Have you recently started working in a full-time job? You must love the feel of your new-found independence and ability to stand on your own feet. But along with the fun and enjoyment, comes responsibilities as well. And one of the aspects of adult life that we can’t run away from is the tax.
August 31 is the last day to file your income tax returns. While your family’s chartered accountant may be there to help you with the filing, filing your tax returns is simple with efiling on the income tax website.
But before you start the process, it is better to be prepared with the various documents that will be needed. While you don’t have to upload any documents, you will need to fill the details. These details include Permanent Account Number (PAN), Aadhaar card, Form 16, Form 16A, long-term and short-term capital gains statements on your investment, interest statement of your bank account and any other income-related documents. Also, if you have made some tax-saving investments such as ELSS, insurance, you need to keep the details handy.
You will also require your TDS certificate and 26AS, which will help you to cross-check with the details. Also, keep a note of your bank details as you have to mention your bank details.
Register yourself on the Income tax Department’s online tax filing site (incometaxindiaefiling.gov.in). You have to give your permanent account number (PAN), name and date of birth and choose a password. In case you get a notification saying that your PAN is already registered, don’t worry. Just use your PAN as your user ID to log in and click on forgot your password to create a new password.
Select the correct form. If you are an individual earning a salary, pension, or income from property or sources other than lottery less than Rs.50 lakhs, then you need to click on ITR -1. It is important to choose the right form as submitting the wrong form will be deemed invalid.
ITR-2 is for people who have income from a business, capital gains income, income from more than one house property, and other incomes. Individual business people and professionals need to fill ITR-3 form.
After this, you can continue to start filing your returns. Some of the details will be prefilled. You may need to fill the other information and check the other details before submitting. Also, save the draft at each step so that you don’t lose out on the progress. Note the acknowledgement number that will be generated by the system once you are done with the process.
Now, wasn’t that easy? So don’t wait for the last date and file your tax returns today.
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