File your taxes online in six easy steps

If you thought tax troubles ended with the financial year, you are wrong. As per the Indian Income Tax Laws, you have to file your taxes before 31st July. Although traditionally most people avail the services of professionals like Chartered Accountant, it is relatively easy to do it online. Below is a quick guide on how to electronically submit your income tax returns.

Step 1: Create a profile
Just like any other online service, you have to simply follow the registration process and create your user log in. Visit the Income Tax website https://incometaxindiaefiling.gov.in and click on ‘Register Yourself’, which will prompt you to fill your personal details.

Step 2: Download Form 26AS
You will be surprised how much of your salary or income details are already in the system thanks to your PAN number. Look for form 26AS that summarizes the TDS, Advance Tax, Self Assessment Tax paid in your name or against your PAN number.

Step 3: Income Tax return form
Next, download the Income Tax Return form. Individuals earning salary income / pension; or individuals having one house property income; or individuals having income from other sources (excluding lottery income and income from race horses) should download ITR1. However, if you have income from more than one house property, capital gains or are an ordinary resident having assets abroad or claiming tax treaty benefit, download ITR-2. Carefully fill the form with basic details; including your name, PAN, complete address, date of birth, email ID, mobile number, and residential status. You will also have to mention details of income earned and deductions claimed under various sections. You may refer to your Form 16 (summary of your income and deduction details as reported by your employer) and Form 26AS for income and deduction details. You should also add any other income or investment that you’ve not reported to your employer. Lastly enter the details of tax deducted by the employer and other deductors and self-assessment / advance tax paid, if any, and furnish your bank details for receiving any refund amount.

Step 4: Confirm your details and calculate
It is very important to click on the ‘Validate’ button on all the sheets to ensure that all the details have been recorded. The sheet will automatically prompt you to fill in the missing details. If you have filled all the fields, click on ‘Calculate Tax’ to see your total income tax for the financial year. If there is no additional payable tax, save the form as an .xml file.

Step 5: Submit the income tax return
Now log in to your income tax account and upload your tax return statement along with your name and assessment rear. You will receive an ITR-Verification form confirming your details and submission via email. Earlier you were expected to sign the ITR-V receipt and post it to the IT office in Bangalore for acknowledgement, if you did not have a digital signature. However, since last year the e-filing process has gone fully paperless. Simply link your Aadhar Card at the time of registration to avoid mailing your form this process.

Step 6: Check the ITR-V receipt status
On receipt of the signed ITR-V, the Income Tax Department will send an email acknowledging the receipt of ITR-V to the e-mail ID mentioned in the tax return. You will also receive an SMS on your mobile number acknowledging the receipt of tax return.

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