Steps To File Income Tax Returns Easily

The last date to file income tax returns is August 31^st 2019. Make sure you don’t miss this deadline. If you are filing ITR for the first time, it might look difficult. But, tax filing is not difficult if you follow steps to file income tax returns easily.

What is Income Tax Return?

Income Tax Return or ITR is nothing but a form to report gross taxable income from different sources. ITR helps claim tax deductions and exemptions and declare your net taxable income to the IT Department. If you are salaried, self employed, HUF, Company or a firm, you must file ITR. The process of filing ITR is called Income Tax Filing. You can easily file taxes using the e-portal of the IT Department. This is called e-filing. (Online filing of taxes).

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.

See Also: Income from Other Sources: How to File ITR

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Steps To File Income Tax Returns Easily

Who Must File ITR?

• If you are below 60 years and have annual income more than Rs 2.5 Lakhs.
• If you are between 60-80 years with annual income more than Rs 3 Lakhs.
• If you are above 80 years with annual income more than Rs 5 Lakhs.
• If you have a loss you seek to carry forward under head of income.
• If you as a resident Indian have asset/financial interest outside the geographical territory of India.
• If you are applying for a loan or a visa.
• You receive income from property which is held under a Trust for charitable activities.
• A Company/Firm must file taxes irrespective of profits or a loss.

See Also: Income Tax Return 2019: File Taxes for ELSS

Income Tax Slabs for FY 2019-20

Income Tax Slabs for Individuals:

Income Tax Slabs For Senior Citizens:

Income Tax Slabs For Super Senior Citizens:

Choose the Right ITR Form:

ITR-1: This form is also called SAHAJ. File ITR-1 if you have income from salary, pension, one house property, interest or income from other sources. (This excludes winning from lottery/horse racing income). This is for total income of up to Rs 50 Lakhs.

ITR-2: This form ITR-2 is used by individuals and HUFs for income not from profits/gains of a business.  

ITR-3: This form is for persons/HUFs where the source of income is from profits/gains of a business or a profession.

ITR-4: If you have presumptive income from business or a profession.

ITR-5: Other than individuals, HUFs, Companies and persons filing ITR-7, they can file ITR-5.

ITR-6: Companies which don’t claim exemption under Section 11, file taxes using this form.

ITR-7: This form is necessary for people including enterprises which must file tax returns under Section 139(4A), Section 139(4B), Section 139(4C), Section 139(4D), Section 139 (4E) or 139 (4F).

See Also: ITR Filing 2019: Why File ITR Before the Deadline?

Documents to File ITR:

• PAN Card
• Bank Statements
• Bank or Post Office Interest Certificates
• Form 16
• Tax-saving investment proof
• TDS certificate
• Form 26AS
• Form 16A/16B/16C.

How to file ITR Online?

• You must register on the Income Tax e-filing website. You then login to your income tax account by giving User ID (This is your PAN), Password and Captcha.
• Select the right ITR Form. (This may be ITR-1 and ITR-4) as per applicability. Select the right assessment year and submission mode, “Prepare and Submit Online”.
• You are directed to a page where you start filling the form. Fill in ‘General information‘, ‘Income details‘, ‘Tax details‘ ‘Taxes paid and verification‘ and ‘80G‘ in the ITR form.
• You then click the ‘Preview and Submit’ button.
• After clicking the Submit button, the ITR is uploaded. You must then verify the returns.

How to Verify ITR?

Verify returns electronically using Aadhaar OTP or the Electronic Verification Code method. You also have the offline method where you send a signed printout of ITR V to CPC, Bangalore. This must be done within 120 days of e-filing.

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