If you still have not filed your tax return till now, here is how you can go about it.
- Documents needed to file ITR
The first step of filing ITR is to collect all the documents related to the process. An individual having salary income should collect Form 16 from their employer, Form 16A from banks, companies, mutual funds and other such entities where investments have been made. Apart from this, an individual must collect certificates from banks for interest earned from savings bank accounts, fixed deposits and such investments, as well as capital gains statements from stockbrokers and mutual funds.
Also Read: 10 documents you need to file ITR
Also Read: File ITR using AIS, without Form 16
Once these documents are collected, the next step is to determine the income tax return form. This will depend on the sources of your income. For instance, if you are a salaried individual and earn interest income from savings account and fixed deposits, you should use ITR-1 to file tax return. However, if you have capital gains from selling of mutual funds or equity shares, then ITR-2 form is the correct form.Also Read: Which ITR form is applicable to your income?
- Process to file ITR on income tax e-filing portal
The next step is to start the ITR filing process. An individual must have an account on the income tax portal to start the filing process.
Also Read: How to register on the income tax portal
Once you have logged in to your account, go to e-file> income tax return> file income tax return. From here you can follow the steps mentioned on the income tax portal to file your income tax return.
Also Read: How to file ITR -1 with salary income, house property and interest income
Also Read: How to file ITR-2 online on the income tax portal
Also Read: How to report foreign income in the ITR form
If you need any help while filing income tax return, you can contact helpdesk agent via co-browsing. This help is free of cost.
Also Read: How to use income tax department’s co-browsing feature
ITR verification
Once you have filed your ITR, do not forget to verify your income tax return. There are six ways to verify your ITR. Out of this, five are electronic methods and one is physical method.
Also Read: How to verify ITR? Here are six ways to do it
Once the ITR is filed and verified, the income tax department will take up the ITR for processing.
After that stage, the tax department will send you an SMS and email. An intimation notice under Section 143 (1) will be sent to your registered email ID.
You must open and check the intimation notice. It will tell you if your income calculation matches with that of the tax department’s calculation. Sometimes it might mention an income tax refund or demand for payment of additional tax.
Also Read: How to read intimation notice under section 143(1)
