ITR stands for Income Tax Return, which is a document that a taxpayer files with the tax authorities to report their income, deductions, and tax liability for a particular financial year. Filing an ITR is mandatory for every individual whose gross total income during a financial year exceeds the basic exemption limit.
Here are the steps to file ITR on your own:
- Collect all necessary documents: Gather all the documents related to your income, such as salary slips, bank statements, Form 16, and other income-related documents.
- Choose the correct ITR form: Depending on your income source and category, select the appropriate ITR form. The Income Tax Department has various ITR forms, such as ITR-1, ITR-2, ITR-3, and so on.
- Fill in the ITR form: Once you have the relevant ITR form, fill in all the necessary details such as personal details, income details, tax deductions, and tax payable. Double-check all the details before submitting the form.
- Verify your ITR: After filling in the ITR form, verify the details, and submit the form. You can verify your ITR electronically through Aadhaar OTP, net banking, or by sending a signed copy of the ITR-V form to the Income Tax Department.
- Keep a record of the filed ITR: Once you have filed your ITR, keep a copy of the filed ITR form for future reference. You can also track the status of your ITR on the Income Tax Department’s website.
It’s essential to file ITR on time and accurately to avoid penalties and ensure that your tax compliance is up to date. If you are unsure about any aspect of filing your ITR, it’s advisable to seek the help of a tax professional.
Suggested Read: What is ITR? and what type of ITR forms?
Steps to file ITR online
Here are the steps to e-file ITR (Income Tax Return):
- Register on the Income Tax Department e-filing website: Go to the Income Tax Department’s e-filing website (https://www.incometaxindiaefiling.gov.in/) and register yourself by providing your PAN (Permanent Account Number), name, date of birth, and contact details.
- Download the relevant ITR form: After registration, select the appropriate ITR form that is applicable to you based on your income sources and category. You can download the ITR form from the e-filing website.
- Fill in the ITR form: Open the downloaded ITR form and fill in all the necessary details such as personal information, income details, tax deductions, and tax payable.
- Verify the ITR form: Once you have filled in all the details, verify the ITR form to ensure that all the information is accurate.
- Generate an XML file: After verifying the ITR form, generate an XML file and save it on your computer.
- Log in to the e-filing website and upload the XML file: Log in to the e-filing website and select the ‘Upload Return’ option. Upload the XML file that you saved earlier and submit it.
- Verify ITR using a digital signature or Aadhaar OTP: After submitting the ITR, you can verify it using a digital signature or an Aadhaar OTP (One-Time Password).
- Save the acknowledgment: After successful verification, save the acknowledgment for future reference.
Note: You can also e-file ITR using online tax filing websites or tax filing software. They provide an easy-to-use interface and can help you with the entire e-filing process.