ITR Filing

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ITR Filing

The procedure of filing an Income Tax Return (ITR) varies as per the income earned per year and income sources like salary, business profit, investment profit, and so on. Collating all your documents ready is just one aspect of it. There are certain documents required to be submitted and held as evidence under the Income Tax Act, 1961 and Income Tax Rules, 1962. Generally, the required document is a copy of the PAN card, a copy of the aadhar card, a bank statement / bank passbook, Income Tax Login ID and password. Other than that, it depends on which tax you are leviable to pay.

Benefits of ITR Filing

Simple and easy procedure
Hassle-free loan approval- Filing ITRs helps get easy approval on various financial products like two- wheeler or four-wheeler loans, business loans, etc. Major financial institutions can ask for a copy of ITRs while verifying the documents.
Input Tax credit
Fast visa processing- If you are willing to travel overseas, the foreign consulate demands ITR receipts of the previous two years at the time of the interview. Moreover, some embassies even ask to furnish the previous three years’ ITRs. Hence, filing for an ITR will facilitate faster visa processing without any trouble.
Carry forward losses
You cannot carry forward losses of the current financial year to the next financial year unless you have not filed an ITR. Therefore, it is imperative to do the same within the due date.
Deductions on high-worth Investment
When you purchase a property, the information is reported to the IT Department. Therefore, when you pay taxes and file ITRs, you can claim a deduction on the transaction and payment.
Avoid penalty
If you are due to file an ITR but have not filed yet, you may incur a hefty penalty. Therefore, filing ITRs within the stipulated date can save a substantial amount.
Claim Tax Deductions
If you have paid more than your actual tax liability, you can claim a refund.
Income and address proof
Another major benefit of filing an ITR is that, at times, it works as an address proof.

Procedure of ITR Filing

1
e-filing portal

Visit the official e-filing portal.

2
Register yourself

Register yourself, in case you have not done it yet. The PAN will be your user ID and your date of birth will be your password.

3
Form-26AS

Generate the Form-26AS, which can be downloaded from NSDL- TIN website.

4
ITR-1 form

Download the ITR-1 form from the income tax website (if your income from salary/pension is below ₹50 lakhs), or download ITR-2 if your income from salary/pension exceeds ₹50 lakhs.

5
Form-16

Fill in the ITR form with the required details. Refer to Form-16 for effective assistance. Undeclared reports or other information can easily be obtained from Form-16 and Form-26AS.

6
Income Details

Fill in the income details and complete the validation process with the help of the essential documents.

7
Tax Liability

Compute your tax liability.

8
Tax Payment

Follow the tab displaying tax payment status (if it’s paid, yet to be paid, or to be refunded). Fill in the bank details and validate the declaration.

9
Upload Documents

Upload the documents and click on the ‘Submit’ button.

10
Generate ITR-V

Generate ITR-V (acknowledgement and verification document).

11
E-verify

E-verify the details.

Documents Required For ITR Filing

  • Form-16 (Known as tax deducted at source certificate)
  • Bank account/bank passbook statement for interest earned on savings, Rent agreement or TDS certificate (as required), Interest or TDS certificate for bank FD interest, Dividend warrant (if income is generated from dividend), Other documentary proof (as required)
  • Receipt of medical insurance, Receipt of the life insurance premium paid, Fixed deposit receipt, Donation paid certificate, Tuition fee paid certificate, Education loan repayment certificate, Public Provident Fund (PPF) passbook, Mutual fund consolidated account statement (CAS)
  • Purchase and sale deed of immovable property, Purchase and sale proof/receipts of all applicable capital assets, Contract note, Demat account statement
  • TDS certificates, balance sheets, audited financial records (as required), income tax payment (self- assessment tax/advance tax) challan copy
  • Applicable tickets and receipts of purchased tickets
  • Medical expenses bill
  • Receipts of rent paid

FAQs

Q. What is ITR?
Income Tax Return (ITR) is a form in which the taxpayers file information about their income earned and tax applicable to the income tax department.
The department has notified 7 various forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 till date. Every taxpayer should file his ITR on or before the specified due date. The applicability of ITR forms varies depending on the sources of income of the taxpayer, the amount of the income earned and the category the taxpayer like individuals, HUF, company, etc.
Q. Is it mandatory to e-verify returns?
Yes, it is mandatory to e-verify returns for the successful processing of refunds by the IT Department.
Q. Is it possible to file an ITR manually?
It is possible to file an IT return manually.
Q. Is there any fixed number of days within which one has to e-verify returns?
Yes, one has to e-verify returns within 120 days of filing.
Q. How to get ITR copy online?
  • Log on to incometaxindiaefiling.com with credentials
  • Click on View Returns/ Forms
  • Selection an option as “Income tax returns” and relevant
  • ssessment year and click on submit
  • A window displaying a list of ITR files will open.
  • Click on ITR-V acknowledgement number you want to download
  • ITR V PDF file will open which can be downloaded.

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