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Key Takeaways
Understand your tax liability, which depends on your income type and the respective tax regime.
Prepare relevant documents, namely PAN, Aadhaar, Form 16, Form 26AS, AIS/TIS, investment proofs, and relevant receipts.
Select the correct ITR form, depending on the source of income and tax situation, as errors may lead to return rejection.
File returns online through the Income Tax portal or offline by uploading the JSON file.
Verify your ITR online or offline within 30 days of submission.
Filing income tax returns is mandatory for all taxpayers, where they report their gross taxable income, claim tax deductions, and declare net tax liability to the Income Tax Department. Seems like a challenging task? Knowing how to do it can save you from unnecessary stress and serious implications. According to your convenience, choose to do it online or offline. Let us break down both processes for you so that you can file your taxes without any hassle!
Things To Do Before Filing Your Income Tax Returns
Do you know that your tax liability depends on various factors such as income sources, age, and the applicable tax slabs set by the Income Tax Department? So, check if you are liable for taxes. The income categories are classified under:
Salary
Gains from business
Rent from house property
Interest from bank accounts
Lottery winnings
Dividends from shares
Additionally, based on the tax regime you select, the tax slabs will also vary. Remember that the old tax regime comes with various exemptions, while the new tax regime offers lower tax rates but has no exemptions.
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Gather the Necessary Documents
In order to file your income tax returns efficiently, you should have the following documents:
PAN (Permanent Account Number)
Aadhaar Card (Compulsory for e-Verification)
Form 16 (For Salaried People)
Form 26AS (Annual Tax Statement)
Annual Information Statement (AIS) or Taxpayer Information Summary (TIS)
Bank Statements
Investment Proofs
Housing Loan and Rent Receipts (if applicable)
Choose the Correct ITR Form
The Income Tax Department of India has introduced different ITR forms for taxpayers with different income types or sources.
Here are the most common forms used for ITR:
ITR Form
Applicable For
Key Conditions
ITR-1 (Sahaj Form)
Salaried individuals with income up to ₹50 lakhs
Agricultural income ≤ ₹5000, Income from one house property
ITR-2
Taxpayers with capital gains or foreign income
Income from unlisted equity shares, Multiple house properties
ITR-3
Professionals and business owners
Income from house property, salary/pension
ITR-4 (Sugam Form)
Individuals with salary/pension up to ₹50 lakhs
For presumptive taxation under sections 44AD, 44ADA, 44AE
Filing Your ITR Online: Steps to Follow
Don’t have the time to visit the Income Tax Department to file your income tax returns? Well, with the ITR filing process now available online, you can do this anytime and from anywhere. Just follow these steps:
Step 1: Register and log in to the E-filing Portal
Log in to this using your PAN, which doubles up as your user ID.
Are you a new taxpayer? Register on the portal with your details like PAN number, name, and date of birth.
Step 2: Select the Appropriate Form
Once you log into the portal, go to the “e-File” section and select “Income Tax Return”.
Choose the relevant assessment year. For instance, if you are filing the returns for the financial year (FY) 2024-25, select the assessment year (AY) as 2025-26.
Also, select the ITR form based on your income sources.
Step 3: Choose the Reason for Filing ITR
Next, you will be asked why you are filing the ITR. Select the appropriate option from the following:
Taxable income is higher than the exemption limit
Meet specific criteria that are mandated for ITR filing
Others
Step 4: Fill in the Details in the Form
Enter the details manually into the form. You can also use pre-filled information based on the data from your Form 26AS, AIS, and TIS. Make sure to fill in accurate details of income, deductions, and tax payments.
Step 5: Submit and Verify the Returns
After filling out the form, review it carefully and then submit it. Post this, you must verify your return within 30 days. Failing to do this is considered similar to not having filed your ITR. These are the methods to follow for verifying your ITR filing:
Using Aadhaar OTP
Via Net Banking
Through Electronic Verification Code (EVC)
Sending a Physical Copy of ITR verification to CPC in Bengaluru
Did You Know?
More than 93% of income tax returns were filed online in FY 2023–24 using e filing 2.0.
Source: The Economic Times.
Filing Your ITR Offline: Steps to Follow
Do you prefer filing your ITR offline? Here are the steps you should follow:
Step 1: Download the Offline Utility
Visit the official Income Tax e-Filing portal - Income Tax.
You do not have to log into the portal. Instead, select “Home” and click on the relevant utility for your ITR. Click “Download”.
Once downloaded, install and open the offline utility tool. If you have already installed it, it will update automatically when connected to the internet.
Click “Continue”.
Step 2: Get Directed to the ITR Page
You will be directed to the Income Tax Returns Page, where the following tabs and content will be displayed:
Returns: All your ITRs from previous years will be displayed here. Click on “File Returns” to file the returns for the current FY.
Draft of Returns: Did you leave the ITR return filing midway last time? This will be saved under this tab. Select the relevant tab and click on “Edit”.
Prefilled Data: The previously filled JSON files are stored under this tab, and all the pre-filled details are intact.
Import the downloaded JSON file into your utility tool. This will pre-fill certain details of the ITR form.
Step 3: Fill in the ITR Form
In the offline utility, select the option “File Returns”.
Based on your income sources, select the relevant ITR form.
Enter PAN, name, date of birth, and other details.
Fill in the details of your income sources, such as salary, rent, capital gains, etc.
Use the “Validate” feature in the utility to ensure that all the details you have filled out are correct. Then, generate the JSON file that will be used to upload your returns.
Step 5: Upload the ITR and Verify
Click on the “e-File” menu and then click on the “Income Tax Return” link.
Select the “Upload JSON” option and select the file that you have generated. Review and submit it.
Verify your ITR using Aadhaar authentication, net banking or EVC.
Conclusion
Filing income tax in India is no longer a complicated process. Whether you select the online or offline method, the process has become easy and seamless. So, this year, don’t keep your ITR for the last hour or hire a professional. Follow these steps to ensure that you comply with tax rules and get the maximum deductions.
Glossary
e filing 2.0: The advanced income tax filing platform by the government of India for simpler and quicker ITR filing.
Income Tax Slab: The structure of tax rates against various ranges of income under the New and Old tax regimes.
Section 80C: A provision of the Income Tax Act for deduction up to ₹1.5 lakh for particular investments.
ULIP: Unit Linked Insurance Plan brings insurance together with equity/debt investment.
Section 10(10D): Tax-free maturity benefits from life insurance policies, subject to specific conditions.
FAQs
No, you don’t have to attach or upload any documents while filing your income tax returns. Keep them handy to refer to while filling in the details. Also, you may need them if the IT department gives you notice in the future.
If you have filed your ITR correctly, you will get the refund within 30-90 days of filing.
Absolutely! You can revise the ITR you have filed before 31st December of the assessment year.
Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.
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