• Parag Negi
  • 27-Jul-2019

Quick guide to file income tax returns online by yourself

Nirmala sitaraman our finance minister has extended the deadline for income tax returns filling for the assessment year 2019-20 to august 31, 2019. Although the deadline has been extended, it is better to not delay your tax filling to avoid last minute problems.
If you are planing to file it yourself, here's a step-by-step guide to help you through the process.
3 ways to file ITR-

  • With the hepl of third parties, such as e-filling portals, C.A, tax return preparers (TRPs) appointed by the income tax department to assist small and medium taxpayers.
  • Even you can file it by yourself via income tax department's website Incometaxindiaefiling.gov.in
  • If you are over 80 years of age, you are allowed to file ITR manually.

How to file ITR online by yourself?

  1. Gather all required documents-
    The first step is to collect documents such as TDS certificate, capital gains statement, salary slips. These documents will help you ascertain the details of tax deducted at source (TDS) from your income FY 2018-19.
    Make sure all the TDS certificates you have recieved from all the deductors are in TRACES format.
    TRACES is a website for TDS reconciliation and correction enabling system. Also keep in mind that you have to pay tax on long term capital gains from equity shares and mutual funds if the gains exceed 1 lakh. So check and calculate the amount before filling.
  2. Keep your form 26AS ready-
    This form indicates that the tax which got deducted has been recieved by the goverment. Form 26AS contain details of tax deducted on behalf of the tax payer.
    Even you can downlaod the form from TRACES website.
    TDS deduction that is given in the form 16/forn 16A can be cross-checked uisng form26AS.
  3. Calculate the total income of financial year-
    Once you collected all the required documents and verified all the taxes that have been deducted from your income, you should compute the total taxable income.
    The total income is computed by adding your dearness allowance (DA), house rent allowance (HRA), transport allowance (TA), special allowance (SA) to your basic pay. Then deduct the exemptions of HRA, professional tax and standard deduction from the gross salary.
  • Know your ITR forms:
    Before filling returns keep sure that you choose correct ITR form. There are many forms available but only few are applicable by indiviuals.
  • ITR-1:
    For residents indiviual whose primary source of income is salary and for people who have one income from one house property and income from sources.
    This form is not suitable for:
  • Hindu undivided family (HUF)
  • non-residents
  • Indiviuals who are a director in a company
  • Indiviuals who have invested in unlisted equity shares
  • agriculture income exceeding rs 5000
  • Those who get income from capital gains
  • Indiviuals whose income exceeds Rs 50 lakh

ITR-2:
For indiviuals and HUFs having income from profit and gains of business or profession.

ITR-3:
For indiviuals, HUFs having income from profit and gains of business or profession.

ITR-4:
 For indiviuals, HUFs and firms who are resident having tpotal income upto rs 50 lakh and having income from business and profession which are computed under section 44AD, 44ADA or 44AE.

5. How to file online?

  • Login to income tax website. If you already have account, use that to login or create a new account using your PAN number
  • Once you login, click on "Filing income tax returns" tab and fill the necessary details. Make sure you choose appropriate ITR form and select "continue" and than you will be taken to "instruction" page. read through it once and click on the next tab "Part A general instructions"
  • In this page, your personal details will be allready filled since you have given your PAN card number.Once done click on save draft option at the bottom of the page.
  • Now click on next tab "computation of income and tax" calculate your total salary as mentioned above under "the total income tax for the financial year" section. Now enter gross total income amount in the "salary as per section 17(1)" slot.
  • In case of refunds you will have to furnish your bank details in the next section "part E-other information" click on "ADD" fill the details of the bank account in which you would like to recuve your refunds.

6. Verify your ITR-
The last step of ITR filling is verification. There are six ways to verify your ITR, out of which five are electronic methods and one is physical verification.
You have only 120 days to verify after you file your tax,if in any case you dont verify your ITR, it will be deemed as you have not filled it.

7. IT department will process the return-

Once you verify the returns , the IT department will start processing your tax return to ensure all thye details you have put are correct. Once process is finished the taxmen will drop you an email regarding the same.
So hurry up and fill your tax returns and dont wait for the last date.