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Filing ITR online? Here’s a Quick Step-by-step Guide

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filing itr online

Online ITR filing is easy if methodical. Just keep all your documents and rough work ready. This article provides contents of income tax guide for online filing of ITR returns. Individuals and entities can follow the stepwise instructions of the guide and complete the task of filing IT returns within a matter of minutes.

Income tax guide: Creating your income tax filing account

In the beginning, the income tax guide portal will tell you to create an account in the IT portal if you already don’t have one. This is easy, and the investors need not seek many directions from the income tax guide.

People who are absolutely new to online processes may need to follow the procedures step by step, but once they have followed the all the steps, they will not have trouble in filing their income tax online from next time.

For creating your own IT filing account, you need to log on at the official website of the income tax department of India. As soon as you log on to the portal on the right-hand side, you will be able to see directions for registering your account.

Income tax guide step one: The registration/login process on the IT portal

Once you click on the tab that says register yourself, you will be guided systematically towards completion. The income tax guide lays down the steps you need to follow to register yourself on the portal.

Selection of user type: an investor would first need to specify his/her type, whether individual, HUF, other than individual/HUF, external agency, chartered accountant, tax deductor /collector, third-party software utility developer.

After specifying the user type say ‘Individual’, you need to click on the continue tab and thereupon the registration form for the individual page will open up

Filling up the registration form: here you would need to provide details Pan, name (surname, middle name, first name), date of birth and residential status (resident/ non-resident)

Verification of registration: in this step of the income tax guide, the individual needs to verify his/her registration by the mentioned process. The individual would need to create an account id and password and save these for future log in

Completion of registration: in the last step of the registration process in the income tax guide, the individual’s registration will be complete, and registration completion notification will appear on the screen. After that individual can log on into his/her account any time for filing the income tax return.

Income tax guide step 2: Online preparation and submission of ITR

Step 2 of the income tax guide lays down the stepwise procedure of preparing and submitting the income tax return form. Here it should be noted that only ITR1 and ITR 4S can be filed online.

Once you are logged on to your own account, you will see the dashboard; there you can click on the option ‘Filing of income tax return’. If you want to view e returns filed earlier, then you can click on the tab ‘view returns/form’.

Follow the income tax guide stepwise process on the filing of the income tax return as mentioned below.

Once you click on the filing of income tax return, you would need to specify assessment year, ITR form name and submission mode.

The assessment year and financial year both start from April 1 and end on March 31. The assessment year is always one more than the financial year. For example, if you are filing the income tax return for the financial year 2017-18, the assessment year will be 2018-19.

Suppose you choose form ITR 1 then you would need to fill in all the columns. Some data will already be present. Tax filers need to provide PAN number, and essential personal details like Aadhaar and data is imported from these in the form.

The process is sequential, and income tax guide leads you through completion. If you require tax details to be filed then access form 26 AS by clicking on ‘my account’.

The next steps of the income tax guide will tell you to upload your digital signature if applicable. Before uploading your digital signature, please ensure that the digital signature has been registered with e filing. Complete all the filling work of the form.

Several times filing columns can pose a problem regarding what amount to fill. Refer to the income tax guide for filing the columns whenever in doubt.

In the final steps of the income tax guide, you will be asked to submit you’re filled in form by clicking the submit button. If you don’t want to complete the entire form filling process in one go, then you can always save your form and return to it later. You would also need to verify your income tax filing.

You can verify just after completion of filing, or you can also verify later. Once you have completed the last step of form filing as per the income tax guide of verifying your form filing you are through with the filing work, and you can click on the save option and save the form filed by you.

Income tax guide steps would caution you to check the figures the form returns you with your personal calculations before you choose to verify. After your form filling is verified making changes will be a tedious process.

So income tax guide advises you to fill correctly in the first go. If you are not sure regarding any data, then save your form, make sure and then fill later.

After completion of the verification process, email is sent by the income tax department which has a copy of the verified form attached. Save this form for future reference. You can also access past income tax filing from your account on the income tax portal.

