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How to file income tax return for 2018 | Follow these easy steps

News Nation Bureau | Edited By : Shashikant Sharma | Updated on: 17 Jul 2018, 12:47:22 PM

New Delhi:

As only a couple of weeks remain for filing income tax return (ITR), all CAs have become busy with their clients. It is a problem with small tax payers, especially those who are filing ITR for the first time. It is supposed to be a complicated exercise and there is no professional help available. Even if there is one, it comes at a price.

The best part is that technology has made ITR filing so simple that one can file it from the comfort of home. It has become simple you just have to take precaution of taking all your income documents before hand. 

Step 1: Create your login ID on ITR filing website https://www.incometaxindiaefiling.gov.in/home. For this you need your PAN Card. You need to follow instructions and once it is done you are ready to file ITR on your own.

Step 2: Use pre-fill text feature to fill the form
This makes the process easy as it automatically fills your personal information and tax details that are already available in Income tax department’s database. 

Step 3: Keep all your documents ready 
Keep Form 16, Form 16A, Bank Statements, Form 12 B, Investment documents such as bank FDs, Mutual fund record and tax deduction documents ready. Ensure that you fill correct information from your documents.

Step 4: Claim exemptions
Claim appropriate exemptions on your investments. Have evidence of investments made to claim an exemption to the applicable extent. Exemptions related to Leave Travel Allowance, Medical Allowance etc can be filed at the time of filing of ITR, if not filed in Form 16 by the employer.

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First Published : 17 Jul 2018, 08:06:31 AM