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HOW CAN I SUBMIT MY INCOME TAX RETURN DIGITALLY STEP BY STEP GUIDE?

HOW CAN I SUBMIT MY INCOME TAX RETURN DIGITALLY STEP BY STEP NO.1 GUIDE?

Introduction

YOU NEED TO KNOW HOW CAN I SUBMIT MY INCOME TAX RETURN DIGITALLY STEP BY STEP GUIDE?

Introduction: Why File Digitally

Benefits of Digital Filing: Submitting your ITR digitally offers numerous advantages, including:

  • Convenience: You can file from the comfort of your home or office at any time.
  • Faster Processing: Digital returns are processed more quickly than paper returns.
  • Reduced Errors: Online filing reduces the risk of manual data entry errors.
  • E-Verification: E-verification options simplify the process, eliminating the need to send physical documents.
  • Access to Records: You can access your filed returns and records electronically.
 

Eligibility for Digital Filing: In many countries, digital filing is available for individuals and entities, but there may be certain eligibility criteria. These criteria can include the source and amount of income, nationality, and age.Visitofficialwebsite

Step-by-Step Guide to Submitting Your ITR Digitally

Step 1: Gather Required Documents: Collect all necessary documents, including your PAN card, Form 16, bank statements, investment details, and any other income-related records.

Step 2: Choose the Appropriate ITR Form: Select the correct ITR form that matches your income sources and financial situation. Ensure you use the most recent version of the form.

Step 3: Register on the Tax Department’s Portal: Register for an account on your country’s tax department’s official website or portal. You may need your PAN, email address, and mobile number for registration.

Step 4: Prepare and Verify Your Return: Use the online tax preparation tool provided on the portal or third-party tax filing software to fill in your ITR form. Ensure the information is accurate and complete.

Step 5: Submit Your ITR: After completing the ITR form, submit it electronically through the portal. Follow the provided instructions to ensure successful submission.

Step 6: E-Verify Your ITR: Once your ITR is submitted, you can e-verify it using methods like Aadhaar-based OTP, digital signature, or net banking. This step is crucial to authenticate your return.

Step 7: Keep Records: Maintain a record of your filed ITR, acknowledgment number, and e-verification details. These records are essential for future references and may be required for various purposes.

Using Tax Filing Software or Websites

Popular Tax Filing Platforms: Several reputable tax filing software and websites are available to help you prepare and file your ITR. Some popular options include TurboTax, H&R Block, TaxAct, and various government-specific e-filing portals.

Benefits of Using Tax Software: Tax software offers several benefits, including simplified data entry, calculations, and the ability to import financial data from various sources. It also provides guidance on deductions and credits, reducing the risk of errors.

What is the easiest way to file income tax returns

Filling Income Tax Return for the first time is quite tricky but when you are aware of all the processes of filing an ITR, you can do it in a few minutes.

I have prepared step-by-step guidelines to assist you in filing ITR:

  • To begin filing your income tax returns online, visit Income Tax Portal.
  • Login to the Income tax Portal using your PAN and password.
  • Then click e-file>>Income Tax Returns
  • Choose the ‘Assessment Year’ and ‘ITR Form Number’
  • After selecting the online mode for filing tax, click the ‘Continue’ button.
  • Read the instructions carefully that are applicable and mandatory.
  • Select the appropriate Verification option in the ‘Taxes Paid and Verification’ tab,
  • Select one of the following options to verify ITR
    • 1. ‘I’d like to e-verify the option, within 120 days of the date of filing.
    • 2. Prefer mail instead of e-verify within 120 days of filing.
 
  • Clicking the ‘Preview and Submit’ button to verify all data
  • In case you selected the ‘I’d like to verify option, you can verify by entering EVC/OTP using any method
    • OTP for Aadhaar
    • Pre-approved bank account
    • EVC generated at a bank ATM

How can I file income tax return independently?

7 documents to be kept ready for income-tax returns filing

The income-tax returns filing season is fast approaching with the initial deadline being July 31.

The income-tax returns filing season is fast approaching with the initial deadline being July 31. You must be among those preparing to file your returns. But most tax assessees who are required to e-file their returns keep deferring till the last moment.

However, even if you are procrastinating, you need to be prepared with all the details that you need to provide in your tax returns. And for that you need a lot of documents to be with you. It may not easy to source these documents at the last moment since some have to obtained from your office, some come by mail and others need to be downloaded. And even if you have all of documents with you, you need to have them filed in a file that is easy to locate.

So what are these documents that you need to keep handy at the time of filing?

Here are a list of documents that one should be ready with while filing tax returns:

Form-16 and Form-16A

Form-16 is the most basic source of information about the income earned and the tax deducted from your salary during the year. In case you have worked for more than one employer during the financial year 2015-16 then you must collect your Form 16 from all of them. Form 16-A form is also called a Tax Deducted at Source (TDS) certificate and is issued by banks for interest income, capital gains of NRIs, etc. If you have rental income and your Tenant has deducted TDS on rent then you should collect Form-16A from the Tenant too. Similarly, if you have any commission or professional income, TDS certificate for the same should also be collected.

Form-26AS

Your income from all sources, tax deductions and any high-value transaction(s) are reported in this form. I-T department sends notices if the ITR filed by the taxpayer does not match with the information available in Form-26AS. You should get your Form 26AS and match details with your ITR before filing it. If there is some mismatch, you should fix those errors and then file your return. You can download Form-26AS from your net banking account, directly from income-tax department’s website.

