Unlike back in the days, filing your income tax return is much easier today. And you don’t even need an accountant to help you with that. Even if this is your first time and has no clue how to go about things, follow these steps to successfully file for ITR 2018:
(Note though, there are more than one ways to do this. I am outlining the easiest one that I have found)
(ii) Once registered, log in your account and download Form 26AS. If the file is password protected, use your date of birth (ddmmyy) as a password.
(iii) Download your income tax return form. If you’re an individual earning salary income, download ITR 1. However, if you own more than one house, download ITR 2.
(iiii) Unzip the file downloaded. Open an Excel document. Fill it carefully and provide all the right details.
(v) ‘Validate’ the information you have provided on individual sheets.
(vi) After filling all the details, click on ‘Calculate Tax’. If there still is some tax payable, you should first deposit the amount and input the challan details.
(vii) Click on ‘Generate XML’.
(viii) Login to your e-filing account; find and click on the option ‘Upload Return’.
(ix) An ITR-V will be generated and sent to your registered email address.
(x) Check your email. Download and Print out ITR-V. And send it to the following address via post – ‘Income Tax Department - CPC, Post Bag No - 1, Electronic City Post Office, Bengaluru - 560100’.
(xi) You will get an acknowledgment email and SMS from the income tax department after they have received your ITR-V.
That’s it! You’ve successfully filled for Income tax return.
Of course, there’s a way to do this completely online—without the need to download any form and sending a receipt on an address. But for some reason, I find this way of filing Income tax return much convenient. It isn’t necessarily very quick. But it is convenient.
If you want to do this process completely online, follow these steps:
(ii) Log in to your dashboard and fill in the asked information (PAN and captcha).
(iii) Click on the ‘e-file’ tab.
(iiii) Choose the most appropriate form. For a regular salaried individual, it would be ITR-1.
(v) Select an option to verify your returns. Go with Aadhaar OTP.
(vi) After OTP verification, you will be redirected to a form you’ve selected. Fill all the asked fields. Make sure there’s no error. After inputting everything, ensure to re-check.
(vii) Click ‘Submit’. You will be asked to verify your return. Again, go with Aadhaar OTP.
(viii) After verification, an acknowledgment ITR-V will be sent to your email and SMS.
The income tax department will process your ITR. Once successfully processed, you will receive a confirmation email and SMS on your phone.
These are 2 ways to file for Income tax return in India. Told you, it’s easier than ever!