HOW TO FILE INCOME TAX RETURN ITR
More than 6 crore (60 million) Indians filed their Income Tax Return (ITR) in 2017. Out of this, approximately 1 crore (10 million) were new taxpayers who filed their income tax return (ITR) for the first time. The Government of India and the Income Tax Department (ITD) has been sending notices, emails and sms to all working professionals and businesses to file their tax return. In fact, from FY 2017-18, a penalty of Rs.5000/- will be levied for delay in filing ITR. Though it is advisable to utilize the services of a Chartered Accountant to file your ITR as it reduces the risk of incorrect return. If a taxpayer files incorrect or defective return, then he or she is bound to receive a notice from the income tax department. Any tax refund due to the taxpayer is also delayed due to defective return. In light of these circumstances, it is advisable to engage the services of an expert Chartered Accountant to file your ITR and your business ITR.
STEP BY STEP GUIDE TO E-FILE ITR ONLINE
There are 4 ways to file your Income Tax Return (ITR) in India.
(Well, the fifth method is to use a local CA who will also follow one of the 4 methods outlined here)
Documents required for filing Income Tax Return (ITR)
We share below the list of documents that you should have before you start your income tax return filing. Also remember to keep these documents in soft copy (and preferably hard copy also) for safe-keeping so that you don’t lose them. If you misplace your old Form 16 and salary slips, then you may face problems in future.
Full Year Bank Statements
Form 26 AS
In addition to the above documents for filing ITR, keep some other essential documents ready for accurately filing your return. These documents are certificates, receipts or challans for medical insurance premium certificate from insurer, 80G deduction receipts, other Section 80 receipts, challans, travel bills and other important bills that you wish to claim.