The deadline for the filing of ITR has been extended till December 31st. Filling the ITR gives you benefits like carrying forward of losses and exemption from paying late fees. Those who file after the deadline is entitled to pay up to Rs.10,000. You can also fill the ITR by electronic means. You need to be registered with the website of the Income Tax Department.
How to fill you ITR
- Keep the required documents ready like Form 16. Salary certificates etc. Form 16 is a TDS certificate that is given by your employer. Ensure that all the TDS certificates are in TRACES format.
- Form 26AS: You need to download and check this form as it is your passbook fot taxes. Make sure that your TDS certificates are also cross-checked with this.
- Correct the errors in Form 16AS
- The total income of the financial year has to be computed
- Compute tax liability by applying tax rates as per your income slab.
- Calculate the final tax to be paid
- File Income Tax Return once all taxes are paid
- Make sure your ITR is verified, You can it through various methods. 5 Electronic and one physical method. You will get your e-verification acknowledgment.
- The ITR will be processed after the verification