If taxpayers sometimes would need to change data in verified forms of past years, then that is also possible. Follow the simple steps of the income tax guide and make online tax filing a simple task.

Income tax guide comprises several sections on how to fill certain columns. For example, if you are filling ITR 1 form, then you can refer income tax guide on how to file for tax exemptions and deductions under the various sections of the IT Act.

Income tax guide FAQs

Income tax guide dedicates a long section of FAQS as tax filing can be confusing for taxpayers who are filing their income tax returns on their own for the first time. Income tax guide is a do it yourself step by step procedure for individuals who want to file their own income tax returns.

Income tax guide FAQ 1: What is income tax return and who should file an income tax return?

An income tax return is income and tax details paid by any entity. All entities with taxable income need to file an income tax return.

Income tax guide FAQ2: What is ITR 1 and who should file ITR1

ITR 1 is income tax return form 1. ITR 1 is meant for individuals who have salaried incomes. Salaried individuals should save all documents related to TDS payments, medical insurance premium and bill payment and payments made for investment in tax benefit schemes. ITR 1 form is also called Sahaj form which in English means easy or simple.

Income tax guide FAQ 3: What is form 26 AS?

The form 26 AS is a consolidated form of all tax deducted by various entities at the source. Several taxes are deducted at source by deductors who can be banks, employers, tenant. Form 26 AS is a consolidated statement of all deducted taxes and is issued under section 203AA of the income tax act, 1961.

Individual taxpayers can access Form 26 by logging on to their accounts in the IT department portal and clicking on my account tab. Form 26 AS provides comprehensive data at one place on how much tax has been deducted and by whom. It saves the tax filer a lot of compilation work.

The individual taxpayer can fill in most cells of the ITR 1 form with the help of data provided in Form 26 AS.

Income tax guide FAQ 4: what is form 16 and who issue it?

Form 16 needs to be issued by all entities who deduct tax at source. The entity can be a bank or employer. For example in the case of salaried individuals, the employer may deduct tax at source from the individual’s income.

For individuals who have fixed deposit accounts, a certain percentage of interest income may be deducted by banks. Banks also issue form 16 to account holder for tax deducted at source.

Form 16 has two parts, part A and part B. IT is mandatory for all deductors to issue form 16 to individuals or entities from whom tax has been deducted at source.

Income tax guide FAQ 5: What tax deductions and exemptions can individual taxpayers claim?

The income tax act 1961 sections have provisions for tax deductions and incomes applicable for individual taxpayers. Sections 80C to 80 U lay down several provisions related to tax deductions and tax exemptions. Individual taxpayers are eligible for several deductions and exemptions on tax, the major tax benefits include:

  • Deduction on HRA/rent paid
  • Deduction on health insurance premium (section 80 D)
  • Deduction on listed investment schemes (section 80 C and 10 D)
  • Deduction on PF investment and life insurance premium (section 80 C)
  • Deduction on LTA

Income tax guide FAQ 6: What are the other sources of income?

Besides income from salary, an individual taxpayer may have several other sources of income. While filing income tax returns, individuals must furnish details of income from all sources. The several sources of income include:

  • Income from salary
  • Income from fixed deposits
  • Saving deposit interest
  • Income from investment schemes
  • Income from property
  • Income from self-occupation

Income tax guide FAQ 7: What is tax exemption, tax deduction, tax rebate

These are all the tax benefits applicable to various conditions. Tax exempted items are items that generate income, but the income is not taxed. Tax exempted income items include investment in ELSS, PPF, girl child scheme, pension funds, and several more items. Tax deductible items are essentially invested amounts in listed schemes.

The invested amount for the whole year can be deducted from the taxable income base. Reduction of taxable income base reduces the tax. Tax rebates are applicable to specific conditions like for income under Rs 5 lakh; the rebate is up to Rs 5000.

Income tax guide FAQ 8: What is the taxable income base?

