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Self e-filing of income tax returns
April, 17th 2017

Come April, one of the concerns of salaried class is filing of Income Tax Returns. Some approach Chartered Accountants and some Tax Return Preparers (TRP) while others prefer to file their returns independently by themselves. All returns have been filed online mandatorily.

With some help and understanding, one can easily file their returns by themselves. On the one hand, you will be saving on the fees payable to CA/TRP and more importantly you will not be sharing your personal financial details to third parties. All the ITR forms are very user friendly with detailed instructions are given at every step of filing the returns effectively and correctly. The Income Tax department has put on its web site the new downloads of all the ITR forms for the financial year 2016-17 (Assessment Year 2017-18).

Total income
The simplest form of filing your Income Tax Returns is SAHAJ or form ITR 1. This return is to be filed by any individual whose total income comprises of salary/pension with income from one house property and income from other sources like interest on bank deposits. The total income from all sources should not exceed Rs 50 lakh during the entire financial year.

Individuals who are having income from more than one house property and/or having salaried income of Rs 50 lakh or more are required to use Form ITR-2. However, they should not being having any income from business.

Individuals, who are having business income from a propriety concern or income from a profession, have to use Form ITR-3. Any individual who has business income and profession income apart from income from salaries, income from one house property and income from other sources like interest on fixed deposits etc., are required to use Form ITR-4. Individuals who has income from more than one house property and income from capital gains both short-term and long-term capital gains from sale of house, shares etc., are not eligible to use this form.

Individuals desirous of filing their income tax return by themselves can visit the and register oneself for e-filing. The tax filer can also identify the ITR form to be used by him specifically based on his type of income as discussed above and download the excel utility form. The detailed instruction for filling up the forms is also given in the website/ITR form.

Some of the documents that you require before you commence filling of the relevant form are, copy of the last year’s income tax return, TDS Certificate Form 16 issued by the employer in case of salaries class, TDS certificate Form 16A issued by the bank for interest, if any, interest certificate issued by the bank in respect of educational loans, housing loans, interest certificate from the bank in respect of interest paid on various deposit accounts etc.

Individuals who have paid advance tax are also required to keep their income tax payment receipts for filling up the income tax paid details in the relevant ITR forms.

For individuals who have business income/profession income, audited balance sheet and profit and loss account and other audit report are also required.

One should also view Form 24 AS and ensure that all TDS deducted and income tax paid directly by the assesse is reflected in the same. to view your form 24AS.

Individuals having multiple savings bank accounts (also current account, if any), in different banks are required to fill in the account number and IFS code mandatorily. The first account being the account for which you require the refund of income tax, if any, is to be credited at a later date.

This year Income Tax Returns includes an additional information to be provided pertaining to the cash deposit made in his account between November 9, 2016 and December 30, 2016. This information is required only if the aggregate cash deposit is equal to or exceeding Rs 2 lakh during the above period. Also, furnishing of Aadhaar number in the return is mandatory from this year onwards.

So why don’t you try filing of your Income Tax Return online for this year by yourself. Starting the job is half done. Happy learning, happy savings and happy filing!

(The author is Assistant Professor, Senior Scale at Manipal Academy of Banking, Chokkenahalli, Bengaluru)

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