Source/Contribution by : NJ Publications
With the ITR filing deadline not even a month away, it’s time to start gearing up to file your return, if you haven’t done already. Waiting for the last moment may not be wise for a number of reasons, there may be discrepancies in the TDS and the tax due, you may require additional documents or data, and moreover the tax filing website is often sluggish because of the heavy load on the last day. For any reason if you miss the deadline, the penalty for late filing may go upto Rs. 5,000, and you can also commit mistakes in haste. So, we suggest you to utilize the time in hand, collect your documents and data so that you can file the ITR in time. You can file the ITR by yourself on the e-filing portal: www.incometaxindiaefiling.gov.in, and there are various other websites, also providing a platform to file returns. Alternatively, you can also reach a professional for help.
So, here is a quick guide on how you should go about filing the income tax return.
Before moving on to filing, you need to have the numbers ready, and the corresponding documents, like documents supporting income, expenses, bank account details like ifsc code etc., for claiming refunds.
Once you are through with the groundwork, it’s time to file the return.
– The first step is to select the ITR form applicable to you. If you are a salaried individual, with income less than Rs 50 Lacs and/or income from one house property, and no business income, no capital gains during the year from sale of any assets, then ITR-1 form will be applicable to you. ITR-3 or ITR-4 for business income or income from profession. There are various other ITR forms, please refer the following table for other cases.
| ITR Form | Applicability |
| ITR 1 | For Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh |
| ITR 2 | For Individuals and HUFs not carrying out business or profession under any proprietorship |
| ITR 3 | For individuals and HUFs having income from a proprietary business or profession |
| ITR 4 | For presumptive income from Business & Profession |
| ITR 5 | For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7 |
| ITR 6 | For Companies other than companies claiming exemption under section 11 |
| ITR 7 | For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F) |
Source: www.incometaxindiaefiling.gov.in
Business/Profession: If the business or profession is on a small scale and the incomes and expenses are simple and straightforward then you can file the return on your own. If the calculations are complicated, then we suggest you to seek expert help.
Salaried Individuals:
Enter the incomes
This year, the IT department seeks a detailed breakup of the income earned by salaried individuals, like the basic salary, value of perquisites received, profits in lieu of salary, deductible allowances received. Be careful while filling in the details. You’ll get the break-up in the Form 16 that you get from your employer.
Enter other incomes, apart from your primary source of income,
– Rental incomes
– Long Term and Short Term Capital Gains received during the year, check the exemptions allowed under Section 54, 54B, 54D where the capital gains is on the sale of a property.
– Interest incomes, like interest on FD’s, PPF or NSC redeemed, bonds, savings account, interest income on tax refunds, etc.
Note, that interest income from Savings account is exempt upto Rs 10,000 u/s 80TTA and this exemption is not applicable to FD’s.
Also the bank deducts TDS @ 10%, if you fall under a higher slab then you’ll have to pay the extra tax.
Enter the exempted expenses
– The investments and/or expenses falling under Sections 80C, 80D, 80G, etc.
– Home Loan principal and interest are exempt under separate sections
– Investments under different sections
– Make full use of your salary breakup, uniform allowance, HRA, transport allowance, etc., subject to the bills furnished by you to the HR department.
– Even if you did not claim for an exemption which you had already paid for, while submitting the proofs in the March month, claim for it now. You can always claim a refund.
Check the form 26AS, to cross check the TDS. This form is available on the tax filing portal. In case of any discrepancy between the TDS appearing in the above form and in your form 16, or other TDS documents, then reach your employer or the payer of the respective income.
Enter the TDS details
Pay self assessment tax, if any. If the tax liability is more than the tax paid as per the form 26AS, then pay the additional tax by filling the challan 280 also available on the tax filing portal. You will have to enter the details of the Self assessment tax paid, like the BSR Code, Challan No., tax amount paid, etc., in the return.
In case of a refund due, enter the bank details in the ITR form.
File the Return.
And Lastly, e-verify the return. You can do it within 120 days of filing the return. There are various online methods to e-verify like Net Banking, Aadhar OTP, bank account, etc. Alternatively, you can also send a hard copy of the ITR-V to CPC, Bengaluru.