Tax is deducted on the total income and not only from the salary income. Taxable income slab is the total of all income less the deductions. The slab rates are different for different income slabs. If income is less than Rs 2.5 lakhs per year, then no tax is levied on the income. The limit is more for senior citizens and super senior citizens.

Income tax guide FAQ 9: What is the main advantage of ITR 1?

The main advantage of ITR -1 is that the tax filer is automatically supplied with several data that is used for income tax calculation. The software fetches these data from the Pan linkages and forms 26 AS.

However, income tax guide advice individuals to always cross-check data with their own compiled documents and tax sheet.

Income tax guide FAQ 10: What is income tax refund?

Individuals pay several taxes all through the year. These are mainly the tax deducted at source. If in ITR 1 the total tax already paid is more than what is applicable under the income tax slab then the ITR 1 form will show refund amount.

If on the other hand, the income tax payment required under the specific income slab is more than what has been already paid, then individual will have to pay the difference amount.

Writing is like breathing to me and sharing my ideas with my friends in the virtual world is bliss. I live to write and relive the moments that I had written. Enjoying the write-ups that I had once written and sharing with all is all that matters to me.

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India Really Needs to Learn About the Innovative Environmental Policies and Measures Adopted by These Countries to Preserve its Climate

Satendra Kashyap

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India Really Needs to adopt Innovative Environmental Policies to Preserve its Climate

We all are very well aware of the fact that country like India is topping the list of air pollution, deforestation in order to build giant buildings all over the city. The population is increasing day by day and thus contributing to causing more and more pollution. These situations have really become a matter of concern that needs to be addressed as soon as possible to save the climate. On the other side countries like Finland, Sweden, Denmark, Norway are really taking some of the innovative steps to bring the transformation. India needs to adopt such environmental measures and plans to become pollution-free.

Let’s have a closer look at what innovative steps has been taken by these countries that have really helped them to preserve their climate.

1. Sweden

Swedish city is building a unique kind of passive houses to completely eliminate CO2 emissions by 2050. These passive houses are made up of wooden frames and thick walls which keeps cold air outside and human-generated heat (cooking, gadget use, human activities) inside.

2. Denmark

‘No helmet, No Problem rule’

via: Iris/Scanpix

This country follows the rule of ‘No helmet, No Problem rule’, which mean that don’t make use of pollution causing vehicles in the city. In 2014, the city also has introduced a campaign in order to encourage citizens to make use of bicycles instead of other vehicles to curb pollution. They also focussed on modernizing public transport by cleaning up the buses and railway systems.

3. Malta

Malta renewable energy sources

via: Memoori

A sustainable vision development adopted by Malta under which it has decided to swap its primary source of energy from fuel oil to natural gas. Nearly 70% of energy is obtained from natural gas and the rest from other kinds of renewable sources.

4. Norway

Norway ban deforestation

via: Getty Images

Norway’s groundbreaking move to ban deforestation has made a global impact. It is the first country which has decided to become deforestation-free. Even the companies are also taking part in this pledge as they have decided to procure such goods that are linked to deforestation.

5. Morocco, Kenya, and Rwanda

Morocco,-Kenya,-and-Rwanda stopped making use of plastic bags

via: Business Insider The countries like Morocco, Kenya, and Rwanda have stopped making use of plastic bags. Tamil Nadu is also preparing to follow the same suit.

6. Ireland

Ireland: national waste programme

via: Dublin Inquirer / Photo by Lois Kapila

 

Ireland has invested a huge amount in a national waste programme in 2017 which has helped farmers to reduce greenhouse gas emissions through technological advancements and innovation. Also, it constantly monitors the quality of water in their lakes and rivers to improve the quality over time.

7. Finland

Finland is aiming to achieve carbon neutrality by 2035

via: REUTERS/Wolfgang Rattay/File Photo

This country is aiming to achieve carbon neutrality by 2035 under a plan announced by the country’s new coalition government. Under this plan, nuclear power will continue to provide Finland with low –carbon energy to strengthen the quality of climate by reducing carbon emission to achieve climate neutrality.

