For Filing Income Tax Return( Terms & Conditions apply )
Filing Income Tax Return for Propreitoriship at Just Rs. 5500*
Filing Income Tax Return for Limited Liability Partnership at Just Rs. 7500*
Filing Income Tax Return for Partnership at Just Rs. 7500*
Filing Income Tax Return for Private Limited Company at Just Rs. 18880*
The first step is to collect all the documents you will need to file your ITR such as Form 16, salary slips, and interest certificates. The documents will help you compute your gross taxable income and will provide you the details of tax deducted at source (TDS) from your income in FY 2018-19.
If you are eligible to file ITR-1, then you can use option 'Prepare and submit online' without downloading the excel software utility.
While filing your tax return, make sure you avoid these common mistakes. Form 16 is a TDS certificate given by your employer, if tax is deducted from your salary income. Similarly, your bank is required to issue Form-16A for TDS deducted on interest payment to you on fixed deposits. Ensure that all the TDS certificates received by you from all the deductors are in the TRACES format.
TDS certificate received by you should be digitally signed. They will bear a check mark indicating that the signature is verified. Non-verified signatures on the TDS certificate will have a question mark over it. You will be required to verify it.
Similarly, if you have redeemed mutual fund units in FY 2018-19, you can ask the mutual fund to provide the transaction statement and capital gains statement for the same.
Remember this year, you will be required to pay tax on long-term capital gains from equity shares and equity mutual funds if the gains exceed Rs 1 lakh. The tax will be paid at 10 percent without any indexation benefit. Therefore, it is important to check if one has any capital gains and collect the capital gains statement to calculate the amount.
Form 26AS is your tax passbook which has all the details of the tax that has been deducted from your income during any financial year and deposited against your PAN. You should check your TDS certificates with Form 26AS to ensure that tax deducted from your incomes such as salary, interest, etc. is deposited with the Govt and against your PAN. You can download Form 26AS from the TRACES and Income tax website. To download it, from two sides first is log in to INCOME TAX side another is log in with TRACES.
If the amounts shown in the TDS certificates (Form-16, Form-16A, etc.) and Form 26AS is different, then you must take up the matter with your deductor to get the errors rectified. The deductor can be your employer, bank or any other person who is eligible to deduct TDS and request him to correct the details.
If the error is not rectified by the deductor, then you will not be able to claim the credit on that tax which is deducted. Chartered accountants advise that one should keep track of your Form26AS during the relevant financial year to avoid any discrepancies at the time of filing ITR.
If your TDS is deducted but not deposited on time with the government and your deductor is not paying heed to your complaints, then the Central Board of Direct Taxes (CBDT) has issued certain circulars regarding the same. The circulars state that income tax officers must not harass the deductee for TDS related issues.
Total income is computed by adding incomes from five different heads (Income from salary, Business, House property, Capital Gain and Other sources) and claiming all the relevant deductions which is allowed under the Income-Tax Act like 80C, 80D, 80GG etc
Once you have collected all the documents required and verified all the taxes that are deducted from your income, you are required to compute the total income chargeable to tax.
After computing your total income, you have to calculate your tax liability by applying the tax rates in force for relevant financial year as per your income slab. The income tax slabs and rates change every year according to budget.
Once you have computed your tax liability according to income tax rule in the earlier step, deduct the taxes that have been already paid by you through TDS, TCS and Advance Tax during the year. Add interest (If advance tax is applicable and late payment of tax amount), if any, payable under sections 234A, 234B, and 234C. After this, all add and less we will get our net tax liability Payable or Refundable.
This will tell you if all the taxes are already paid by you or any additional tax has to be paid or if you have paid any excess taxes and a refund is due to you.
If any additional taxes are due, individuals can be paid physically via cheque or online using challan ITNS 280. Income tax payments made after March 15 of the financial year for which return is to be filed are called payment of self-assessment tax.
The same should get reflected in your Form 26AS within 2-3 working days from the date of payment which you should cross-check. However, this time period could be longer towards the end of the financial year as rush to deposit self assessment tax increases.
Once you have computed your tax liability in the earlier step, deduct the taxes that have been already paid by you through TDS, TCS and Advance Tax during the year. Add interest, if any, payable under sections 234A, 234B and 234C.
If any additional taxes are due, the tax payer can be paid physically via cheque or online using challan ITNS 280. Income tax payments made after March 15 of the financial year for which return is to be filed are called payment of self-assessment tax but before March 15 called payment of Advance tax.
If any amount is refundable, the amount will be credited in your verified bank account within a few days. But before return filing, you should ensure about your bank account is linked with the Income-tax side and your mobile no. also linked with Bank account.
Once taxes, if any due, are paid by the taxpayer, after this you can start the process to file your ITR. Before filing the ITR you have to fill the detail of paid challan, If you want to claim any refund from the tax department, you can do, only if you file your ITR. You will get your refund after completion of your ITR processing which is completed by the department. You will have to file your ITR even if you are not mandatorily required to do so as per rules and ensure that you are using the correct ITR form to file it. If you file your ITR using the wrong form, then it will be treated as a defective return and you will be required to file it again.
The last step of ITR filing process is verification by following ways:-
1. By the Net banking
2. By Bank ATM
3. By Aadhaar OTP
4. Physical verification
5. By DSC
6. By Demat Account Number
If you want to verify your tax-return electronically, you will not be required to send any documents to the Income-tax department. However, if you want to verify your return physically, then you will be required to send a duly signed copy of Acknowledgement to 'CPC, Post Box no. 1, Electronic City Post Office, Bangalore- 560100, Karnataka, India.'
Note:- After you file your ITR, you have 120 days to verify it by any mode. If you do not verify your ITR, then it will be deemed as you have not to file ITR for the relevant financial year. In case you forget to verify your ITR before the deadline, you can file a request to your assessing officer and e verifies your return.
If you verify your ITR using an electronic method, then you will get immediately the confirmation mail from the tax department regarding verification of your ITR. If you have sent ITR-V via post to the I-T department, they will send you an email confirming that your ITR-V has been received by the I-T department, i.e., your return stands verified. The email will be sent to the email address you have registered in your e-filing account on the income tax department's e-filing website.
After the return is verified by the department, either via e-verification or physically which is done by us, the income tax department will start processing your tax return to ensure that all the details filled by the taxpayer are correct as per the Income Tax Act and also cross-check the details filled by you with other data available with it like 26AS, other department data, etc..
Once the return is processed, the I-T department communicates the same to you for completing the processing via email to your registered email ID. In case any discrepancies are found, they send you to notice or may ask you to explain further or correct the mistakes made while filing the original ITR.