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Income tax filing: For salaried individuals, online filing of tax is the easiest way to file income tax returns.
It is nearing the end of July, the time of year when tax payers rush to file their income tax returns in India. For salaried individuals, online filing of tax is the easiest way to file income tax returns. It is mandatory for those earning an income of Rs 5 lakhs and above to file income tax returns online. The process is simple and hassle free.
Anyone earning Rs 5 lakhs or above can log onto http://incometaxindiaefiling.gov.in/ and create an account using their PAN number. Once this is done, the person has to login to his or her account to proceed to file for tax returns. It is best to read the instructions provided before filling up the forms and filing for tax returns.
Step 1: The first step is to choose the correct income tax return (ITR) form. It is ITR-1 for all salaried individuals. Once the form is chosen, every new user has to fill in their Personal Information. A person who already has used the portal to file the returns has to just verify if the existing personal information is correct and add details to any field which is empty.
Step 2: After the personal details are filled up, Income Details of the assessment year have to be entered. The user has to simply follow the instructions given, to fill in the details. This section is followed by a sub-section where the user has to provide the details of investments which have been made by the individual and are eligible for tax exemptions.
Step 3: After all these sections of the form are filled up, the next section is Tax Details. For salaried employees, this section would have been pre-filled by the Income-Tax Department. The user has to merely cross-check the available data with their Form 16. For non-salaried tax payers, the details have to be entered by the user.
Step 4: This section is followed by the Taxes Paid and Verification segment. This segment gives information on the income tax paid by the user so far, and also reflect on any refund or additional tax to be paid by the user. Once all the forms are filled and the user submits them, e-verification happens instantaneously. Alternatively, a printout can be taken and sent to the Central Processing Centre (CPC) located at Bengaluru.
Points to be noted:
The author is founder and CEO, Right Horizons
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