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The First-ever Circus Roncalli in Germany Makes Use of 3D Holograms Instead of Real Animals to Stop Animal Abuse

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Circus Roncalli in Germany Makes Use of 3D Holograms Instead of Real Animals

Can you imagine a circus without horses, elephants, lions, and tigers? Obviously not. Since ages, we have been making use of real animals as a means of entertainment which is actually not correct and a very cruel act towards the animals. In order to stop the animal abuse, a group of German performance group has started making use of 3D holograms instead of using the real animals completely.

Taking this noble step to show some love and courtesy towards animals, Circus Roncalli in Germany has become the first ever circus to entertain masses without dealing with live animals.

The public is appraising their efforts and respect their decision to end the cruelty against the animals.

Circus Roncalli which was founded in 1976 has phased out the use of animals and now they have started making use of projections to entertain the audience.

The circus has decided to transform the things entirely so that it could help and contribute towards fighting against the innocent animals that are getting tortured and ill-treated for so long in the industry.

Animal Holograms Circus Roncalli Germany

via: Metro

The circus shows elephants, horses, and even a goldfish, but they are all made up of holograms. The circus makes use of the 3D holographic images from projectors to fill an arena which is 105 feet wide and 16 feet deep with clever special effects so that the whole audience can see (According to reports).

Animal Holograms Circus Roncalli Germany

via: Metro

The amazing holographic experience was created by circus Roncalli’s agency TAG/TRAUM in association with Bluebox partnership with Optoma.

The step follows a bill that was passed in the UK which has banned circuses to make use of live animals as a source of entertainment for the public.

The move taken by them has been appreciated on social media:

More info: Circus Roncalli

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8 Foods That Provide Natural Sun Protection

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Foods That Provide Natural Sun Protection

The scorching heat outside is sure making us stick to our bedrooms. Air conditioners seem to be the best human invention ever, nowadays. But sticking at home doesn’t always happen. We need to get out and confront the merciless sun which leaves us dehydrated, tanned and sometimes with sunburns. Let’s not mention the threat of skin cancer. At this point, we want to buy a sunscreen which is really high on SPF but that doesn’t come cheap and puts the whole in our pocket. So it is heat, tanned skin and murder to the wallet.

Not anymore, as we have found out about such super foods that can provide you natural sun protection. Munch on!

1. Flax Seeds

Flax Seeds

Image by Pezibear from Pixabay

Flax seeds can be eaten as snacks or sprinkled onto the salad. Eat them anyway as they are best to protect from sunburn and skin cancer.

2. Red Globe Grapes

Red grapes can lessen oxidative damage from UVB exposure. Presence of phytonutrients helps to protect from sun damage.

3. Watermelon

Watermelon

Image by Steve Buissinne from Pixabay

Watermelon not just hydrates your body but also, save you from harmful UV rays. This is no doubt a bets summer fruit.

4. Orange/Lime

Orange/ Lime

Image by Couleur from Pixabay

These are rich in vitamin C and can reduce the chances of sunburn. All citrus fruits are great for summer.

5. Walnut

Walnut

Image by Pera Detlic from Pixabay

Walnuts are great food and help to protect against sunburn. Eat a handful of them a day and keep skin problems at bay.

6. Almond

Almond

Image by Steve Buissinne from Pixabay

Not only walnuts but almond is also a great dry fruit to help from protecting from skin problems caused by UV.

7. Dark chocolate

Dark chocolate

Image by Alexander Stein from Pixabay

You definitely didn’t see that coming, right? Well, dark chocolate provides protection against sunburn. Need not to mention that it is already known for several skin benefits.

8. Green Tea

Green Tea

Image by rawpixel from Pixabay

Green tea has already become popular for several health benefits. Another benefit of it is that it protects your skin from UV rays.

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