ITR Procedure
The Procedure of Filing Income Tax Return
The process of filing IT return involves several steps, which have been mentioned below:
Gather Required Documents:
Collect all the necessary documents, including Form-16, interest certificates, TDS certificates, bank statements, proof of tax-saving investments and other relevant financial records.
Choose the Correct ITR Form:
Identify the appropriate Income Tax Return (ITR) form based on your income sources, residential status and other specific criteria. The Income Tax Department provides different forms (ITR 1 to ITR 7) to cater to various taxpayer categories.
Calculate Total Income:
Compute your total income for the financial year by adding up income from all sources, including salary, business profits, capital gains, house property and other taxable income.
Calculate Tax Liability:
Determine the tax liability by applying the applicable tax slabs and deductions according to the income tax laws for the relevant assessment year.
File Online or Offline:
Decide whether to file the income tax return online (e-filing) or offline (physical filing). Herein, E-filing is considered to be the most convenient and popular method, whereas physical filing requires submitting a physical copy of the return.
Register on the Income Tax Department Portal:
If e-filing, register yourself on the official website of the Income Tax Department to obtain a user ID and password.
Fill in the ITR Form:
Fill in the ITR form with accurate details, including personal information, income details, deductions and tax computations. Ensure all fields are correctly filled and cross-check the information to avoid errors.
Verify ITR:
After filling in the form, verify the details either electronically using methods like Electronic Verification Code (EVC), Aadhaar OTP or Digital Signature Certificate (DSC) or by sending a signed physical copy, if filing offline.
Review and Submit:
Review the entire form to ensure accuracy and completeness. Make any necessary corrections before submitting the return. Once satisfied, submit the ITR form.
Receive Acknowledgement:
Upon successful submission, you will receive an acknowledgment from the Income Tax Department. The acknowledgment serves as proof of filing.
Respond to Notices (if applicable):
If any discrepancies or issues arise, the Income Tax Department may issue a notice seeking additional information or clarification. Respond promptly and provide the requested details within the given timeframe.
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