How to Self E-file Your Income Tax Return
If complex tax forms and tax terms bewilder you, let’s break down your return filing process in segments. By taking these small, careful steps, you will be on a roll with your return filing this year.
Form 16 is a certificate your employer gives you when the TDS deducted on your salary is certified. Form 16 has most of the information you need to fill in your return. PAN and TAN details of your employer, name and address of your employer and similar details for you are mentioned which have to be filled in the return. You will see a number which is your ‘total taxable salary’ and that is the number you will have to pick to submit under the head salary in your return. Several tax filers allow you to upload your Form 16 and with that all this information gets picked up automatically in your return.
Most of us earn a savings bank account interest or have some fixed deposits put away. This interest earned has to be added to your return under income from other sources. Get hold of your bank statement or look up online for credits to your account by the bank towards interest in your savings account. Most online banks also show a fixed deposit statement, where you can see the interest earned during the year. If you have any other bonds you subscribed to, where interest is accumulated, add this interest to your return. As a thumb rule, offer interest income on deposits and bonds when it is accrued each year, rather than when it is paid on maturity.
Deductions are allowed from your gross income under sections 80C to 80U. With the help of these deductions, you will be able to reduce your gross income and consequently pay lower tax. You will find these in your form 16. However, if you are eligible to claim certain deductions and you have not disclosed them to your employer, you can claim them at the time of filing your return. Say, if you deposited Rs 40,000 in PPF and could not share this with your employer or paid life insurance premium about which you could not intimate your employer; claim them in your return. Medical insurance premium payments are eligible to be claimed under section 80D and 80G; provided you meet the conditions listed in the relevant sections.
Whatever TDS has been deducted from your various incomes by employer, banks or anyone can be reduced from your total tax liability. After all, this is the tax which has already been deducted from your income and deposited against your PAN. Goes without saying, including the income in your return on which TDS is deducted is essential. You can find out details of all the TDS deducted in your Form 26AS. If you have yourself deposited some tax to the government, you’ll be able to find that information in it too.
Your PAN, email address, bank account details (mention the account where you want to receive refund, whether or not any refund is due), and all the other information must be accurately provided by you in your income tax return. Allocate some time to review it properly.
Once you have done the above, now review your entire income tax return form. Remember if there is tax due, you have to first pay that tax and only then you can e-file successfully. Make the payment of any tax that is due. Review incomes, deductions, TDS and other information. You are now ready to e-file your return.
Sending your ITR-V is a critical and important step to conclude successful e-filing. It has to be printed out, signed and sent to CPC, Bangalore via speed post. The income tax department is working on a process to verify it via ‘Aadhaar’, details are awaited shortly. Don’t miss this very important step.