Filing your Income Tax Returns for First Time? Dont Worry Follow these simple steps .!!!

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Register yourself on the income tax website. Go to https://www.incometaxindiaefiling.gov.in and register yourself.

You will have to provide basic details such as name, Date of birth/ Date of incorporation, address, PAN, etc.

 

Don’t forget to provide the latest and updated Mobile number and address as the same will be used for future communications via SMS and emails by the Income-tax department.

Once registered, login into your account at the income tax portal using your PAN as the login ID.

Click on the e-File tab and select Income Tax Return.

 

Select the year for which you are filing your income tax. Remember, you need to select the ASSESSMENT YEAR i.e. for financial year 2019-20 relevant assessment year will be 2020-21.

Select the correct ITR form number and proceed to upload the XML file (requirements for preparing income tax return – discussed later).

 

Voila….. the return is uploaded…!!!!

 

Now, an important thing to note is that you need to verify your return. There are 2 ways to do it – you can either e-verify or you may send the acknowledgment to CPC at the Bangalore address.

REMEMBER Your income tax return will be processed only after you verify the same.

 

Requirements for preparing the income tax return

Before you start preparing your income tax return, it is better to gather all required documents beforehand:

Personal details:

  • PAN
  • Aadhar card
  • Bank account details such as Full name of the bank, account no, and IFSC code.

 

Income details

  • Consolidate the details relating to investments made and any income earned by you during the year (eg. Dividend, Interest, Capital gains)
  • In case of salaried individuals, Form 16
  • In the case of businessmen, computation of income earned during the year, Financial statement, as may be applicable
  • DO NOT FORGET ABOUT THE EXEMPT INCOME EARNED BY YOU DURING THE YEAR such as dividend earned, interest on EPF, Interest on PPF, LIC matured, Mediclaim reimbursement, agricultural income, if any

 

In case you require the help of a professional expert, you can connect to them as returns filing process requires various information to be provided, in case you miss on any information there are chances to receive a defective notice. So it is always advisable to take the help of a professional for filing statutory filings…

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