Every Indian citizen earning 5 lakh or above is supposed to pay the income tax but unfortunately, only 2.5 percent of the total Indian population do so. A country where the total populations are above 1.3 billion, it gets extremely difficult and tedious to pay the tax on time but it is important for both government as well as the applicants so that the govt. gets its dues on time and the applicant does not have to go to inquiry or notice.
Therefore, it is very important for you to know the step by step guide to filing the income tax. There are also certain documents which you require to have before filing up the tax return, like the bank account details, PAN number, Aadhaar number, the address of the house property, Form 16, etc. Similarly, some other particulars are also extremely important to have like details of mutual fund statement, sale, and purchase of equity funds, debt funds, etc. It is extremely imperative to submit absolutely correct information because the government always double checks.
There are basically 2 ways to file a tax return. One, to file in person and second, to file online. And with this age where everyone is extremely active on the internet, everything from paying TV cable bills, water bills, electricity or phone bills, it is also possible to file your income tax return also. Here are the ways:
- Step 1: Log in to E-filing application.
- Step 2: Go to E-file and submit ‘ITR Online’
- Step 3: Select the income tax return and assessment year
- Step 4: Fill in the details and click submit button
- Step 5: After submission, acknowledgment details will be showed
Another way to file the return is by doing so in person:
- Step 1: Collect the income tax return form from the income tax return office
- Step 2: Fill the details and attach documents and proofs
- Step 3: Then post it in the Income Tax Office
There are also some private companies who are distributing income tax applications forms for those who wish to file the return in person.