Income Tax Filing

Accurate and timely tax filing is a legal obligation, essential for maintaining financial transparency and contributing to the Indian economy. Whether an individual or a business, anyone can file their tax returns easily with a little help. 

For this, it is crucial to understand the process, document requirements, and considerations involved. This could help you file your taxes efficiently.

Whether you’re a young or seasoned taxpayer, it’s crucial to know the different ITR filing due dates. Failure to comply and file your taxes on time may lead to certain consequences, including penalties. Here’s a quick look at the due dates and penalties charged for not adhering to them:

Here are some simple steps you may have to follow when completing your income tax e-filing:

1. Login on the official income tax e-filing portal using your PAN details

2. Click on the 'Income Tax Returns' option in the 'e-File' tab

3. Select the ‘File Income Tax Return’ option

4. Choose the assessment year and select the ‘Online’ option for mode of filing

5. Select your filing status from Individual, HUF, and Others

6. Choose the ITR type applicable to you

7. Select the reason why you are applying for an ITR

8. Validate the pre-filled information displayed on the screen

9. Provide your bank, income, investment, exemption, and deduction details

10. Pay the taxes due, if required

11. E-verify your ITR within 30 days via Aadhaar OTP, electronic verification code (EVC), or Net Banking

Following this, you will receive a confirmation from the Income Tax Department of India of your taxes being filed. Keep a copy of the submitted form and the necessary receipts. If required, pay any tax due or request a refund. 

However, keep in mind that these steps may differ among tax filing platforms. You could browse portals that offer services for online e-filing or approach a Chartered Accountant (CA) to assist you for the same.

Some common documents you need to furnish when e-filing your taxes include:

• PAN card

• Form 16

• Form 16A, 16B, and 16C

• Form 26AS and AIS/TIS

• Bank statements

• Investment statements

• Capital gain details

• Rent receipts

• Medical bills

• Life and health insurance statements

• Loan statements

• Receipts of donations

• Aadhaar card

Tax filing can be complex, and even a minor error could result in penalties or delays in processing your returns. To help you navigate the process smoothly, here are some common factors you must consider when filing your ITR online:

• All the information provided on your tax return must be accurate and up to date

• Mistakes in calculations could lead to discrepancies in your tax liability

• Selecting the wrong tax regime can affect your tax rates and eligibility for certain deductions and credits

• Report your income accurately

• Sign and date your return before submitting it; if you are filing jointly, both spouses must sign

• Depending on the deductions claimed, you may have to attach supporting documents such as receipts, invoices, or statements

• Track your estimated tax obligations and make timely payments

• Evaluate the deductions you may qualify for to lower your tax burden

• Research and consult tax resources or professionals to optimise your tax benefits

• Monitor the deadlines to file your tax returns and pay by the due date to avoid the subsequent consequences

• Make copies of your ITR filing, supporting documents, and any correspondence with tax authorities