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Income Tax Return (ITR) Filing: File Online, and Keep It Free
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| Income Tax Return (ITR) Filing: File Online, and Keep It Free |
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All important tasks to be done in one year include filing Income Tax Return. The income tax exemption limit for the financial year 2016-17 is Rs 2.5 lakh for men and women below the age of 60 years. For the elderly 60 years or more, this limit is Rs. 3 lakhs, whereas income of Rs. 5 lakhs for the elderly of 80 years and above is exempt from income tax.In such a case, file the ITR during the time keeping the slab in mind, according to its income. 31st July is the last date for filing income tax. If your income is more than five lakh rupees annually, then you have to e-filing income tax.
Read also: These 5 mistakes made in filing ITR, then you can get it
Fill out the ITR online, i.e. through your computer, as given below:
Below are the boldest words in the process we are describing, they are clickable.
The process of filling the income tax online is called e-filing. If all related documents are in the updated form and sit in close proximity, there will be no hassle in e-file from the computer and the time will be left. Income Tax Department's website is here- incometaxindiaefiling.gov.in Return filing is completely free from here.
For e-filing of Income Tax Return, first you need to make an account on the Income Tax Department website. In order to create an account, personal data such as PAN number and date of birth (birthdays) will be used. Click on this link in the Income Tax Department to create an account. Your PAN Number (PAN) will be your User ID.
There are two ways of e-filing - the first is that you go to the download section of the Income Tax Department's website and you are required to download that form. Save it on your PC and fill it correctly. Click on generate XML, go back to the website and click on upload XML. So be aware that first opus must be logged in. Upload the form via upload XML that you have filled in a while ago. Click on the subset.
There is a quick way too. Click on this link for this. Go to the e-file section, log in, select the form and Assessment year that is expected, and fill in the related information.
Changes in the form, note
When choosing a form, be careful that the form you choose is according to your total income. In the case of income (other than the lottery) from income (other than lottery) from income or other income from individual (salary), pension income, a house (a property), the form ITR-1, also known as 'Saham', must be selected. Those whose income is up to 50 lakh rupees per annum, take the easy form. From ITR-2, they can file their returns with salaries whose annual income is more than 50 lakhs. In order to get capital gains, select from ITR-2. The tax department has reduced the number of forms nowadays. ITR-2, ITR-2A and ITR-3 have merged into one form. ITR-4, ITR-4S has been named ITR-3 and ITR-4 (Easy). ITR is for Forms 5 to 7 for Non-Individuals.
Read also: Do not ignore these essential things about the last date of filing ITR filing
Notebook and your money, pay attention to this
You will remember the ban on the black money taken. This time, in the ITR form, a special column is also given about it. In this, you will have to give details of the amount deposited in your account after the note-taking (between 8 November and 30 December) deposited in your account. For this, you have to give full details of your account number, the amount of the deposit in which the bank has deposited its IFSC code and the amount.
Read also: 30,000 people who have made changes in ITR's income tax notice
Now, while filing returns, keep this document with you - PAN number, Form 16, Total interest related to the financial year you got on your accounts, TDS related data and all kinds of investment related evidence. Keep yourself homologous and insurance related documents too. You can download Form 26AS from the Income Tax site which shows your tax statement which has been given by you. You can use this form to validate your tax return.
In the absence of having digital signature ...
If returns have been subsumed using digital signature, then acknowledgment number will be generating a type of receipt at the time of submitting forms.
If there is a subset of digital signature, ITR-V will be generated and it will reach the register email id on your site. ITR-V is a type of receipt that returns your submission. Now by sending this ITR-V, send the Bengaluru office (where your return process is), within 120 days it should reach the concerned office to complete the process of tax filing. If this paper does not reach you at the Bengaluru office in time, the process of return will be considered incomplete, so do not ignore it. Do not worry, the address of the Bengaluru office is written at the end of this form. Post it to that address.
Verification via Net Banking
You can also e-Verify by visiting the e-Verify Return option on the Taxpayers website. Net banking can also be verified by you. If you adopt this method then work will be done without sending ITR-V to the Bengaluru office.