HOW TO FILE TAX RETURN STEP BY STEP

Filing a tax return could be a challenge and especially in a country like India, where the population is 1.3 billion. Every Year many get arrested due to not filing the income tax return on time or hiding a hefty amount from the government. Filing a return on time could be beneficial for the applicant and the government. You must know how to file tax return step by step. The government gets their dues on time and the applicant doesn’t have to face any further inquiry or notice. According to the latest budget of 2018, there were several changes made into filing a return. Now a person earning below Rupees 5 lakhs per annum doesn’t need to file any return. An assessed required furnishing a report of audit specified under the law.

Don’t forget there are some documents also required while filing a tax return so keep them ready. Documents like Bank account details, PAN number, Aadhar Card, the address of the house property, Form 16, Pay Slips etc. are required. Likewise, some other details are required as well if you have any mutual funds like details of mutual fund statement, sale and purchase of equity funds, debt funds etc. Always keep in mind that you should file the correct information because of the government always double check the information provided.

There are two steps of filing a tax return, one is to file by in person and second is to file online. In this age of Internet and Wi-Fi, almost every one of us are very active on social Media platforms. In this age company like PayTM are earning billions of profit only through their mobile app through which a person can pay their TV cable, water, electricity or phone bills. So, now you can file your income tax return through the internet also. Here are some ways:

The first step you have to login to E-filing application, now you have to go to E-file and submit ‘ITR Online’ then you have to select the income tax return form and the assessment year. Fill the details in the form and then click the submit button. After submission, an acknowledgment detail will be displayed.

There is a separate way to file your income tax return in-person also. You can collect the income tax return form from the income Tax office and fill it with attached documents and proofs and then you can post it to the Income Tax Office. Nowadays, many private companies are also giving income tax application forms to their employees whosoever wants to file a return In-Person.

Through these ways, you can file your Tax. And don’t forget that filing a return on time could be beneficial for you and the government both, whereas not filing a return on time could get you in trouble.