Income Tax Return Filing: Step to Step Guide

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July 31 is the last date for filing of Income Tax Returns for the previous financial year of 2018-2019. You should keep your documents handy in advance to avoid any last minute hassles. If you file ITR after the deadline, you will need to pay late filing fees of up to Rs. 10000. Everyone is required to file ITRs digitally except for super senior citizens aging 80 years and above. They can file returns in paper format. Here is your simple and straightforward guide on how to e-file your ITR.

1. Collect all required Documents
Firstly, you are required to collect all necessary documents for filing ITR such as Form 16, salary slips, TDS certificates and capital gains statements. Form 16 is the TDS certificate given by employer for the tax deducted from salary. Form 16A is for TDS deducted on interest payments. One can claim deduction under Section 80TTA for up to Rs. 10000 on interest earned from savings bank account held with bank or post office. Senior citizens can claim deduction of Rs. 50000 on interest income.

 2. Check your 26AS Form
Form 26AS is viewable when you login to Income Tax website. It is a consolidated statement containing all the details of tax that has been deducted from your income against your PAN. You should cross check your TDS certificates with Form 26AS.
income tax return filing
3. Tax-Saving Investments
All the tax-savings investments made by you and the expenditure incurred eligible for deduction under Section 80C, 80CCC and 80CCD (1) need to be collected for getting tax exemptions. The Section 80C deductions are available for investments made by you in Employees' Provident Fund (EPF), PublicProvident Fund (PPF), Sukanya Smriddhi Yojana (SSY), life insurance premium paid, National Pension System (NPS) etc.

4. Other Eligible Deductions
If you have paid health insurance premiums for the FY 2018-19, you can claim deduction for the same under Section 80D of the Act subject to maximum of Rs. 25000.
For all those who have taken home loan from bank or any other financial institution, the interest amount paid by you is eligible for income tax deduction under Section 24. One can claim maximum of Rs. 200000.

5. File your Income Tax Returns and Verify it
You are now all set to file your Income Tax Return. It can be filed by download software in Excel or Java utility. After filing, you also need to verify it. You can verify it electronically and receive confirmation from tax department regarding verification. You can also sent it via Post and the department will send you email confirmation after it is received by I-T department.

Avoid these common mistakes and file your income tax return on time. If you have any queries, feel free to ask us in the comments.


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