Filing your income tax return (ITR) as an individual can seem overwhelming, but with proper guidance, the process can be simple and hassle-free. Here are the step-by-step instructions on how to file an income tax return in India:
Step 1: Gather all the necessary documents Before filing your ITR, ensure you have all the required documents, such as Form 16, Form 26AS, bank statements, and investment proofs, such as mutual fund and insurance policies.
Step 2: Determine your ITR form Based on your income source and the type of taxpayer you are, determine which ITR form you need to fill. For instance, if you are a salaried employee, then you can use ITR-1 or ITR-2, but if you own a business or have capital gains, then you may need to use ITR-3 or ITR-4.
Step 3: Register yourself on the Income Tax Department website To file your ITR, you must first register yourself on the Income Tax Department website, by visiting https://www.incometaxindiaefiling.gov.in/home.
Step 4: Download the ITR form Once you have registered, download the applicable ITR form and save it on your computer.
Step 5: Fill out the ITR form Open the downloaded ITR form and fill in all the required details. Ensure that you fill out all the necessary fields, such as personal details, income details, and tax computation.
Step 6: Verify the ITR form Once you have filled out the ITR form, verify all the details entered, and make sure that there are no errors or omissions.
Step 7: Calculate your tax liability After you have verified the ITR form, calculate your tax liability, and pay the tax due (if any) before filing your return.
Step 8: Upload the ITR form After paying the tax due (if any), upload the ITR form on the Income Tax Department website. You can do this by logging in to your account and clicking on the ‘Upload Return’ option.
Step 9: Verify the ITR form After uploading the ITR form, you must verify it using either Aadhaar OTP, Net banking, or through EVC (Electronic Verification Code). This step is mandatory to complete the filing process.
Step 10: Keep a copy of the filed ITR Once your ITR is successfully filed, keep a copy of the filed ITR form for future reference.
That’s it! These are the ten steps that you need to follow to file your income tax return as an individual.