The season for Income Tax Returns is around the corner and you all must be gearing up to file your Income Tax , while filing ITR you have to cautious, as you would not want to go wrong with filing. You must be wondering how you can avoid the general mistakes what people make, well fret not as we bring to you some easy steps that will help you file error-free ITR.
Quick ways to File ITR
Here are the steps that you need to follow for quick ITR filing: –
- Make a checklist of things that you would need, while filing Income Tax Refund
- Have your PAN ready, by your side.
- You need to make sure, you have an Aadhar Card.
- You will have to get Form16/16A from your employer/payer.
- You can use Form 26AS, which is an electronic tax credit statement.
- You must collect the details of your assets if your Income exceeds Rs. 50lakh.
- Apart from this you will have to collect the proof of your Investment in order to claim deductions.
- You will have to reconcile the statements of your Income from all the accounts, in different banks that are operational in India.
For filing easily, you will have to use various modes. Here are a few modes that you can follow: –
- You can furnish the return in a separate paper form, you can choose your specified from the categories mentioned for taxpayers.
- You can furnish return electronically by using your digital signature.
- You can file ITR by transferring the data electronically under electronic verification code.
- Last but not the least, you can file your Income tax Refunds by transmitting the data in the return electronically and after that you can submit the verification of the return in Return Form ITR-V.
Once you e-file your ITR an acknowledgement will be generated by the Income Tax Department in a form that is named as ITR-V. The ITR-V is issued in Pdf format and it is password protected. The password will be Permanent Account Number of the assessee in some cases followed by his/her date of birth/its date of formation.
So, what are you waiting for, its time to file your Income Tax Return.