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Your Guide to Filing Your Taxes
1. Get Registered
If you're filing your returns for the first time, you'll need to start by getting registered on the official e-filing portal. To do this, you will need to visit www.incometaxindiaefiling.gov.in. You will need to use your PAN or Permanent Account Number as your user ID, so make sure you have your PAN Card nearby. You will also need to keep your other documents, such as your bank statements, your Form 16, and any other capital gain documents handy.
2. Download the ITR Software
Once you're registered or signed in, you'll have to download the ITR software for the financial year that has just ended. The software will either be in the JAVA or Excel format, and you'll need to choose the software that is compatible with your computer.
3. Fill Up the Form
Open the newly downloaded software application and fill up the required details. You can choose the pre-fill button to auto-populate your personal details and the amount of tax that has already been deducted from your salary. Once you've gone through all the details and you're sure they're right, click on the Calculate button to see the final tax amount that you still have to pay, or the rebate that you will earn.
4. Pay the Tax
In case you still owe the government tax, you can complete the payment right away. Once the payment is done, you'll need to add the details to the form and then once again click on the Calculate button. This should bring the tax due amount down to zero. You can then save your ITR data in an XML format.
5. File the Returns
Now, it's time to log into the e-filing website. You need to click on the e-file option and then click the Upload Return button. You will be required to select the ITR data that you have just saved, and upload it onto the website. If you have a digital signature that is registered with the portal, you need to upload that along with your ITR before clicking on Submit. This ends the filing process. If you don't have a digital signature certificate, you can either print the form and send a hard copy to the Income Tax Department, or choose to electronically verify the ITR form by using your Aadhaar Card, ATM code or Netbanking password.
Now that you have last year's taxes taken care of, it's a good time to start planning your taxes for the current financial year. Under sections 80C, 80D and 80CCC of the Income Tax Act, you can enjoy deductions on life insurance, health insurance and pension plans respectively. Plan Income tax
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
HDFC Life
Reviewed by Life Insurance Experts
HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER
We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance solutions - protection, pension, savings, investment, annuity and health.
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