5 Easy Steps to Complete Your ITR E Filing
FY2021-22 just got over in March 2022, Income Tax Return filing forms for AY2022-23 are already available on the Income Tax portal, and TDS returns are filed by all the deductor of TDS from Salaries, Interest Incomes, Dividend, and Professional Fees, and Form 16 is issued to you, so its time to file your Income Tax Returns before the due date, by showing all your incomes and avoid any Penalty, Interest or any potential risk of Scrutiny.
Around 10crore Individual Registered users have filed Income Tax Return for FY 2020-21 as per income tax portal updates.
Very recently I received a query from a friend asking for the online income tax return filing procedure such as tax return due date, tax to be paid, and ITR form to be filled. This is a regular query in everyone’s mind almost year after year. I thought it would be much easier for you and for me if I put down all the general queries in one place as a guide so that all of us can refer to it, whenever the need arises and do the needful to complete the process.
What is your outcome- It is to file the Income-tax return on time and relax, isn’t it?
You have currently received your Form 16 from your employer, from banks, Mutual funds, or Investment companies and wish to get started with the process.
You may be in the process of downloading your bank statements in excel format, and/or collecting your form 16, and/or are arranging for documents pertaining to your incomes as reflected in 26AS (Income Tax statement) and compiling all of these before getting returns filed.
There is a set of procedures to be followed every year for the smooth completion of your tax filing and you can very well file independently.
So, let me take you through the income tax return filing steps,
Prepare– Put down all your incomes earned during FY2021-22 in one place. It can be Salary Income, Interest Income, Rental Income, Capital Gains on sale of house property or redemption of Equity/Debt-based shares or Mutual funds, or Business and Professional Income including freelance Income.
Upload– Keep the entire set of documents that are required to file your Income Tax Returns as explained below in your drive/folder/email.
Claim– After writing down your incomes, and collecting all documents, it’s time to work out the exemptions that you are eligible for, and the deductions which you can claim from your incomes that will further reduce your tax liability if any.
Settle– Download form 26AS, calculate your total tax on total income after setting off all the losses, and claiming all exemptions and deductions, set off against Tax already paid either as Advance Tax, or Tax deducted at source, and pay the final tax liability.
File– Once taxes are paid, log in to your Income Tax Site with your registered PAN and password, click on Efile Income Tax Returns, file the ITR form applicable to you, fill in basic details and all incomes earned during the FY2021-22, and Everify the return either with OTP, EVC through bank validation and submit the return. Download the acknowledgment ITR-V and this completes the return filing process.
The income tax return filing process is very easy and quick, once income sources and documents are ready.
After filing the return, you will receive an Intimation u/s 143(1) from the Income Tax Department, confirming whether, all the figures filed by you are in accordance with the information received by them in Annual information statements filed by various companies, authorities, and registrars. If a refund is claimed and the information is in accordance, then the refund will be passed through by the Income Tax Department. Accordingly, if any tax arises, they will issue a demand notice for the same.
Income tax return filing due date for AY 2022-23 is 31st July 2022 for Non-Tax-Audit Assesses including Salaried Individuals.
I have explained to you in detail the procedure and the documents required for your Income Tax Return Filing, which will be helpful to you year after year.
In the next blog, I will be taking you through the Income Tax Return filing for Freelancers and the Tax audit procedure.
It’s your turn to let me know in the comments section below about your queries about Income Tax Return filing.
Have you filed your 2021 Income Taxes?