~HOW TO FILE INCOME TAX RETURN~💛

HELLO EVERYONE! I AM HERE TODAY TO SHARE WITH YOU HOW TO FILE INCOME TAX RETURN BY YOUR OWN .

It has been many changes in these years and now it's very simple and modified to file ITR.

IT has been easy because all your data and details of your salary and deduction are atomatically filled up.which means now you don't have to fill your data . it's just you have to match your details with FORM 16.

WHAT IS FORM 16:-

It is the certificate issued under section 203 of the Income tax Act for tax deducted at source (TDS) from income under the head 'salary'. It is issued on deduction of tax by the employer from an employee's salary and deposit of the same with the government. Form 16 can only be downloaded and issued by your employer. Any individual cannot download their Form 16. There is a common misconception that an individual can download Form 16 on TRACES website using the PAN number. All salaried individuals are eligible to get a Form 16 from their employers.

THERE WILL BE FEW DETAILS WHICH YOU HAVE TO FILL WHILE FILING ITR .WHICH I WILL EXPLAIN YOU IN THIS BLOG .

STEPS TO FILE INCOME TAX RETURN (ITR)

1) LOGIN TO WEBSITE OF ITR :-

http:/incometaxindiaefiling.gov.in

2)FILL THE FORM 

PAN (PERMANENT ACCOUNT NUMBER)DETAILS 

3)AFTER LOGIN YOU WILL OPEN TO DASHBOARD SELECT OPTION (e.file )and choose the first option (INCOME TAX RETURN)

4)NOW FILL THE DETAILS 

ASSESSMENT YEAR MEANING:-It is a year in which you are filing ITR.As our financial year starts with 1 APRIL and ends to 31ST MARCH of next year 

5)THEN SELECT ITR FORM NUMBER 1 :-We will select ITR form 1 as we are filing for salary person .then next filing type select ORIGINAL REVISED RETURN.

Then for submission mode :- select prepare and submit .

THEN YOU WILL SEE SOME DETAILS SHALL BE PREFILLED IN ITR FORM.SEE THE THIRD OPTION WHAT IS FORM 24Q:-It is a form that your employer files on your behalf to INCOME TAX DEPARTMENT (ITD) so all your data will automatically filled up .

NOW TAP ON CONTINUE ,I AGREE & CONTINUE.

6)NOW YOU WILL BE OPEN WITH ITR FORM.

First you should ensure here is that ITR FORM NO 1 is applicable to you or not ,if not then you can go back and select another ITR NUMBER as per your applicability.

7)READ THE GENERAL INSTRUCTIONS THEN SCROLL YOU WILL SEE EVERYTHING PREFILLED.

NOW SCROLL DOWN 

NATURE OF EMPLOYMENT:- select it as per your details ,don't change filled up sections,it will remain the same.

8)NOW WE ARE ON THIRD TAP (COMPUTATION &TAX ) 

Every thing is prefilled.the data filled here is as per form 24Q which is given by your employer to the government.

Don't change your SALARY AMOUNT if you did any changes in amount you will recieve salary defect notice from ITR office .so never change the option of salary as per sec 17(1).

9)NOW PAY ATTENTION:- If you are taken any house lone and you want to take INTEREST AND PRINCIPLE DEDUCTION but you should have a proof, so fill it here.

And add the amount because it will not be atomatically filled but if you are given your loan interest certificate to your employer and he has added it in form 16 then it will also be atomatically filled.

NOW SCROLL A LITTLE AND YOU WILL SEE GROSS TOTAL INCOME.

ABOVE IN THE PICTURE YOU CAN SEE PART C :-Here too data will be atomatically filled but in house loan the deduction for INTEREST AND PRINCIPLE ARE GIVEN SEPARARTELY and the limit for principle amount is 150000 .here it is completely full but suppose in section 80(c) the amount would be 80000 and your house loan would be 20000 so you could add it here .

10) SCROLL DOWN TOTAL INCOME IS GIVEN ITS ALWAYS ROUND OFF AND CESS WILL BE ADDED WHICH IS 4% 

YOU CAN MATCH YOUR DETAILS BY FORM 16

11) NOW GROSS TOTAL INCOME

Understand one thing you can either file for house rent deduction or house loan .

12) IF IN YOUR CASE HOUSE RENT IS APPLICABLE THEN  SELECT THE OPTION SECTION 10(13A)

whatever amount is applicable fill it in the amount .

13) TAP THE TAX DETAILS:- ALL THE INFORMATION ARE AUTOMATICALLY FILLED HERE.

14)NEXT TAP TO TAX PAID AND VERIFICATON

must ensure the AMOUNT PAYABLE IS 0 AND THE AMOUNT REFUND IS ALSO 0. Which means the employer has paid a perfect amount of tax and you don't have to pay any amount .

15)SCROLL THERE WOULD BE  A VERIFICATON COLUMN .select self and place .

down choose the third option :-i don't want to verify and then first safe draft

16)NEXT TWO TAPS ARE FOR DONATION:-incase you are giving any donation to POLITICAL PARTY or any NGO.whichever is registered  in government income tax act in which you can get exemption.this you can know through the same NGO or WHEREVER you donate.

NOW

PREVIEW AND SUBMIT

FOR BUSINESS PERSON ITR FORM IS 4.Self-employed individuals can file their income tax returns through an ITR-4 or ITR-4S form. The ITR-4 form is for individuals earning from a profession or proprietary business, while the ITR-4S form is for those who have a presumptive business income. In the latter, a certain percentage of the receipts are taken as net income and you’ll pay tax on that, instead of claiming business expenses against those receipts, and paying tax on the balance.

NOTE :-JULY 31st IS THE LAST DATE OF                            FILING RETURN.

SEPTEMBER 30th IS THE LAST DATE FOR FILING OF INCOME TAX RETURN FOR CORPORATE AND TAX PAYER & ALL THOSE WHOSE A/C LIABLE TO BE AUDITED.

THANKS FOR READING ! I HOPE THIS BLOG WOULD BE HELPFUL TO YOU 🙏😊❤️