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:
Login on the official income tax e-filing portal using your PAN details
Click on the 'Income Tax Returns' option in the 'e-File' tab
Select the ‘File Income Tax Return’ option
Choose the assessment year and select the ‘Online’ option for mode of filing
Select your filing status from Individual, HUF, and Others
Choose the ITR type applicable to you
Select the reason why you are applying for an ITR
Validate the pre-filled information displayed on the screen
Provide your bank, income, investment, exemption, and deduction details
Pay the taxes due, if required
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
Yes, you can file your ITR by yourself without the help of a CA. Visit the official e-filing portal of the Income Tax Department of India to get started with the process. You can also file your taxes through e-filing service providers.
It is compulsory for all salaried individuals who earn more than the basic exempt limit to file their taxes. For the old regime, this limit was set at ₹2.5 Lakhs. Meanwhile, the limit under the new regime is ₹3 Lakhs. This is as per the Income Tax Act, 1961.
The last date to complete your ITR filing online is July 31. Meanwhile, the deadline to file for a late return is December 31.
Yes. TDS deductions and ITR filing are separate legal requirements. All the taxes you pay, including the TDS, are filed in your ITR. An ITR filing helps you check for any pending tax dues or get a refund for extra taxes paid over the financial year.