A detailed process- How to file Income Tax Return Online
KNAP Advisory can assist and guide you through the ITR filing process. Here is a step-by-step guide to submitting your income tax return.
The steps to complete your income tax return (ITR) are as follows:
- Gather all Documents & Details
Gather the required papers, such as TDS certificates (Form16/16A), a statement of capital gains, etc.
The first step is to gather all of the documents required to file your ITR, including Form 16, payslips, and interest certificates.
Form 26AS is your tax passbook, and it details the taxes withheld from your income and deposited against your PAN. To ensure that tax withheld from your earnings such as salary, interest, and dividends is deposited with the government and allocated to your PAN, you must compare your TDS certificates with Form 26AS.
- Correct any inaccuracies on Form 26AS that you find.
If the amounts on your TDS certificates (Form-16, Form-16A, etc.) and Form 26AS do not match, you must contact your deductor to remedy the errors. Request that the deductor, who may be your company, bank, or another entity, rectify the information.
- Calculate the total revenue for the financial year.
Once you have obtained all of the relevant documents and confirmed all of the taxes taken from your income, you must calculate the total taxable income.
- Determine the final amount of tax due, if any.
After calculating your tax burden in the previous step, deduct the taxes you've already paid through TDS, TCS, and Advance Tax during the year. Include any interest owed according to sections 234A, 234B, and 234C.
After all taxes have been paid, file your income tax return.
After you have paid any taxes that are owed, you may begin the process of submitting your ITR. You must first file your ITR if you intend to get a refund from the government.
The final step in the ITR filing process is verification. There are six distinct ways to authenticate your ITR. There are five electronic techniques of verification and one physical approach.
- Acknowledgement of e-verification
If you pick an electronic method to validate your ITR, the tax department will immediately confirm that your ITR has been validated.
Who should file Income Tax Returns?
According to the provisions of the income tax laws, the following people and persons are required to file income tax returns online:
- If a person's total earnings exceed the basic exemption amount i.e ₹ 2,50,000, they must file an ITR.
- Any individual who possesses an asset (including a financial stake in a foreign corporation) or
- A person with signatory power over a foreign account; or
- The recipient of any asset (including a financial stake in a firm) located outside India.
- A person has deposited more than Rs 1 crore in a current account with a bank or co-operative bank during the fiscal year.
- A person has spent more than Rs 2 lakh on international travel throughout the fiscal year.
- A person has spent Rs 1 lakh or more on energy throughout a fiscal year.
- Filing a tax return may be necessary when getting tax treaty relief, demanding a refund of excess withheld taxes, or asking for a personal loan, among other situations.
Documents required for online Income tax Return filing in India
When preparing your income tax return online in India, you should have these papers on hand if you receive income from sources such as a salary and capital gains:
- Form-16
- Salary slips
- Interest certificates from banks and post office
- Form-16A/Form-16B/Form-16C
- Form 26AS
- Tax-saving investment proofs
- Deductions under section 80D to 80U
- Home loan statement from bank/NBFC
- Capital gains Statement
- Aadhaar card
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