Do-It-Yourself Guide to File Income Tax Returns

If you have not filed Income Tax Returns, do it Right Now. The last date to file Income Tax Returns is August 31^st 2019 and its just 2 weeks away.

Filing ITR is not difficult. All you must do is collect the documents, choose the right ITR Form, submit ITR and then verify it. Verification of ITR is really simple. You can opt to e-verify income tax returns or send a signed copy by post to the Income Tax Department.

Is filing ITR difficult? We will help you there. You can now file Income Tax Returns absolutely free through IndianMoney.com. You just need to click on the icon “FREE Income Tax Filing before 31st Aug”, and file your income taxes in just 5 minutes. If you are stuck while filing income tax returns, you would get a call offering help to complete the tax filing process.

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Do-It-Yourself Guide to File Income Tax Returns

You can file ITR on the Income Tax Department’s website: Incometaxindiaefiling.gov.in. Vey senior citizens who are 80 years and above; can file ITR manually.

1. Document Checklist to File ITR:

The Real Estate Related Documents:

• Sale deed, buyer agreement and any investment documents to show capital gains on sale. Include income tax exemption on long-term capital gains.

Personal Documents:

PAN, Aadhaar Card, details of domestic assets and liabilities, foreign asset details.

Income Related Documents:

Form 16, Form 16A, Form 16B as applicable. Details of exempt income like dividends, long and short-term capital gain statements, balance sheet, P&L account statement and audit reports if applicable, income statement from foreign investments.

See Also: Steps to File Income Tax Returns

Tax Related Documents:

TDS certificate, copy of last year’s ITR, Form 26AS.

Bank Statement

Interest statement for the year, details of domestic and foreign accounts with bank account number, IFSC code, nature of account.

Investment and Expenses Related Documents

Home and education loan statements, investment proofs like PPF passbook copy, EPF passbook printout, consolidated email statement of ELSS investments, copy of Tax saver FD receipt and so on.

Life and health insurance premium receipts, statements of demat and trading accounts to compute capital gains and losses, donation proofs.

See Also: Documents To File Income Tax Returns

2. Choose the Right ITR Form:

ITR 1: This is for resident Indians with salary/income or income from house property, or income from other sources and only those with total income up to Rs 50 Lakhs a year.

ITR 2: Individuals and HUFs with income from capital gains, who have more than one house property.

ITR 3: This is for individuals and HUFs with profits and gains from business/profession.

ITR 4: This is for those who are filing returns for business/profession under Presumptive Taxation Scheme.

ITR 5: This is for anyone other than HUF, Individual or a Company and also anyone filing ITR-7.

ITR 6: This is for Companies other than those claiming exemption under Section 11 of Income Tax Act.

ITR 7: This is for those who furnish ITR under Section 139(4A)/(4B)/(4C)/(4D) of the IT Act.

See Also: How to Verify Income Tax Returns

3. Prepare and Submit ITR Online:

• Login to e-filing website with your User ID, DOB, Password and Captcha.
• You then e-file and click "Prepare and Submit ITR Online".
• You then select the ITR Form and assessment year.
• Fill in details and click the “Submit” button.
• Upload Digital Signature Certificate called DSC if applicable.
• You get ITR-V displayed on a successful ITR submission. You take a print out of ITR-V, sign and submit CPC within 120 days from e-filing date.     

Take a look at ITR Filing: How to e-verify ITR.

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