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File your Income Tax Returns on time and be penalty free!

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Are you the one who is struggling to file tax returns for financial year 2017-18 before due date (31st July 2018)? Yet not received the Form 16 from your employer? Relax, there is still some more time, and you can file your tax returns online. Follow few simple steps and keep in mind do’s and dont’s before filing ITR…

Sarabjeet Kaur

Are you the one who is struggling to file tax returns for financial year 2017-18 before due date (31st July 2018)? Yet not received the Form 16 from your employer? Relax, there is still some more time, and you can file your tax returns online. Follow few simple steps and keep in mind do’s and dont’s before filing ITR…

Few simple steps to follow while filing your Income Tax Returns:

· Keep all your salary slips and accumulate them according to the financial year. Even if you have switched your job in between that particular FY, you have to mention all the details

· Calculate your total gross salary income. Note, only employer’s PF contribution will not be calculated, but your contribution will be calculated for the taxable income

· By referring the Form 26AS, check your deduction amount and know the status · Check your transport and medical allowances properly as per the rule. Follow the exemption limit

· From your taxable salary, you can reduce your tax liability by claiming HRA( House Rent Allowance) and other exempt allowances

· Under section 80C of the Income Tax Act, you can claim the deductions upto 2 Lakh. These investments come under any specified instruments

· Always declare your income from other sources like, rental, part time business or fixed deposits

· Calculate your exact amount of income tax applied on the taxable income

· At the final step, check and compute the amount of tax paid by you. If the amount mentioned in the Form 26AS vary or is less, then one has to pay the excess amount

· Note, you can e-file your ITR without FORM 16. Only thing is all your tax dues or the differential amount has been paid off and everything matches as per Form 26AS.

Then, you can easily e-file your tax returns without Form 16. How to e-File your tax returns:

· Click on the official website of –https://incometaxindiaefiling.gov.in

· For the first time user go to the ‘New Registration’ section and register yourself and create a password by updating all the correct information

· Old user has the option to select ‘Registered User’ and do the process of e-filing further

· Login and the information required, by mentioning your PAN password, date of birth

· Click on the e-file option and select on ‘Prepare and Submit ITR online’ option

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· To file your income tax returns, select the assessment year whichever is suitable to you

· After filing the form click ‘Submit’. Do read the instructions before filing the ITR form and make sure about the do’s and don’ts

· Fill the required information accordingly, and it should match your income calculations

· Select the ‘Preview and Submit’ button , and the ITR form filled by you will appear for preview

· Once you click on ‘Submit’ your ITR form, it will be uploaded on the website and you will be asked to verify your returns as per the options given

· You have the option of submitting your signature digitally as well.

Note, if you have already registered your digital signature, then while submitting the ITR, you will be asked to upload it for final process. Once it is done, your ITR filing is completed

· Note: If you have not uploaded your signature digitally, then you have the option to verify your return using EVC (Electronic Verification Code), Aadhaar OTP or by sending a signed print out of the ITR to CPC, Bengaluru within 120 days from the date of e-filing

· Once your return is successfully uploaded, you will get the email acknowledgement or the ITR V details

· At the final step, the ITR department will verify your ITR and process it.

After the ITR gets processed, you will get the return details on the email, sms or on the same mobile number which you mentioned while registering your ITR process Physical mode of filing ITR:

· Submit the ITR form filled by you in details with the assessing officer of your jurisdiction

· Be cautious while filing the original Income Tax Return and check minutely all the information/details entered by you are correct.

Even, if you are genuine tax payers, your revision while returns may put a question from income tax department. So be safe and penalty free. By filing your income tax returns on time, you can get the advantage of

· Easier loan approvals when ITR submitted as proof

· Simpler visa process to almost all countries

· Option to carry forward losses to the next financial year

· No late fee or notice from IT Department

This year, Government will charge upto Rs 5000 as late filing fee for people who don’t file by 31st July 2018. Hurry now and file your income tax return today and be a penalty free tax payer!

हमें सपोर्ट करें, ताकि हम करते रहें स्वतंत्र और जनपक्षधर पत्रकारिता...

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