As the financial year draws to a close, it's time for salaried individuals across the nation to gear up and file their income tax returns (ITRs). While the process may seem overwhelming at first, this comprehensive video guide will simplify the entire journey of e-filing your ITR online. In this step-by-step tutorial, we'll take you through the entire process, from gathering the necessary documents to navigating the online tax filing portal seamlessly.
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#ITRFiling #IncomeTax #ITRReturns #GoodReturns #Economy #Businessnews #NiramalaSitharaman #Moneynews #Businessnews #IncomeTaxReturns #Oneindia #Oneindianews
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NewsTranscript
00:00As the income tax return filing season dawns, salary taxpayers across the country are gearing
00:06up to meet their tax obligations.
00:10Filing taxes can often seem daunting, but with the advent of online filing, the process
00:16has become significantly more streamlined and accessible.
00:21In today's video, we'll walk you through the entire process, making it easy to file
00:26your ITR online efficiently and accurately.
00:30So let's get started.
00:33Step 1.
00:34First things first, gather all the necessary documents.
00:37Here's what you'll need.
00:39Form 16, provided by your employer detailing your salary and the taxes deducted, your permanent
00:45account number essential for identification, bank account details that are necessary for
00:51refunds of tax payments, investment proofs, documents to claim, deductions under sections
00:57like ATC, ATD, etc.
01:01Having these documents at hand will ensure a smooth and uninterrupted filing process.
01:07Step 2.
01:08Visit the official income tax e-filing portal.
01:13If you are a new user, you will need to register.
01:15Here's how registration will happen.
01:18Use your PAN as your user ID to register on the portal.
01:23Follow the on-screen instructions to complete the registration.
01:26Log in.
01:27If you are an existing user, simply log in using your credentials.
01:34Step 3.
01:35Form 26AS is a consolidated tax statement that includes details of tax deducted at source,
01:42tax collected at source, and other taxes paid.
01:45Here's how to proceed.
01:47Using Form 26AS, after logging in, navigate to My Account and select View Form 26AS.
01:55Verify the details in Form 26AS to ensure that all TDS credits are accurately reflected.
02:02This step is crucial to avoid discrepancies.
02:07Step 4.
02:08For salaried individuals, the ITR-1 Sahay form is typically the most suitable.
02:15It applies if you have income of up to Rs 50 lakhs, income from salary or pension, income
02:22from one house property, income from other sources like interest, etc.
02:29Step 5.
02:30You can fill the ITR form online directly on the e-filing portal or offline using a
02:36Java utility or Excel-based utility provided on the website.
02:41Follow these steps.
02:42Enter your PAN, Aadhaar number, name and address, fill your salary and any other sources of
02:48income, input deductions under section 80C, 80D and other applicable sections, provide
02:55TDS, information as per Form 16 and Form 26AS.
03:02Step 6.
03:04After filling in all the details, validate the form.
03:07The portal will automatically calculate your tax liability or refund amount based on the
03:12entered information.
03:14Make sure you review the calculated amounts for accuracy.
03:19Step 7.
03:21Once you have validated all details and ensured everything is correct, it's time to submit
03:26your ITR.
03:27Post submission, you need to e-verify your return.
03:30Here are the methods you can use.
03:33Aadhaar OTP – An OTP will be sent to your registered mobile number linked with your
03:37Aadhaar card.
03:39Net Banking – Use your bank's net banking facility to e-verify.
03:43Digital Signature Certificate – If you have a DSC, you can use it for e-verification.
03:49EVC – An electronic verification code will be sent to your registered mobile number.
03:54Alternatively, you can send a signed copy of the ITR-V to the Centralized Processing
04:00Center of the Income Tax Department.
04:03Let's recap the final steps.
04:05Validate, ensure all entries are correct, submit the ITR form, complete the e-verification
04:12process to finish filing your ITR.
04:15By following these detailed steps, you can ensure a smooth and hassle-free experience
04:19while filing your income tax returns online.
04:22Remember, timely and accurate filing not only helps you comply with legal requirements but
04:28also avoids penalties and ensures quick refunds if due.
04:32Stay organized, follow the steps diligently and take advantage of the online resources
04:37available to make this tax season a breeze.
04:40Happy filing!