A Simple Guide to Filing Your Tax Returns Online



Tax filing should be done without error to avoid complications and penalties. As July 31st is approaching, here is an ultimate list of tasks to do for filing your tax returns. Follow this step-by-step process to complete your tax returns filing properly. 

Collect and organize essential documents

In order to file your tax returns without any error, these essential documents will come in handy. Make sure you have all these documents although they are not asked to submit while filing your tax returns. You might need to submit some of these documents as proof sometimes. 

  1. PAN number
  2. Form 16: It is a document provided by the employer which declares all the information regarding the income you earned in that year. The tax deducted at Source (TDS) is declared in this form.
  3. Form16A: it is issued for declaring tax deducted at the source (TDS) other than your salary. This covers interests from Bank Fixed Deposits and similar income.
  4. Demat account transaction statement: A Demat Account allows investors to hold and trade their shares. The stocks are in the account as dematerialized form. The Demat account statement will be needed to declare your trading activity and profit/losses bookings. 
  5. Advance Tax/ Self-Assessment Tax payment challan: You have to pay tax advance if the liability exceeds Rs 10,000 in the corresponding financial year. If you are a salaried personnel this amount will be covered by the TDS from the employer. Income from other sources are also subject to the advance tax. Not paying this on time attracts penalty. You can assess your final tax liability after deducting TDS and advance tax paid during the previous fiscal year. This liability is termed as the self-assessment tax and it should be paid before filing your tax returns. 
  6. Bank account statements: Download and keep all the statements from the banks served you in the corresponding fiscal year. 
  7. Capital gains/loss statements: Loss against gain offset will help you reduce your tax liability. Download Capital Gain Statement from the online provider or generate the same by contacting your investment broker/platform. 
  8.  Principal and interest payment certificate from loan provider: This will record the exact payments made towards your principal amount and interest to claim deductions under Section 80C and Section 24. 
  9. Income and investment actuals: Calculate all your investments, income, and deductions. TDS should be cross verified with 2AS. In the case of mismatches, the compiled data will help you get the tax refund or pay the dues before filing the ITR.
  10. Copy of previous year’s return
How to file your Income tax returns?

Filing your tax returns can be done online easily through the official website of the income tax department. Follow these steps to file tax returns accurately.

  • Register on  https://incometaxindiaefiling.gov.in/ 
  • Verify whether the TDS given is your Form 26AS matches with TDS listed in the Form 16 and Form 16A
  • Click on the ‘Downloads’ tab to download the ITR statement. 
  • Generate an XML file for the same
  • Click ‘Upload returns’ link on the homepage
  • Upload the generated XML file here
  • Download and keep the  ITR-V (ITR-Verification) file afterwards.This will be available once you finish the upload process. 
  • If you have checked in for e verification of the ITR, you can complete the process by digitally signing the document by verifying the OTP sent to your mobile number linked with your Aadhaar card. 
  • If you have not opted in for the digital verification, you need to download the acknowledgement form and sign it with blue ink. 
  • Send it via speed post or normal post to the below address.
Income-Tax Department-CPC
Post Bag No-1, Electronic City Post Office
Bengaluru - 560100, Karnataka

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