In India, filing an income tax return (ITR) is a yearly requirement for individuals and organisations. It is a necessity under the law that helps the government in the assessment and collection of taxes. In this post, we will guide you through the ITR filing procedure while ensuring that all tax laws are followed. So, make sure to follow these steps and file your ITR properly on time without waiting for the last date to file ITR.

Step 1: Gather Essential Documents

Obtain the following crucial papers before beginning the ITR filing process:

• Permanent Account Number (PAN).
• ID card, Aadhaar
• Banking records
• Submitted by the employer, Form 16
• Certificates TDS
• Information on investments, such as stocks, mutual funds, or real estate
• Interest documents from financial organisations and banks
• Statements of capital gains, if relevant
• Expense statements for insurance premiums, provident fund payments, and other tax-saving investments are examples of proof.

Step 2: Choose the Appropriate ITR Form 

Choose the appropriate ITR form based on your sources of income and the type of your financial activity. Several ITR forms are available from the Income Tax Department, including ITR-1, ITR-2, ITR-3, and others. Each form is tailored to a certain group of taxpayers. Select the form that best fits your income and financial condition to complete an accurate return.

ITR-1 (Sahaj) is for individuals with income from salary, pension, house property, or other sources up to ₹50 lahks and not eligible for filing ITR-2, ITR-3, or ITR-4. ITR-2 is for individuals and Hindu Undivided Families (HUFs) with salary, pension, house property, capital gains, or foreign assets/foreign income. ITR-3 is for individuals and HUFs with income from business or profession, including proprietary business or profession. ITR-4 (Sugam) is for individuals, HUFs, and firms with income from business or profession opting for presumptive taxation under Section 44AD, Section 44ADA, or Section 44AE of the Income Tax Act. Other forms include ITR-5 for firms, LLPs, AOPs, BOIs, and judicial persons, ITR-6 for companies, and ITR-7 for entities required to file under Sections 139(4A), 139(4B), 139(4C), or 139(4D) of the Income Tax Act.

Step 3: Report Income and Calculate Taxes 

Give complete information about your income from all sources, including your salary, company or profession, capital gains, rental income, and other relevant sources. Determining your taxable income after considering any applicable exemptions, deductions, and allowances is important. Crosscheck the data with pertinent papers, including Form 16 and interest certificates, to guarantee accuracy.

Step 4: Fill out the ITR form 

Select an ITR form and precisely and thoroughly fill it out. Fill out the appropriate areas of the form with your personal information, income information, deductions, and tax liability data. Ensure all the data entered is accurate and corresponds to the supporting documentation.

When filling out the Income Tax Return (ITR) form, it is crucial to provide accurate and complete information. Key points include personal information, income details, deductions and exemptions, tax calculation, bank account details, and verification. Personal information should match supporting documents, while income details should include details of salary, house property, capital gains, business/profession, and other income sources. Deductions and exemptions should be reported under relevant sections of the Income Tax Act. Tax calculation should be accurate based on applicable rates and slabs, considering surcharges and cess.

Bank account details should include account number, IFSC code, and type, as they are crucial for tax refunds or linking Aadhaar for e-verification purposes. Verification should be done by the taxpayer or authorised signatory at the end of the form.

Step 5: Check the ITR Form and Review It:

Please ensure the ITR form is accurate and complete by carefully reviewing it. Ensure all the information is input accurately, including your name, PAN (Permanent Account Number), bank account information, and tax computations. Any mistakes or discrepancies might cause problems or hold up the processing of your refund.

Before completing and submitting the Income Tax Return (ITR) form, be sure the data is correct, full, and consistent. Important factors to consider are checking the integrity of information, supporting documentation, looking for discrepancies, confirming bank account information, examining tax computations, and getting expert guidance. To prevent issues or delays in the return's processing, double-check the taxpayer's personal information, sources of income, deductions, exemptions, and tax computations. Ensure your bank account information is correct and complies with all applicable tax rates, slabs, and rules. Finally, to examine your return, offer direction, and assure compliance with tax laws, get expert help from a tax consultant or chartered accountant.

Step 6: submit the ITR

File your ITR by the last date to file ITR after carefully reviewing the form and confirming its completeness. The Income Tax Department offers two filing options:

1. a) Online Filing: This can be done using the platforms of approved intermediaries or the official e-filing website of the Income Tax Department. Complete the online form, add any necessary files, and submit the return electronically. When your submission is successful, you will get an acknowledgement.
2. b) Physical Filing: When online filing is impractical, you may physically submit a printed copy of the ITR form at the appropriate Income Tax Office with the required supporting documentation.

Step 7: Verify the ITR

To finish the filing procedure, the ITR must be verified within the allotted period after filing. The Income Tax Department offers several options for verification, including:

1. a) E-Verification: You can use net banking, an Aadhaar OTP (One-Time Password), or a registered cellphone number to validate your ITR electronically.
2. b) Physical Verification: You can send a signed hard copy of the ITR-V (Acknowledgment) to the Centralised Processing Centre (CPC) within the allotted time if e-verification is not practicable.

Conclusion

Taxpayers have a significant financial obligation to file income tax returns (ITR). You may file your ITR appropriately and before the deadline if you adhere to the procedures given in this thorough guide. Don't forget to compile all required paperwork, choose the proper ITR form, compute your total income precisely, complete the form, and select the right filing method. It is essential to adhere to the deadline for filing ITRs to prevent fines and any legal consequences. Remember that obtaining expert advice or engaging a tax counsellor may be advantageous, especially in cases where the tax position is complicated.