ITR? Here’s how you do it

As the deadline for filing incometax returns (July 31) nears, here’s everything you need to know

MUMBAI:FILING ITR is not a tedious process anymore. Only remember you need to do it before July 31.

There are two ways to file ITR — online as well as offline. Here is a look at how you can do it online.

It is mandatory to e-file ITR, if your income is above ₹5 lakh. The first step is keeping all documents such as permanent account number (PAN), Aadhaar, Form 16 and other documents handy. You can then log into the income tax department website, https://portal.incometaxindiaefiling.gov.in. If you are filing your ITR for the first time, you will have to create your account with a login ID, password, date of birth and code. Login ID is your PAN. Once you have created your account and logged in, click on the ‘Filing of Income Tax Return’ button. If you are a registered user, you just need to enter your user ID and password. Your PAN, which you use at the time of registration, is your user ID. You then have to pick the correct ITR form and select the assessment year. For instance, if you have income only from salary and no other income, then pick ITR-1. For this year, your assessment year will be AY18-19. You also have to pick an option to verify your ITR such as Aadhaar OTP or normal verification by post.

Next, you need to fill basic information such as name, address, PAN, date of birth, employee category. After that, fill in your income and deduction details. You need to cross-check the details with Form 16. See if you have filled the salary break-up correctly. It will also give you details of tax deducted at source by your employer and the tax paid. You also have to cross-check the details with Form 26AS to ensure the taxes deducted and the advance tax paid is equal to what the tax authorities have with them. You can get your Form 26AS on the same website. You also have to fill your bank details for refund. If you have made any donations, cross-check and fill the details. Once you have filled all your details, verify and submit your form. Next, either e-verify or send a physical copy of ITR-V to complete the process.

IT IS MANDATORY TO EFILE ITR, IF YOUR INCOME IS ABOVE ₹5 LAKH. THE FIRST STEP IS KEEPING ALL DOCUMENTS HANDY