
This could include your savings account statement, account passbook, share certificate etc. You also need to have the proof of any advanced tax that you may have paid in this financial year. If you have a home loan or an educational loan then ensure that you keep the certificate of principle and interest handy. This is a proof of the amount that you have paid towards the loan.
The statements of mutual funds that you may have also need to be shown. Along with the deductible instruments where you have saved and fall under the section 80C IT act when you file income tax returns. These could include the health insurance premium receipt or the receipt of any donations that you may have made.
Keep A Checklist
The below checklist will come handy before you sit to file income tax returns.
Where To File Income Tax Returns
In order to file income tax returns, you can choose to either do it directly on the Indian income tax website, or you may also choose to do it on an online web portal. However, in case, you plan to do it through an online web portal be careful to choose only the reputed file income tax returns online portals. You definitely do not want to part with your financial information to a fraud company.
You can file your income tax on the government website that is easy and also safe. All that you need to do is to follow a few basic steps. You need to first do a basic registration by filling the registration and creating login ID and a password.
Most of the online tax filing portals offer a basic package which is decent enough for those who have a revenue from interest income, salary and any income from house property and also income from another source. You could also choose an advanced package that will let you avail some value added services like reviewing your file by a tax consultant and also offering you tax planning advice.
There are also some special packages that are offered to professional and self-employed. There are e-filing packages available for non-residential Indians as well, so you can choose the package as per your requirement.
How to E-File on the Online Form
Some portals will ask you to type all your details manually, and in case you make any typing error the system will prompt regarding the same. Few of the portals allow you to upload the documents and some of them also use a simple, question and answer format to fill the form.
All that you do is to answer the questions, and the form gets filled automatically. If you have all your papers in place, then this method should take the least amount of time. Ensure that you double check so that there are no errors. Once you approve of the same make a payment through credit or debit card and Voila, your income tax filing is done.