Income tax filing refers to the process of submitting your income tax return to the tax authorities, detailing your income, deductions, and tax liabilities for a specific financial year. Here's a step-by-step guide on how to file your income tax return in India:
- Gather Required Documents: Collect all the necessary documents, including your Form 16 (issued by your employer), details of income from other sources, investment proofs, bank statements, and Aadhaar card.
- Register on the Income Tax e-Filing Portal: Visit the official Income Tax e-Filing Portal (https://www.incometaxindiaefiling.gov.in) and register yourself if you're a new user. If you're already registered, log in using your credentials.
- Select the Appropriate Form: Choose the relevant income tax return (ITR) form based on your sources of income. For most salaried individuals, ITR-1 (Sahaj) is applicable.
- Fill in the Details: Enter your personal information, income details, deductions, and tax payments in the appropriate sections of the ITR form. Double-check the information to ensure accuracy.
- Calculate Tax Liability: Use the built-in tax calculator or manually calculate your tax liability based on the income tax slabs and deductions applicable for the financial year.
- Claim Deductions and Exemptions: Ensure that you have claimed all eligible deductions under various sections of the Income Tax Act, such as Section 80C, 80D, 80G, etc.
- Verify the Form: Review the filled-in ITR form carefully and verify the details before proceeding to the next step.
- File the Return: Once you're satisfied with the information provided, submit the income tax return electronically on the e-Filing portal. Choose the appropriate verification method: Aadhaar OTP, Electronic Verification Code (EVC), or sending a signed physical copy (Form ITR-V) to the Centralized Processing Centre (CPC) within 120 days of filing.
- Receive Acknowledgment: Upon successful filing, you'll receive an acknowledgment (ITR-V) on your registered email ID. If you've opted for Aadhaar OTP or EVC verification, no further action is required.
- Monitor Refund Status: Keep track of your income tax refund status on the e-Filing portal. Once processed, the refund amount will be credited to your bank account.
Remember to file your income tax return before the due date specified by the Income Tax Department to avoid penalties and legal consequences.
