FB Twitter LinkedIn YouTube Google+
 
New Customers
Buy Now

4-Point Checklist When Filing Income Tax Returns (ITR)

 
 

Having trouble filing your IT returns? You are not alone. The terminology and the confusion about where to start often makes us postpone the task to the last moment. However, do not worry because help is at hand. Just keep this checklist handy to ensure a smooth and error-free ITR filing:

Step 1:

Make sure you have the following documents ready:

  • Permanent Account Number (PAN) (your PAN is your user ID for logging into the income tax website).
  • Adhaar number.
  • A copy of your last year's tax return.
  • Bank statements, excluding bank accounts that have not been in operation for two years or more.
  • Form 16 issued by your employer.
  • A summary of all the interest income earned during the financial year on the balances in your saving accounts.
  • Other Tax Deducted at Source (TDS) certificates.

Step 2:

Prerequisites for filing the return:

  • Create your profile on the IT department tax filing website i.e. http://incometaxindiaefiling.gov.in
  • Make sure that you have a functional email id and mobile number to authenticate your profile.
  • You need to quote your Adhaar number in the form and verify your Adhaar details as well.
  • Select the form applicable in your case. For most individuals, it is ITR 1- SAHAJ.
  • SAHAJ is for individuals having income from salaries, one-house property, and income from other sources such as dividends, interest income, income from winnings, etc.

Step 3:

Filing the return:

  • You can fill the form online (save your details with each update as a draft to avoid losing data).
  • Alternatively, click on the downloads link on the left hand tab, and download the Java or Excel Utility (preferably Java). With its help, you can work on your IT Return in the offline mode.
  • Click on the Prefill option in the Java Utility when you are connected. Your personal details will be captured automatically.
  • It is advisable to download the Form 26AS from the TRACES website. This form gives you the detail of your tax credit. It shows the total amount of tax that has been deducted and already paid on your behalf.
  • In cases where the income from salary is the only source of income, your IT return would look like the Form 16 provided by your employer.
  • Ensure that the deductions claimed by you in the return are as per Form 16.
  • Ensure that you add all the incomes from other sources.
  • Also, ensure that you have added all the interest income earned during the financial year on the balances in all your saving accounts. You can claim a deduction of up to Rs. 10,000 as per Section 80TTA.
  • Make sure that your return claims all the deductions and exemptions for your insurance policies that you are entitled to under the Act.

Step 4:

Electronic verification of the return:

  • The return that you file will not be treated valid unless you verify it.
  • You can either opt for physical verification, or you can e-verify your return (e-verification can be done through various modes).
  • For physical verification of the return, print the acknowledgement of ITR-V, sign it in blue ink, and send it to the Centralized Processing Centre (Bangalore) within 120 days of filing your return.

Still confused? Let Max Life Insurance assist you. For any financial queries, you can either contact our financial advisors, or visit the nearest Max Life Insurance branch.

Source:

 
 
 

Get in touch