Below we have listed out the ways and few general FAQs regarding the process.
The deadline of July 31 for filing Income Tax Returns draws nearer, it is advisable to do it before time to avoid any last minute confusion. If you are filing it for the first time and has no idea about the process. Below we have listed out the ways and few general FAQs regarding the process.
First let us begin with the fact what are income tax returns? According to the Income Tax department's website, ITR stands for Income Tax Return. It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. It also allows carry -forward of loss and claim refund from income tax department.Different forms of returns of income are prescribed for filing of returns for different Status and Nature of income. These forms can be downloaded from www.incometaxindia.gov.in
1. Filing of ITR is just a 20 minutes process, following is your step wise guide regarding the same.
Documents you will require to file ITR:
PAN card, Aadhaar card, Form 16, Bank Account details, Investment details viz LIC, PPF, NSC, NPS, Health, Donations receipts,House rent receipts,Home loan details and loan certificates,Medical expenditure receipt on self or any other dependent Tuition Fee receipts of up to two children.
2.Modes of filing ITR:
You can either file ITR by directly going to the Income tax office or you can do that online via various online portal.
3. How to complete the e-filing of ITR
Just keep your Digital Signature Certificate (DSC), which you would be needing to complete the e-filing of your Income Tax Return.
4. ITR -V acknowledgment:
After filing ITR online, make sure to download the ITR -V acknowledgment form, after signing the form in blue ink you have to post this to the income tax department in Bangalore. You have to do that within 120 days of e-filing the Income Tax Return Form.
Tax returns for fiscal 2015-2016 ((assessment year 2016-2017) and 2016-17 (assessment year 2017-18) were originally to be filed by 31 July last year. But in view of the reports that the e-filing website was facing glitches, the deadline was extended. Reports say that IT department will not further extend the date beyond March 31.
However, tax payers should not confuse this deadline with current financial year, ITR filing for which is on or before July 31.
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 "ITR filings: As July 31 deadline draws nearer, here's how to do it")
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