Income Tax Returns: ITR filing due date ends today - Checklist is here to file with ease

Income Tax ITR filing due date: The story remains the same every year, people either face trouble or get stuck at the last minute while filing their Income Tax returns. A taxpayer has to face a lot of terminology and confusion while filing ITR, however, most of them can be easily resolved if you keep a checklist before filing ITR. Amit Gupta, MD, SAG Infotech, shares his knowledge on ITR filing and provided a checklist here to ensure hassle-free Income Tax Returns filing.

Step 1: Documents

"Keep the following documents ready," says Amit Gupta.

"1. Aadhaar number
2. Permanent Account Number (PAN)
3. Copy of your last year's tax return.
4. Bank statements, Except for those bank accounts which are not been in operation for two years or more.
5. Form 16 issued by your employer.
6. Summary of all interest income earned during the financial year on balances in your savings accounts.
7. Tax Deduction at Other Source (TDS) certificate.

#Note: Your Permanent Account Number (PAN) is your User ID to log into the Income Tax website."

Step 2: 

Amit Gupta shares requirements for filing return:

"1. Visit the official website of the Income Tax department tax filing website http://incometaxindiaefiling.gov.in and create your profile on it. 
2. Make sure that you have an active email id and mobile number to verify your profile.
3. Now enter your Aadhar card number in the form and you also have to verify your Aadhar details.
4. Now you need to select the relevant form in your case. It is ITR 1- SAHAJ for most individuals.
# Important Factor you should know: ITR 1- SAHAJ is for those individuals who have income from salary, one house property, and income from other sources like interest income, dividend, income from winnings, etc.:

Step 3: Filing the I-T return

"1. You can fill the I-T Return in online as well as offline mode.
2. If you want to work on your IT return to offline mode. Visit the website, you will find the link at the left-hand tab to download tools. Click and download a Java or Excel utility (preferably Java).
3. When you are connected, click on the Prefill option in the Java utility. Some of the basic and personal details will be fetched and filled in automatically.
4. It is advised to download Form 26AS from the Income Tax portal. This form provided details of your tax credit. It displays the total amount of tax deducted and already paid from your side.
5. If the salary income is the only income source for you, your IT return will look like the Form 16 furnished by your employer.
6. Make sure that your claimed deduction in the return is as per Form 16.
7. Make sure you mentioned all your income from other sources.
8. You also have to add all the interest income earned during the FY to the balance in all your savings accounts. According to section 80TTA, you can claim a deduction of up to Rs. 10,000.
9. Make sure that the filled return claims all deductions & exemptions for your insurance policies to which you are entitled under the Income Tax Act.
#Note: Don't forget to save your details as a draft with each update in the form to avoid losing data while filing ITR online," as per Amit Gupta.

Step 4: 

Electronic verification of I-T returns

"1. The I-T return filed by you will not be considered valid unless you verify it.
2. To verify your filled return you can either opt for physical verification, or you can choose electronic verification. your return. Various methods are available for e-verification.
3. If you are opting for physical verification for any reason, you will have to print the acknowledgment of ITR-V, then sign it in blue ink, and send it to a centralized processing center (CPO, Bangalore) within 120 days of filing your return," Gupta shared.

"If there is still something that is bothering you while filing I-T returns, feel free to contact the experts, CAs, and even the concerned firms. They can help you in a better way. For any financial query, you can use the comment section and we will try to get back to you as soon as possible," Gupta concluded.

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)