How to file income tax return: Step-by-step guide, documents needed

Last date for delayed ITR (income tax return) filing for AY 2021/22 is March 31. An earning individual who failed to file ITR for AY 21/22 by the due date is advised to file March 31.

Here is everything you need to know about filing ITRs

Select from four types of forms – ITR 1, ITR 2, ITR 3 and ITR 4 – based on sources of income.

Resident individuals, for example, with less than ₹50 lakh in annual income, no more than one house owned and minimal (less than ₹5,000) agricultural income must file ITR 1.

More details on which form to select are given in the flowchart below:

 

List of documents required to fill selected ITR

Remember to have all relevant documents at hand before you start the e-filing process.

> Bank and post office savings account passbook

> PPF account passbook

> Salary slips

> Aadhar and PAN (permanent account number) card

> Home loan statement from bank (If any)

> Proofs to claim deductions under section 80D to 80U (if any)

> Form-16 (this is issued to you by your employer and has details of tax deducted at source, if any, as well as details of salary paid)

There are also three related forms – 16A, 16B and 16C – that you may need.

Form-16A is needed if TDS is deducted on payments (to you) other than salary – such as interest from fixed or recurring deposits – over limits specified by current tax laws.

Form-16B is needed if you have sold property; it shows TDS deducted on amount paid to you.

Form-16C is needed if are renting out property; it is from the tenant and provides details of TDS deducted on rent received by you.

Form 26AS – this is an annual statement that includes details of TDS

Step-by-step guide to filing Income Tax Return

Log on to the Income Tax Department portal (www.incometaxindiaefiling.gov.in). If you don’t already have an account, register using your PAN. This will serve as your user ID.

Step 1: Download appropriate ITR form

Under ‘download’, go to ‘e-filing’ under the relevant assessment year and select the appropriate ITR form.

Step 2: Download the Return Preparation Software (excel utility). Follow the instructions and ensure that the details auto-filled match those from your Form 16.

Step 3: Compute relevant tax details

Compute tax payable, pay tax, if any, and enter relevant challan details.

If you do not have a tax liability, you can skip this step.

Step 4: Confirm the above details

Confirm the details entered by you and generate an XML file.

Step 5: Submit return

Go to the ‘Submit Return’ section and upload the XML file.

Step 6: Confirmation from ITR verification

A message confirming successful e-filing is flashed on your screen. The acknowledgement form – ITR-Verification will be emailed to your registered email id.

Step 7: E-verify Return

E-verify the return through any one of the below six modes: Netbanking, Bank ATM, Aadhaar OTP, Bank Account Number, Demat Account Number and Registered Mobile Number & Email id. E-verification eliminates the need to send a physical copy of the ITR-5 acknowledgement to CPC, Bengaluru.

(With inputs from ANI)