The Minister of Finance extended the submission deadline for the year of valuation 2019-20 until August 31, 2019. Although the term has been extended, it is preferable not to delay the filing of the tax return. Tax refund and avoid the last-minute rush.
If you plan to send it yourself, here is a step-by-step guide to help you through the process.
There are three ways to present an ITR
1. With the help of third parties, such as electronic filing portals, public accountants, tax preparers (TRPs) appointed by the income tax department to help small and medium taxpayers.
2. You can file it yourself through the Income Tax Service website, Incometaxindiaefiling.gov.in
3. If you are over 80 years old, you can deposit your RTI manually. You can download the relevant documents from the I-T service website or obtain them directly from the income tax office. Once you have completed it, you must send it to the income tax office in your jurisdiction.
How to deposit ITR online for yourself?
1) Gather all required documents.
The first step is to collect documents such as the TDS certificate (form 16 / 16A), the declaration of capital appreciation, payrolls. These documents will help you calculate the gross taxable income and determine the withholding tax (TDS) details on your income for the 2018-19 fiscal year.
Form 16 is a TDS certificate issued by your employer regarding the tax withheld from your salary income.
Form 16A is provided for the TDS under "Non-salary income." For example, the interest you receive from the bank for your fixed deposits, your insurance commission, your rent, etc.
Make sure that all TDS certificates you have received from all deductors are in TRACES format.
TRACES is the system website for the reconciliation and correction of TDS. The website facilitates the submission of TDS correction statements by deductors.
Remember, too, that you will have to pay taxes on long-term capital gains from stocks and mutual funds if the earnings exceed Rs.1 lakh. Capital gains are the gain you get when you sell an investment. Therefore, check if you have capital gains and collect the yield to calculate the amount.
2) Keep your 26AS form ready
It is a form that indicates that the tax has been received by the government. Form 26AS contains detailed information on the tax deducted on behalf of the taxpayer (you) by the deductors (employer, bank, etc.).
You can download Form 26AS from the TRACES website.
To download, you must log in to your account on the electronic filing website, go to "My Account" and select "See form 26AS". By clicking on it, you will be automatically redirected to the TRACES website, where you can download the form.
The TDS deductions shown on Form 16 / Form 16A can be verified with Form 26AS. If the amounts shown on the TDS certificate and AS form 26 are different, you must contact the deductor and correct the errors. If the error is not corrected, you cannot claim the tax credit deducted.
3) Calculate the total income for the year.
Once you have collected all the required documents and verified all the taxes that have been deducted from your income, you must calculate the total taxable income.
Total income is calculated by adding your retirement allowance (DA), your housing allowance (HRA), your transportation allowance (TA), your special allowance (SA) to your basic salary. Then, deduct the exemptions from the HRA, the corporate tax and the standard deduction from the gross salary. The figure it reaches is the total taxable income.
4) Know your ITR forms:
When submitting your statements, be sure to choose the correct RTI form. There are several forms available, of which only a few are applicable to individuals. If you file your taxes using the incorrect form, you will be considered invalid and will have to deposit it again.
ITR-1: For private residents whose main source of income is salary. It can also be used if there is income from a house and income from other sources.
This form is NOT suitable for:
- Hindu Undivided families (HUF).
- Non-residents
- People who are directors in a company.
- Individuals who invest in unlisted shares
- Those with foreign assets and interests
- Agricultural income exceeding Rs 5,000.
- Those who earn capital gains
- Those who receive income from the business.
- People who receive income from various real estate properties.
- People whose income exceeds 50 lakh
ITR-2: for individuals and HUF who have no commercial or professional income. It can be used by people with income from capital gains, property, income from other sources, etc.
ITR-3: for individuals, HUF with income from profits and commercial or professional benefits.
ITR-4: for individuals, HUF, and businesses that are residents and whose total income is less than 50 lakh and have income from a company or profession calculated according to sections 44AD, 44AD or 44AE.
This form is applicable for
Business income under section 44AD or 44EE
Professional income calculated under section 44ADA
Salary/pension with income below 50 lakh
The income of single-family homes with an income of less than Rs 50,000 (excluding deferred loss or loss that will be transferred to this category)
Revenue from other sources with revenues of less than 50 lakh Rs (excluding earnings from lottery and horse racing revenues).
Professionals like independent professionals can also opt for this scheme if their gross earnings do not exceed Rs 50,000.
