Asia

Easy Steps to File an ITR

Haven’t filed Income tax return yet? Now is the right time to do it. Wondering how, we’ll help you out!

You can file your income tax online or with the help of any firm that offers Chartered Accounting Services. Filing income tax is not as difficult as it sounds. You can use Digital Signature Certificate (DSC) to e-file. If not using DSC, you’ll have to take a print of the ITR V form, sign and submit it to CPC Bangalore via post within 120 days of e-filing. Before you start with the process, first check Form 26 AS and Form 16 to know how much tax has been deducted. Also, do not forget to match Form 26 AS with Form 16 to avoid any discrepancies.

For successfully filing the tax, you’ll need a list of documents namely: PAN card, bank account details, adhaar number, payslips, form 16, rent receipts (if any), bank account statement, in case you have interest accumulated in savings account, details of mutual funds, purchase or sale of equity funds, debt funds, SIPs, ELSS, receipt of any donations made, interest certificate against home loan (if any) and any other document specific to you.

Once you have made sure you have all the required documents, just follow the below mentioned steps to proceed.

  • Log in to e-filing site using your user ID, password, date of birth or date of incorporation.
  • Now, go to e-File and click on “Prepare and Submit ITR Online”.
  • Select Income Tax Return Form ITR 1/ITR 4S and the right Assessment Year.
  • Fill all the details and click on the “Submit” button.
  • Upload your Digital Signature Certificate (DSC), if applicable.
  • Click on “Submit” button.
  • On successful completion of the process, ITR-V would be displayed (if DSC is not used).
  • Click on the link to download the ITR-V. Although, it would also be sent to your registered email. (If you have filed ITR using DSC, your return has been successfully filed.
  • Otherwise, download the ITR-V Form and take a print out of the same. Sign it and submit it to CPC within 120 days from the date of e-Filing. The return will only be processed upon receipt of signed ITR-V.

If you are a flourishing businessman or have just begun your startup, you’ll definitely need help from Financial Accounting and Advisory Services as you’ll have many more documents to submit.

 An important point that remains constant for all is to keep in mind that your name in your bank statement and other official documents should entirely match with your name on PAN card. Even a slight change in your name will not be accepted by the Income Tax Department.

Remember, the last date to file tax is 31st July. Being a responsible citizen of the nation, it is our duty to pay tax on or before the stipulated time. Whether an individual, a small firm or a business tycoon, tax filing is crucial to all. Though, the process is easier for individuals, business firms can always consult Financial Accounting and Advisory Services and complete the process efficiently and effectively. 

Reference:

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