The extended deadline to file income tax return (ITR) is coming to an end today. If you still have not filed your ITR, then it is important you do it as soon as possible otherwise you will be liable to pay a late filing fee. The maximum late filing fees for ITR filing after the deadline is Rs 10,000.
This year, ITR forms require taxpayers to provide additional information about their income such as salary break-up. Therefore, in the last minute rush, it is important to ensure that you do not end up making any mistakes.
Here’s a six-point guide telling what documents you need and how to file your ITR:
1. The first step to file your ITR is to get your TDS certificates (Form-16 and/or Form16A) together. If you have switched jobs, you will need the TDS certificate, i.e., Form 16 from your last employer as well. To ascertain that TDS deducted on the different incomes that you have earned have been deposited with the government by the deductors, you should download 'Form 26AS' from the TRACES website and match it with your TDS certificates. If you are salaried and do not have Form-16, ensure that you have salary slips from your employer.
2. If you spot a discrepancy between your TDS certificates and Form 26AS, you should input your ITR details which are correct as per your calculations. In addition to that, you must keep the proofs to support the details you have entered in the ITR as the income tax department may ask you to justify these details in future because of the mismatch with Form 26AS.
3. TDS certificates contain information that can help you in filing ITR. Form 16 received from your employer/s will give you information about the break-up of your salary income, TDS deducted from it, and deductions claimed under Sections 80C to 80U of the Act. If you have more than one Form 16, then you must add incomes from both the forms but do not add deductions from both as you will be claiming benefit twice for a single tax saving avenue. On the other hand, Form16A gives the information about the amount paid to you such as interest income from banks and taxes deducted, if any.
4. Apart from salary, you are also required to report income from house property, capital gains, and other sources such as interest income from savings account, fixed deposits etc. The bank usually credits the interest on savings account on the last working day of every quarter. You can check the interest earned by you for every quarter in your bank passbook or e-statement through net banking. Don’t forget to report the tax-exempted incomes in your ITR as well.
5. Download the ITR form as applicable to your income in excel or java utility. If you are eligible to file ITR-1 or ITR-4, then you can file your ITR online without downloading any utility. Fill in the details and don’t forget to claim all the available tax-exemptions such as HRA, LTA etc and deductions under the Income Tax Act that you are eligible for. Most commonly claimed deductions come under sections 80C, 80D, 80E, 80TTA etc.
6. Once you have successfully filled the ITR form applicable to you and have uploaded it, you will have 120 days to verify your return from the date of uploading it.
After filing your ITR, in case you discover that you have made a mistake, then you have the option to rectify it by filing a revised return.
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