Also read: Karnataka: the BJP is waiting for the signal from Delhi to form Govt; The speaker and the rebels have the key.
Also read: Karnataka: the BJP is waiting for the signal from Delhi to form Govt; The speaker and the rebels have the key.
5) How to deposit online?
a) Log in to the electronic income tax filing site. If you already have an account, use the same credentials to log in or create a new account using your PAN number.
b) Once you are logged in, click on the "Tax return" tab and complete the necessary information. Be sure to choose the appropriate RTI form and select "Continue" to access the "Instructions" page. Read it once and click on the "Part A General Information" tab below.
c) On this page, your personal data will already be complete as you have indicated the number of your PAN card. Check the details once and make changes if necessary. If you do not work on the page for more than five minutes, the page will log in and you may lose your data. So, once you're done, don't forget to click on the "Save draft" option at the bottom of the page.
d) Now click on the next tab "Calculation of income and taxes". Calculate your total salary as shown above in the "Calculate total income for the year" section. Now enter the total gross income amount in the "Salary section 17 (1)" box.
Once you enter the amount, all calculations will be done automatically. If there are other deductions, such as insurance policies, own funds, bank loans, home rentals, investments, etc., enter them in the "Part C: Deductions and total income" section. taxable".
Once you enter the amount, all calculations will be done automatically. If there are other deductions, such as insurance policies, own funds, bank loans, home rentals, investments, etc., enter them in the "Part C: Deductions and total income" section. taxable".
e) The final amount of the calculated tax will be automatically reflected in the last box "Tax, rates and total interest". Once you have finished, click on "Save draft" and then go to the next tab "Tax details".
f) If you are an individual employee, the amount of taxes deducted by your company will be filled in advance. Pass it once and, if you wish, copy the amount of tax mentioned in "Col 5" and paste it in "Col 6". Now click on "Save draft" and go to the next tab "Taxes paid and verification".
g) In this tab, you will find the amount/refund of taxes due at the corresponding location. You have the option to pay outstanding taxes online, if applicable.
h) In case of reimbursement, you must provide your bank details in the following section "Part E - Other information". Click on 'Add' to enter the bank account in which you wish to receive your refund.
If you already added the account last year when you filed the tax, bank details will be automatically reflected in this section. In this case, simply select the bank account by clicking on the checkbox in the left corner.
If you already added the account last year when you filed the tax, bank details will be automatically reflected in this section. In this case, simply select the bank account by clicking on the checkbox in the left corner.
6) Check your RTI
The last step of the ITR submission is verification. There are six ways to verify your ITR, five of which are electronic methods and one is physical verification. You can check through the OTP network based on Aadhaar, the electronic verification code (EVC) through Net Banking, the EVC account through a bank account, a Demat account, an ATM or send a signed receipt of the receipt ITR-V / Recognition directly to the IT department.
Remember, once you file your tax return online, you have 120 days to verify it. If you do not verify your ITR, it will be considered that you have not deposited it. If you have forgotten to verify your ITR, you can send a request to your Valuation Agent.
7) IT will process the return.
Once you have verified the returns, the I-T service will begin to process your tax return to ensure that all the details you have provided are correct, in accordance with the Income Tax Law. Once the process is complete, the tax collector will send you an email about it. In case they detect discrepancies, they can ask you to explain or correct the mistakes made when submitting the ITR.
Be sure to deposit the tax before August 31.
If you did not deposit the tax before the deadline, you must pay a fine at the time of filing. If you file your returns after the deadline, but before December 31, 2019, you must pay a fine of Rs 5,000 and, if you deposit it between January 1 and March 31, 2020, you must pay a fine of 10,000 rupees
In addition to the payment of the fine, the interest of 1% per month will be charged on the outstanding amount. Interest will be calculated from the due date until the date you actually file your return. For example, if your total tax payable for the current fiscal year is 1,000,000 rupees and you deposit it 10 months after the deadline, the interest will be calculated as follows:
1.00,000 Rs x 1/100 = 1000 Rs per month
Therefore, Rs 1000 x 10 = Rs 10,000
Therefore, you will have to pay a fee of - Rs. 1.0000 + interest of Rs. 10,000 = Rs. 1.10,000
So hurry up! Do not wait for the deadline. Send your returns before the expiration date.
Post a Comment