Simple steps to file income tax returns.
With the July 31 deadline drawing near, there still may be many who may have yet to file the income tax (IT) returns.
Even if there is no income tax that you are required to pay after claiming deductions, you still need to file your tax returns as long as your gross income is Rs 2.5 lakh or more. In case your income is more than Rs 5 lakh, you have to compulsorily e-file your returns.
Aside from this, filing your IT returns will get you a tax refund if excess taxes are cut and is also necessary criteria for applying for a visa or a housing loan. Not filing your IT returns could also draw penalties as much as Rs 5,000 and could lead to the IT Department sending a notice.
Fear not, here are a few simple steps to filing your income tax returns:
- Visit the incometaxindiaefiling.gov.in portal.
- On the right-hand side in a login for which you have to enter your user id and password. If you are using the e-filing option for the first time click on 'Register Yourself' option.'
- After login in click on the 'Quick e-file ITR' option on the left hand side in the Quick Links box.
- Fill in your PAN Card details.
- If you are a salaried employee, in the ITR Form Name field select 'ITR-1' from the drop-down menu.
- Select 2016-17 as the assessment year.
- If you are e-filing your IT returns for the first time then check on the 'New Address' field and enter your address or you can also select the 'From PAN Database option'.
- If you have previously filed your IT returns select the 'From Previous Return Filed' option.
- Click on 'Submit'.
- You can even fill the IT Returns form in parts by clicking on the 'Save Draft' option above.
- Fill in your Personal Information.
- In Income Details please tally the information from your Form 16 like salary information, house or property EMI and money from income sources.
- Apart from this, you need to fill in your 'Tax Details' and 'Tax Paid and Verification'.
- The '80G' section is to be filled if you have made any donations from your taxable income during the year.
- Only once you have completed filling in all the details click 'Submit'.
Watch video report on how to file income tax returns here:
The story was originally published in zeebiz.com.
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