Do you Know How To File Income Tax Returns? if No then don’t worry we are to help you. in this post, we will share the methods To File Income Tax Returns In India. The full form of ITR Is Income Tax Returns. It is very important for all the People of the country to file ITR For the progress of our Country.
Income Tax Returns mean that the Amount of our income is deducted from our income and transferred directly to the government. The government utilizes this money for different projects which are very important for the development of our country.
There are many people in India who do not consider it necessary to pay income tax. As responsible citizens, this is our duty to pay ITR. But most people fill their Income tax honestly. It is a good thing if you are also filing ITR. If you are new and don’t know the way to File ITR then you may face some difficulty in filling out the form. So today In this post we will try to clear all Your Doubt Regarding ITR.
Who can File Income Tax Returns
As responsible people, It is very important to pay the ITR before 31st July of every year. Income tax has to be paid on the basics of the income of every person. A person whose annual income is 2.5 lakhs or more than they need to pay income tax and whose annual income is below 2.5 lakhs then they do not need to file income tax.
You can file your ITR online and offline. it is very important to file your ITR if your Annual income is more than 5 lakh or if your Annual income is less than 5 lakh then you can file your income tax by visiting the income tax Office.
This Year there are some new changes that have been made to the process of filing ITR, if your age is below 60 Years and your annual income is Rs 2.5 lakh, then you don’t have to pay tax, No matter if you are male or female. The income limit for this is 3 lakh and for the elderly of 80 years of age and above, the income up to 5 lakh is tax-free for them.
Required documents for filing Income Tax Return
- PAN Card
- Aadhaar Card
- Bank Account details: In which the IFSC Code, Account Number, and other Account Details should be Clearly Visible.
Note: The Bank Account Details will be used for the refund money that comes to your account.
- TDS certificates (Form 16, 16A, 26AS, etc.)
- Bank and Post Office interest certificate
- Salary Income Slip
The lists of Documents Mentioned Above Are Very necessary for Filling Income Tax returns. So make Sure You all have these documents before filing the ITR.
What is the 16, 16A, and 26AS Form?
Form 16: This is a TDS certificate that is issued by the company for its employee. It keeps the records of The TDS that have been deducted from your salary in the last year. This form is only available to those who get a salary on monthly basis. It is necessary for the people receiving the salary to fill this form every year.
Basically, This Form is Divided into two parts Known as Part A and Part B. In Part A, The details of the TDS deducted from your income are kept and the details of your salary are present in Part B, if you have sold land or house then the buyer will issue form 16 B, in which it will have been mentioned that how much TDS has been deducted when he paid you.
Form 26AS: From this form, you can check whether the TDS deducted by your Bank or company has been deposited with the government or not. You can also see the details by visiting the website of “incometaxindiaefiling.gov.in” and clicking on “View Form 26AS”. To do this process you should have registered on the ITR website.
Types of ITR Form
Now let us know about the types of ITR Forms.
ITR 1: These forms are mandatory for those people whose income is Rs 50 lakh annually from salary, pension, business, capital gains like share market, mutual fund, jewelry, etc., or house rent. This form is also called the SAHAJ form.
ITR 2: This form is for those people and Hindu Undivided families (HUF) whose Pension and Salary are more than Rs 50 lakh annually. Apart from this, it is mandatory to fill this form their income is from house property or any income from abroad.
ITR 3: This form is for those people who run businesses or get income from any other work. If you have won the money in the lottery then is very important for you to fill out this form.
ITR 4: This form is applicable to all professionals people like lawyers, doctors, CA, etc. However, if the person makes income with a partnership in any business, then they need to fill out this form.
ITR 4S: This is for those people whose income is less than 60 lakhs who have to fill this form.
How to file Income Tax Return 2021-22?
We have already mentioned the Required document for filing The Income Tax returns. So please collect all the Required Documents. Also, we can file ITR Online and offline, But today you will learn the online ways to file itr.
if you want to file ITR offline then you can download the ITR form from the internet or you can purchase the form from the market and fill in all the details asked in it and submit it to the Income Tax office. Remember that offline ITR files can only be done by those people who are senior citizens or whose income is less than 2.5 lakhs.
How To Register In ITR?
Before Filling ITR You should have an account on ITR So Follow the Given steps:
Step 1: First of all visit the Income Tax department’s website incometaxindiaefiling.gov.in. and register If you have not registered.
Step 2: After Visiting the website, you will see the “New to e-Filing?” option on the top right side. just click on it.
Step 3: Now fill in the details like PAN card number, name, date of birth, residential status, etc. Remember that fill in all these details very carefully, if you make any mistakes then you may have to face problems.
Step 4: After filling in all the details, your account will be created and you will receive OTP On the mobile number and email your id given by you and a link will be given in the email, by clicking on that link you have to give the code which You have to verify by filling it.
Step 5: After verifying you will see the user id and password on your screen. You will also get your login credential on Your Registered Mobile Number and Email ID.
Now you are ready to File Your ITR. You can now start the process of filing ITR online. For that, go to the home page of the website and log in by entering the user id is your PAN number and the password is the date of birth present on the PAN card.
Now after that, You have to follow the given procedure:
- Get Form 26AS#
- Get ITR Form from the internet or Purchase
- validate your details
- Calculate Your Tax Liability
- Generate XML File
- Submit ITR
- Send ITR-V to Income Tax Department
After all these Steps you can file your Income-tax returns easily.
So friends I hope you liked this information on How To File Income Tax Returns now you can easily File Income Tax Returns without any problem because we have mentioned both offline and Online ways. If you have read this article carefully then don’t need to see any other articles.
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