Scrambling to file your tax returns before the 31st
July deadline - If you haven’t filed your return yet, it’s time to get
cracking. Here are the quick steps you can take to start filing NOW!
Getting Organized
- You will need your Form 16. Your Form 16 has all the details you need to get started. Part A of this form has information of PAN, TAN and Address details of your Employer. You will need these details since you need to fill these fields in your Return. Part B of Form 16 has your salary details. Total Taxable Salary, Deductions, Tax Deducted and any tax due or refundable to you. Luckily, if you have disclosed all your incomes to your employer, your employer would have already deducted tax on those and considered those in this Form.
- Another document you will need is your Form 26AS : Form 26AS is a storehouse of information all linked to your PAN number. Tax Deducted on your PAN, Advance Tax paid by you, self assessment tax paid by you. When banks deduct TDS on your income, it shows up on your Form 26AS. Similarly all the TDS deducted by your employer also shows up here. Use this summary to know of all the incomes you need to report and the tax deducted thereon.
- Other documents like your bank statement – this will have your interest income. You’ll need interest payment and principal repayment details on your housing loan.
Start E-filing
- E-filing really is smooth sailing, embrace it! Create your login on one of the e-filing portals. Online portals like ClearTax automatically populate your return when you upload your Form 16, you can even upload multiple Form 16s. You can enter the information manually too, if that feels more comfortable.
- You can automatically populate your TDS details, ClearTax can pull out all our TDS information directly from the IT department’s website. A few clicks and all the data you need is there on your IT Return. You always choose to enter these details manually too.
- Make sure you have captured all Incomes you have earned during the financial year and input them under relevant heads.
- Take some time to review your Return for omissions, if any and tally in the final tax refund/liability if there is.
- If all looks ok to you, click on E-file!
Send ITRV
- You are not done yet! Once you have successfully e-filed, your ITRV will be sent to your email id. You can also download it yourself.
- Take a print of the ITR-V, sign it in blue ink and send it by ordinary or speed post (no couriers) to CPC, Bangalore. Remember, you need to send this document within 120 days of filing your return. You can check whether CPC received your ITR-V here.
- Upon receiving your ITR-V, the IT department will send you an acknowledgement on email. That completes your Return filing process!
Don’t wait for the eleventh hour, File your return pronto!
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(Recd thru RK Sahni)
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frustration...
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| that unending, futile search for happiness... |