Q. What are the steps to file an ITR online? Samar Agarwal
A. Before you file your income tax returns, here is a list of things you must keep ready:
- Form 16 and Form 26AS
- Bank account details
- Bank account statements for the relevant financial years
- All investment-related documents
- Details of income from all the sources
- Details of premium paid for all health insurance policies
- Details of expenses incurred during the relevant financial year
Here is a step-by-step procedure to file your income tax returns:
- Calculate your total income using Form 16 and Form 26AS. Sort out mismatches between Form 16 and form 26AS, if any.
- Next, calculate your tax liability after accounting for tax deductions under 80C, Section 80D, etc.
- Adjust the tax already paid through TDS or Advance Tax and pay unpaid taxes, if any.
- File the appropriate ITR form.
- Verify ITR-V by signing it and sending it to the Income Tax Department.
Have a question on personal finance? Ping me on Twitter at @adhilshetty with the hashtag #AskAdhil. The writer is CEO, BankBazaar.com, an online marketplace for loans and credit cards.