Bank statements from all bank accounts

You should verify that all the bank transactions carried out during the financial year with respect to income earned, investments made, expenses etc. have been declared in the appropriate sections of your return. This would show dividend income or gifts received above Rs 50,000 on which tax needs to be paid.

Home/education loan interest certificates

If you have taken any home/education loan then collect their interest certificate from the lender to claim the right deduction.

Investment proofs not submitted to employer

It is possible that some of the investments made by you during the financial year have not been included in the Form-16 issued to you. For example, if you invested in tax-saving tools such as life insurance, Public Provident Fund after proof submission deadline set by your employer, proofs of these investments would not have been submitted to your employer. For such investments, you need to have the proofs for reference while preparing your return.

Share/mutual fund transaction statements

These are required to enter details like sale date, purchase date, quantity and amount for computing capital gains/loss.

Tax payment challan(s)

If you have paid advance tax and/or self assessment tax then you need to enter the details of the same in your return for accurate computation of tax liability.

Could I file income tax return after 4 years

Yes, but it will not get you a refund.

When I worked in tax preparation, I encountered taxpayers who had not filed a tax return in 4 or more years. My first thing would be to complete the return for 3 years ago in case they had a refund coming. After April 15, they would lose that.

When I completed the older tax returns, my objective was to see if I could eliminate any tax due. I would have to explain that because of its age, they had lost any refund they might have had coming had they filed on a timely basis.

Common Errors to Avoid:

Incorrect PAN Details:

  • Ensure your PAN details are accurate, as discrepancies can lead to complications.

Mismatched TDS and TCS Details:

  • Cross-verify the TDS and TCS details in your Form 26AS with the information you’re filing in your return.

Neglecting to Verify:

  • Failing to verify your return will render it invalid. Choose a suitable verification method and complete the process.

Filing Incorrect ITR Form:

  • Selecting the wrong ITR form can lead to discrepancies and possible tax issues. Consult with a tax expert if you’re unsure.
FILE ITR DIGITALLY | INCOME TAX RETURN | INCOME TAX SLABS | ITR DOCUMENTATION | INCOME TAX CALCULATION | TAX SAVING TIPS

Benefits of Digital Filing

Convenience:

  • E-filing can be done from anywhere, at any time, reducing the need to visit physical tax offices.

Accuracy:

  • The e-filing system helps reduce errors and discrepancies, ensuring accurate tax calculations.

Speed:

  • The process is typically faster, with the acknowledgment receipt and processing times being quicker.

Reduced Paperwork:

  • Digital filing minimizes the need for physical documentation, making it an eco-friendly option.

Acknowledgment and Proof of Filing:

  • You receive an acknowledgment that serves as proof of filing, making it easy to track the status of your return.

Conclusion of income tax

Digital filing of your Income Tax Return offers a convenient, efficient, and accurate way to fulfill your tax obligations. By following the step-by-step guide and avoiding common errors, you can successfully submit your return and enjoy the benefits of digital tax filing, including faster processing, reduced paperwork, and the convenience of tracking your return status with ease. Remember to file your return before the due date to avoid penalties and legal consequences.

how auriga accounting help you to submit you income tax digitally

Auriga Accounting, as a professional accounting and tax service provider, can play a crucial role in helping you submit your Income Tax Return (ITR) digitally with ease and accuracy. They offer a range of services and expertise to streamline the process. Here’s how Auriga Accounting can assist you in submitting your income tax return digitally:

  1. Expert Guidance: Auriga Accounting professionals are well-versed in tax laws and regulations. They can provide expert guidance on the entire e-filing process, ensuring that you meet all the requirements and deadlines.

  2. Document Collection: They can assist you in gathering all the necessary financial documents, including Form 16, bank statements, investment proofs, and any other records required for accurate income reporting.

  3. ITR Form Selection: Selecting the correct ITR form is crucial for accurate tax filing. Auriga Accounting can assess your financial situation and help you choose the appropriate form to avoid errors and discrepancies.

  4. Data Entry and Accuracy: Auriga Accounting professionals can help you accurately enter all your financial information into the ITR form. This minimizes the risk of errors and discrepancies that can trigger tax queries or audits.

  5. Claiming Deductions and Exemptions: They can assist in identifying and claiming eligible deductions and exemptions, which can optimize your tax liability and potentially lead to refunds.

  6. E-Filing Process: Auriga Accounting experts are familiar with the official e-filing portal. They can assist you in the entire e-filing process, from creating an account to submitting your return electronically. This includes setting up your e-filing account, navigating the portal, and ensuring all the required fields are filled out accurately.

  7. Verification Methods: Auriga Accounting can guide you through the verification process, ensuring you use the most suitable method, whether it’s through an Aadhaar-based OTP, a digital signature, or the physical verification process.

  8. Timely Filing: Timely filing of your ITR is essential to avoid late filing penalties and interest on unpaid tax. Auriga Accounting ensures that your return is submitted within the specified due dates.

  9. Common Error Avoidance: They can review your ITR to identify and correct common errors that individuals often make, ensuring a smooth and hassle-free filing experience.

  10. Compliance with Tax Laws: Auriga Accounting ensures that your ITR is compliant with the latest tax laws and regulations, reducing the risk of issues with tax authorities.

February 21, 2024

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