Step by Step procedure to file Income Tax Return (ITR)

Introduction

Every Person who draws any income from any source is required to give a little amount of it to the government authority for the welfare and interest of India. The Government collects this sum and uses it in the best interest of the people of society via constructing Schools, Hospital, Roads, providing Subsidy Scheme, Health and Welfare Schemes etc. this little amount paid by the person to the government is called Tax.Income Tax Return is a form by which a person intimates to the government about his income during the particular financial year. The applicability of tax is governed by the provision of Income Tax Act, 1961 and is applicable to whole of India. Further, the Return is a simplified return which can be even filed by the person himself. However, to claim exemption and deduction allowed by the Government, it is necessary to know the correct provision or one need to take help of an expert so as to file a correct return.

Filling of return can be sum up into 6 easy steps

1. Kept the following below mentioned documents ready:
   1. Form 16A/ TDS Certificates or Salary Slip;
   2. Form 26AS;
   3. Investment and saving details, details of savings claimed;
   4. Details of income from capital gain, profit from business and -profession and other income;
   5. Details of tax paid;
   6. All bank account details with Bank Name, Account Number and IFSC code.
2. Log-In to Income Tax Portal: Login to the Income Tax Portal and select the relevant form depending on the source of income and the amount of income earned. To know about the form, please go through our previous articles named as All About Income Tax Return and How to File Income Tax Return without Form 16and their respective URL’s are https://complianceship.com/2018/07/08/all-about-income-tax-return-itr/ and https://complianceship.com/2018/07/12/how-to-file-income-tax-return-without-form-16/
3. Calculation of Tax Liability/ Amount of Refund etc.: After filling the necessary details about the income and deduction, the form automatically calculates the tax liability/ amount of refund/ no refund, as the case may be. Pay your Self Assessment Tax, if any. Kindly ensure to clear all tax liability before filling return.
4. Submit of Form: Before submission, kindly cross check all details to avoid revision or income tax scrutiny.
5. Verify your ITR: Once submitted, the return will not be processed unless verified by the person. Once the return is processed, the refund, if any, shall be credited to the bank account of the person as stated in the return. Please go through our previous post in this respect on www.complianceship.com which is named as 6 Easy Way to verify yourIncome Tax Return  and the url of the same is https://complianceship.com/2018/07/11/6-easy-way-to-verify-your-income-tax-return/

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