Do you have problems filing your IT returns? It is not uncommon for us to postpone the task until the last minute due to terminology and confusion. However, help is at hand to assist. For an error-free and smooth ITR filing, keep this checklist handy:
Here Are the Documents You Need to Prepare:
- You can access the income tax website using your PAN (permanent account number).
- The Adhaar number.
- The tax return you filed last year.
- Statements from bank accounts that have been in operation for more than two years, excluding those that have not been in operation.
The Form 16was issued by your employer.
An overview of the interest income tax returns online earned on the balances in your savings accounts during the financial year.
Certificates of other tax deductions at source (TDS).
Prerequisites for filing a return:
- Register on the Income Tax India Efiling website, http://incometaxindiaefiling.gov.in/, and create your profile.
- For your profile to be authenticated, you need a functional email address and mobile number.
- Please quote your Adhaar number in the form and verify the details of your Adhaar card.
- Typically, ITR 1-SAHAJ is the form that applies to you.
- SAHAJ is for individuals with income from salaries, property, and other sources, including dividends, interest, and winnings.
Filing the return is the third step:
- You can fill out the form online (save your details as drafts with each update to prevent data loss).
- You can also download the Java or Excel Utility (preferably Java) and work offline on your IT Return with it.
- Your personal information will be automatically captured when you click on the Prefill option in the Java Utility.
- In addition, you should download Form 26AS from the income tax website, which gives you detailed information about your tax credit. It shows the total tax that has been deducted and already paid on your behalf.
- If your only source of income is salary, your IT return would look like your employer’s Form 16.
- You must make sure that the deductions you claim on Form 16 are accurate.
- Make sure all other incomes are included.
- Make sure you have added all interest income earned during the year on all your savings account balances. You can claim up to Rs. 10,000 as a deduction under Section 80TTA.
- Ensure that you claim all the deductions and exemptions you are entitled to for your insurance policies.
Return verification via Electronic means:
The return that you file will not be considered valid unless you verify it.
You can either choose physical verification or e-verify your return (e-verification is available in multiple formats).
The acknowledgment of ITR-V should be printed, signed in blue ink, and sent to the Centralized Processing Centre (Bangalore) within 120 days of filing the return.
Contact our financial advisors, or visit your nearest Max Life Insurance branch, if you have any financial questions.