Are you still hassling over filing your returns for the year 14-15? Don’t bother calling up your chartered accountant when you can easily log on to your active internet connection and login to begin the e-filing income tax return. Take ownership of your own finances, as no one will know the nitty-gritties of your finances better than you. Let’s see how one can file returns easily online.[wp_ad_camp_5]
Move out of the traditional setup
The days of calling your chartered accountant to facilitate your needs have long gone. It’s about time you begin filing your returns online and reduce the chances of any error. Let’s look at the basics involved in filing taxes electronically.
- Check your registration: Those who have registered on the IT website for the first time should check to see if their username and password is accurate.
- Register, if not registered: Visit the income tax website and enter the PAN card details and click on register. Other details such as father’s name, date of birth, email address and valid contact numbers are important. Follow the remaining instructions mentioned to complete the process.
- Make a checklist: Once you have cross-checked the list of items that need to be mentioned as income sources, the process is fairly easy. Gather all the necessary information such as salary, interest earned from investments made and from other savings accounts, capital gains, rent income etc. While detailing all the income sources is important, comprise a list of all the income outgo such as expenses, donations and deductions made towards investments. Check to see if you can carry-forward your losses to the next year and not bear it as a tax liability.
- Check to see if you have filled all the necessary online forms: If you are ready with all the documents go ahead and fill up the online ITR documents such as ITR 1, 2, 3, 4 and 4S.
- Verify with a 26AS form: Conduct a cross-reference of the tax deducted and the amount deposited against your PAN by downloading this form. You will be able to reflect your TDS, advance tax and self-assessment taxes. Certain banks also provide this form if you have an account with these banks.
- Pay your balance tax: Once you have estimate, ensure that you pay any leftover tax liability after considering factors such as TDS and any advance tax to be paid.
- Complete all the procedures: Ensure that you download the applicable return preparation form and complete all the details that need to be filled.
- Print the ITR-V and sign: You know you have completed the e-filling process once you have printed the ITR-V and signed it in blue ink. This should be sent via speed-post to the Income Tax Central Processing Centre within your city.
For those who opt for paper-filing, simply ask for the form from the income tax department and the designated stationary shops. Follow the instructions mentioned on the tax website to physically hand over the documents to the income tax department.
To know more about ItsAllAboutMoney visit http://www.itsallaboutmoney.com.