Those who have filed Income tax before this is a trivial process for them. But for those who have filing Income tax first time, it’s never going to be easy for them. You can always contact a tax expert for this, but why shouldn’t do it our-self. It is just the beginning and still lots more years yet to come for Income Tax Filing. I still remember that day when the first time I have filled the income tax using e-Filing website of Indian Government and later it took several phone calls to help center and three more attempts to correct same return. That’s how I learnt the process . Because of most popular demand, I am going to write the whole process again. I hope it will be helpful at least for beginners.Do visit other financial articles to get the better understanding of tax treatment.
Ideal case scenario where this Article exactly helps tax payer.
1.When you have income from salary only.
2.When you are filling income tax return from Government e-filing website. Believe me, that is the easiest way to e-file income tax return.
3.When you are having your Form-16A and Form 16B(Salary Certificate) handy with you.
So after the end of every financial year, you will get the Form-16 and the salary certificate from your employer. Let’s try to understand both of this forms. I am providing both sample forms which will help you to understand this.
Understand Form 16A and Form 16B(Salary Certificate )
Below is Form 16A which contains the quarterly and monthly of tax deducted and deposited to Income tax department of India on behalf of you. This form is not much needed to file the income tax though it contains the use full information.
Below is Form 16B(Salary Certificate) which contains the details of all the exemption, investment, and tax deducted at source. It is very necessary to understand this form completely to file income tax.
Few Key points about Form 16 B
1. Your taxable income is mention in heading 8(Gross Total Income 6+7),This is the Income on which you need to pay tax. So all the exemption such as medical ,transport,leave travel and HRA has been deducted from Heading 1(Gross Salary).
2. Still, chapter VI A is there to deduct from point 1.This chapter contains 80C, NPS, 80D, 80G. Details of this instrument you will get in this article. Mention in Heading 10 (aggregate of deductible amounts under VI-A).
3. Heading 11 (Total Income) is your true taxable income. At this point, your exemptions and investments have taken care of. You can calculate your Income tax as per the Income Tax Slab now.
4. Heading 12 contains your payable tax.
File online ITR Return from Income tax department E-Filing site .
1. You need to create your account here with your PAN and other required details.Once you are done with your account creation you can login using the user id as your PAN number and your password.
2. Go to efile->prepare and submit online ITR.Select ITR-1 in ITR Form Name.Various other ITR forms are there but since your Income is only from the salary you need to fill ITR1.
3. Select assessment year. Remember financial year always follow assessment year. Eg If the financial year is 2015-16 then assessment year is 2016-17.
4. You need to choose prefilled address with, you can choose pan database or From previous return if you have filled return earlier.
5. Next, you need to select digital sign no and submit ,You will get six different tab which you need to fill .
6. Be careful while filling each tab filled data should be same as your pan database else your return may get rejected.
7. Personal information should match with your pan details,In Income details tab in B1 heading you need to mention your gross total income corresponding to heading 8 of form 16B.
8.Then you need to mention the details of chapter VI-A as per the form 16B. You can mention additional investment as well if you have didn’t submit to your employer.You don’t need to send this documents anywhere if Income tax department asks for proofs then you have to show this proofs.
9. After this detail, your tax will be calculated by itself .In next tab which is Tax details, it is prefilled since your employer already deposited your tax.
10.In tab Taxes Paid And Verification in heading D19 you will get final status of your income tax. You have to fill your account details as well.
11. In 80G tab, you have to fill donation if you have donated towards any relief fund or any fund which qualify for 80G.
12. In Al tab, you need to fill details if you are high net worth individual whose net worth is more than 50L.
13.Mostly you are done you can submit your return now.
14.In the last step, you have to online or offline verify your return from E-file->E-verify. You can e-verify return using AADHAR,Netbanking,or you account number.If you won’t able to verify don’t worry event you can download Form V and after signing you can send it to mentioned address of income tax department of India. That’s All
So Don’t worry do file your taxes before the last date is over.And don’t be selfish keep sharing