The process of electronically filing income tax returns is known as e-filing. You can either seek professional help or file your returns yourself from the comfort of your home by registering on the Filingmantra.com
Income Tax Return Due Date
Generally, the due date for filing Income Tax Return (ITR) for Individuals or HUF is for Financial Year 2016-17 would be 31st July, 2017.
Things to remember during your e-filing
Find out which form you need to fill
There are multiple ITR forms and you have to pick one based on your tax reporting status and source of income. Once you have registered on e-filing website check the guidelines to see which form you need to fill.
Check for which year you are filling up the returns
This can be tricky as the Assessment Year (AY) is different from the financial year (FY). For example, the income you earn from 1st April 2015 to 31th March 2016 will correspond to Assessment Year 2016-17. The trick is to remember that the AY is the year after FY.
Download form 26AS
After downloading form 26AS, compare it with your TDS to see. The information you enter on your ITR form will depend on the information you have on your tax credit and TDS certificate,it’s important to verify those who first time. If there is any mismatch, get it correct it before only.
Keep records of statements
while filing your returns keep a copy of all your bank statements, demat statements and statements of other revenue sources. Report all your income including interest, dividend and gains from your deposits, stocks, mutual funds and any other sources. Income from house property, gifts higher than a certain limit and assets in foreign countries also need to report.Income other than that from salary, house property, business or capital gains will go under the head ‘Income from other sources’. Double-check your ITR form against all your statements before submitting it.
Fill in the all the deductions you have claimed for the FY
Ensure you have claimed the maximum possible deduction. Even if you have not made the necessary investments, certain expenses like money spent on children’s education, health insurance premium, etc.So, remember to add these as well while claiming deductions.
Next, the system will prompt if any further tax amount is to be deposited or if you are eligible for getting refund. In case additional tax amount is to be paid, you can submit this online and provide references of this payment (BSR code, challan number and amount) in the ITR form.
Your job is still not done after you submit the ITR. You have to e-verify your ITR by linking it to your aadhar or through your netbanking. Or, verify by sending it to the Central Processing Centre (CPC) in Bengaluru within 120 days of filing your returns.
Look for an email from DONOTREPLY@incometaxindiaefiling.gov.in with subject 'Confirmation on Submission of IT Return'. The ITR V is usually attached that states the acknowledgment number. If you do not get this email, it could be that your return was not submitted successfully and you may have to refile.