How to File ITR in an Easy Way ?

How to file ITR in an easy way ?

How to file ITR in an easy way ?

Filing Income Tax Returns (ITR) can often seem like a daunting task, but with the advancements in digital infrastructure and user-friendly platforms provided by the Indian government, the process has become more streamlined and accessible. Here’s a simplified guide on how to file your ITR in an easy way in 2024.

Step 1: Gather Necessary Documents

Before you start the filing process, it’s crucial to have all necessary documents in hand. These include:

• PAN Card
• Aadhaar Card
• Bank statements
• Form 16/16A (provided by your employer)
• Form 26AS (available on the Income Tax Department’s website)
• Investment proofs (for deductions under Section 80C, 80D, etc.)
• Details of other income (interest from savings accounts, fixed deposits, etc.)

Step 2: Register on the Income Tax E-Filing Portal

If you are filing ITR for the first time, you need to register on the Income Tax e-filing portal (https://www.incometax.gov.in/iec/foportal/). Use your PAN number as the user ID and follow the steps to create your account.

Step 3: Link Aadhaar with PAN

Ensure that your Aadhaar is linked with your PAN, as it is mandatory for filing ITR. You can check and link your Aadhaar on the e-filing portal itself.

Step 4: Choose the Correct ITR Form

There are different ITR forms depending on your income source and category:

• ITR-1 (Sahaj): For individuals with income up to ₹50 lakh from salary, one house property, and other sources (excluding lottery).
• ITR-2: For individuals and HUFs not having income from business or profession.
• ITR-3: For individuals and HUFs having income from a proprietary business or profession.
• ITR-4 (Sugam): For individuals, HUFs, and firms (other than LLP) with a total income of up to ₹50 lakh and having income from business and profession under presumptive taxation scheme.

Choose the form applicable to your income situation.

Step 5: Download and Fill the ITR Form

You can either fill the form online or download the offline utility provided on the portal. If you choose the offline method, download the utility (Java, Excel, or JSON), fill in the necessary details, and generate the XML file.

Step 6: Validate Your Form

Once the form is filled, use the ‘Validate’ button to check for errors. Ensure all mandatory fields are filled correctly and that there are no discrepancies.

Step 7: Compute and Pay Tax

Calculate your total taxable income and the tax liability. If you owe any tax, pay it using the e-payment facility on the portal. Note the challan details after making the payment.

Step 8: Upload the Form

If you are using the offline utility, upload the generated XML file on the portal. For online filing, directly submit the form on the portal. You will receive an acknowledgment in the form of ITR-V.

Step 9: Verify Your ITR

The final step is to verify your ITR. This can be done electronically using Aadhaar OTP, net banking, or by sending a signed physical copy of the ITR-V to the Centralized Processing Center (CPC) in Bangalore within 120 days of filing.

Common Mistakes to Avoid

• Incorrect Form Selection: Using the wrong ITR form can lead to rejection.
• Mismatch in Form 16 and 26AS: Ensure that the TDS details in Form 16 match with those in Form 26AS.
• Not Reporting All Income: Include all sources of income, including interest from savings and fixed deposits.
• Incorrect Bank Details: Ensure correct bank details for timely refunds.

Summary

Filing ITR in 2024 in India has become significantly easier with the digital advancements and user-friendly platforms provided by the Income Tax Department. By following the steps outlined above and ensuring accuracy in your filings, you can navigate the ITR filing process smoothly and efficiently.

For any assistance and filling of itr you can reach us on jadon.balveer5@financewala.in

Call @9599250663

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