Only three days to go to file your income tax returns for this financial year. If you haven’t filed your ITR yet, file it before the deadline July 31, if you want to avoid paying fine. However, it is not applicable for people filing the e-return for this financial year 2016-17.
People who have income less than 2.5 lakh are liable to file Income Tax Return, Rs 3 lakh for people of the age of sixty years and Rs 5 lakh for the people of the age of 80 years and above.
Steps to follow to file the e-return using ITR-2 form in less than 10 minutes:
- Go to Income Tax e-filing website, incometaxindiaefiling.gov.in. Click on the option ITRs (updated on 26/07/17)
- The ITR-1 is only for persons doing jobs and the salary is less than Rs 2.5 lakh. The ITR-2 is for everyone and the margin of income should not be less than Rs 5 lakh. ITR-3 is for people doing business, and ITR-4 is for people who are paying taxes under the present taxation basis.
- Click on ITR-2 and read the option carefully. Then click on the form and fill the options like name, PAN, date of birth, Aadhaar number carefully. Once you complete, please click on the option validate. If you fill the form successfully, then it will read Ok.
- Now move on to the next sheet, Part B, and fill your total income. Once completed, please fill the IT sheet next.
- In the IT sheet, mention if you paid any advance tax before. Once completed, click on the option validate.
See the video below to get a detail of how to file Income Tax Returns using ITR-2:
- After that move to TDS sheet, here mention the amount deducted by the organisation. Once completed, click the option validate. Fill the form 18 C, if you have sold any property.
- Now move to sheet salary, where employer’s name, address, salary needs to be mentioned. Once completed, click the option validate.
– Inputs from Kuldip Kumar, Partner and Leader Personal Tax at PWC