Income tax filing in India involves several steps, and it’s important to follow the process accurately to meet the regulatory requirements. Here’s a step-by-step guide to income tax filing in India:

Step 1: Determine Your Income Sources

Identify all sources of income, including salary, business income, rental income, capital gains, and other income.

Step 2: Choose the Right Income Tax Return (ITR) Form

Select the appropriate ITR form based on the nature and amount of your income. As of my last knowledge update, the common ITR forms are:

• ITR-1: For individuals having income from salary, one house property, and other sources.
• ITR-2: For individuals and HUFs not having income from business or profession.
• ITR-3: For individuals and HUFs having income from business or profession.
• ITR-4: For individuals and HUFs having income from a proprietary business or profession.

Step 3: Gather Required Documents

Collect all necessary documents, including Form 16 (for salaried individuals), bank statements, investment proofs, rent receipts, and other supporting documents.

Step 4: Calculate Taxable Income

Compute your total taxable income by adding income from all sources and claiming eligible deductions under various sections of the Income Tax Act.

Step 5: Pay any Remaining Tax

If there is any tax liability after considering TDS (Tax Deducted at Source) and advance tax payments, pay the remaining tax before filing the return.

Step 6: File Income Tax Return Online

• Visit the official Income Tax Department website (https://www.incometaxindiaefiling.gov.in/).
• Register or log in to your account.
• Choose the relevant assessment year and ITR form.
• Fill in the required details, including income details, deductions, and tax payments.
• Verify the information and submit the return.

Step 7: Verify the Income Tax Return

After submitting the return, verify it using one of the following methods:

• Electronic Verification Code (EVC)
• Aadhaar OTP
• Digital Signature Certificate (DSC)

Step 8: Receive Acknowledgment

Once the return is successfully filed and verified, you will receive an acknowledgment. Keep a copy of the acknowledgment (ITR-V) for your records.

Step 9: E-Verify (if not done earlier)

If you did not e-verify during the filing process, you can e-verify later using the EVC or Aadhaar OTP options.

Step 10: Monitor Refund Status

If you are eligible for a tax refund, you can monitor the refund status through the Income Tax Department’s website.

Important Points to Note:

• The deadlines for filing income tax returns vary based on individual cases, so check the latest notifications from the Income Tax Department.
• Keep all supporting documents and proofs for future reference.
• Seek assistance from a tax professional if needed, especially for complex tax situations.