The last date for filing income tax returns (ITR) is today.
Here are a few steps for those who have not filed their returns yet:
If you don’t know how to file your ITR: Don't worry, it really takes less than 20 minutes to do so.
(1) Gather all your papers and documents, Here’s a handy list:
*PAN card
*Aadhaar card
*Form 16
*Bank Account details
*Investment details viz LIC, PPF, NSC, NPS, Health *Insurance, and the like
*Donations receipts
*House rent receipts
*Home loan details and loan certificates
*Medical expenditure receipt on self or any other dependent
*Tuition Fee receipts of up to 2 children
(2) Choose the website: You can either chose to do it directly at the Indian Income Tax website or you can choose an online tax portal. There are a number of portals out there choose the one that has been around for a while, and automatically populates your ITR form with data when you upload soft-copies of your documents. Life becomes easy with such facility, as you don’t have to manually feed the data. Some portals use a simple question-answer format, where you can answer the questions and your relevant I-T forms get filled automatically.
(3) Portals will e -file your return and also get the ITR form in a digital format: Upload Digital Signature Certificate (DSC) to complete the e-filing of your Income Tax Return. If you've digitally signed your ITR form using the digital signature available on the portal, your e-filing of returns is done. If you do not have a DSC then you’ll get an ITR-V form. You will receive an acknowledgment from them called ITR-V. If you have linked your Aadhaar to PAN, e-verification taken less than 10 seconds. The option is available on your dashboard.
(4) Download the ITR -V acknowledgment
Take a print out in black and white and sign the form in blue ink. Signing the form in blue is an important step. Once you are done, post this to the income tax department in Bangalore. The address is available on all portals. Do this within 120 days of e-filing the Income Tax Return Form. Read this to verify ITR with a code and Net Banking
Make sure that while you are filing ITR you keep the following important things in mind.
Do not choose the wrong form, Here’s a quick update on which form to use this year.
ITR 1
This is for people with,
* Income from salary/ pension.
* Income from one house property.
* Income from other sources (interest, etc)
Keep in mind as per the new rules, if your income is above Rs 50 lakh, this is not the form.
ITR 2
This is for people who have:
* Income from salary/pension
* Income from house property (income can be from more than one house property)
* Income from capital gains/loss on sale of investments/property (both short term and long term)
* Agricultural income more than Rs 5,000
* Income from other sources (lottery wins, legal gambling wins)
* Income of a person as a partner in a firm (note that, there’s a change this year - instead of ITR form 3, you now have to fill ITR 2)
* Foreign assets
ITR 3
Use this form if you:
* Are an individual or HUF with income from proprietary business or profession
* Have income from house property
* Have income from salary, pension, and other sources
Keep in mind that you don’t give to fill this form if you have presumptive taxation.
Don’t forget to mention Aadhaar: When it comes to filing your returns, make sure you mention it on the form. It’s compulsory if you have an Aadhaar card. You can write the application number if you have applied for Aadhaar.
Filing multiple ITRs for multiple Form 16s: Also make sure you submit all the relevant Form 16s. If your past employer has deducted tax too, there's a good possibility you might qualify for a refund.
Failing to claim deductions: One very common mistake is failing to claim tax deduction under Section 80 TTA. According to this section, savings account interest income up to Rs 10,000 will get a tax deduction.
(Source: Assorted With PTI, 31st July 2017)
Here are a few steps for those who have not filed their returns yet:
If you don’t know how to file your ITR: Don't worry, it really takes less than 20 minutes to do so.
(1) Gather all your papers and documents, Here’s a handy list:
*PAN card
*Aadhaar card
*Form 16
*Bank Account details
*Investment details viz LIC, PPF, NSC, NPS, Health *Insurance, and the like
*Donations receipts
*House rent receipts
*Home loan details and loan certificates
*Medical expenditure receipt on self or any other dependent
*Tuition Fee receipts of up to 2 children
(2) Choose the website: You can either chose to do it directly at the Indian Income Tax website or you can choose an online tax portal. There are a number of portals out there choose the one that has been around for a while, and automatically populates your ITR form with data when you upload soft-copies of your documents. Life becomes easy with such facility, as you don’t have to manually feed the data. Some portals use a simple question-answer format, where you can answer the questions and your relevant I-T forms get filled automatically.
(3) Portals will e -file your return and also get the ITR form in a digital format: Upload Digital Signature Certificate (DSC) to complete the e-filing of your Income Tax Return. If you've digitally signed your ITR form using the digital signature available on the portal, your e-filing of returns is done. If you do not have a DSC then you’ll get an ITR-V form. You will receive an acknowledgment from them called ITR-V. If you have linked your Aadhaar to PAN, e-verification taken less than 10 seconds. The option is available on your dashboard.
(4) Download the ITR -V acknowledgment
Take a print out in black and white and sign the form in blue ink. Signing the form in blue is an important step. Once you are done, post this to the income tax department in Bangalore. The address is available on all portals. Do this within 120 days of e-filing the Income Tax Return Form. Read this to verify ITR with a code and Net Banking
Make sure that while you are filing ITR you keep the following important things in mind.
Do not choose the wrong form, Here’s a quick update on which form to use this year.
ITR 1
This is for people with,
* Income from salary/ pension.
* Income from one house property.
* Income from other sources (interest, etc)
Keep in mind as per the new rules, if your income is above Rs 50 lakh, this is not the form.
ITR 2
This is for people who have:
* Income from salary/pension
* Income from house property (income can be from more than one house property)
* Income from capital gains/loss on sale of investments/property (both short term and long term)
* Agricultural income more than Rs 5,000
* Income from other sources (lottery wins, legal gambling wins)
* Income of a person as a partner in a firm (note that, there’s a change this year - instead of ITR form 3, you now have to fill ITR 2)
* Foreign assets
ITR 3
Use this form if you:
* Are an individual or HUF with income from proprietary business or profession
* Have income from house property
* Have income from salary, pension, and other sources
Keep in mind that you don’t give to fill this form if you have presumptive taxation.
Don’t forget to mention Aadhaar: When it comes to filing your returns, make sure you mention it on the form. It’s compulsory if you have an Aadhaar card. You can write the application number if you have applied for Aadhaar.
Filing multiple ITRs for multiple Form 16s: Also make sure you submit all the relevant Form 16s. If your past employer has deducted tax too, there's a good possibility you might qualify for a refund.
Failing to claim deductions: One very common mistake is failing to claim tax deduction under Section 80 TTA. According to this section, savings account interest income up to Rs 10,000 will get a tax deduction.
(Source: Assorted With PTI, 31st July 2017)
Written by PRAMOD
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