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If you are salaried and have form 16, then you can fill, file your income tax return in just 30 minutes - yourself, without sharing any information with anyone.
Before you start, tell me:
If your answer is yes, then please read my article at thakurani,else let us start filing your returns.
Form 16 contains all the information you need to file your returns.
Fetch your form 16, take a pencil and circle these 6 items in form 16.
Now you are ready to file your return. Open your return in these 4 easy steps:
Your return is available online, so you will need an internet connection
Click OK after you have read the instructions on this page. You will be taken to your income tax return.
The next step is actually filing your return. Remember the items you circled above, you will need them here.
Now that you have opened your income tax return online, let’s start filling items from your form 16 into your ITR-1.
For example, find Item Number 1(a) in your form 16, then find Item B1 (i) a, in your ITR-1 titled “Salary as per provisions contained in section 17(1)”, and fill the amount in that field.
Circled Items of Form 16
Where to fill in FORM 16? Find these heads in ITR
Once you have filled these items, you have finished the difficult part. Now let’s move on to some easy parts.
There are five tabs open in the Income Tax Return, let’s review them one by one.
PART A: General Information
Most of the items here are prefilled automatically, just check if they are correct or not. Also, check these two items:
PART B: Computation of Income Tax
This should match with your form 16, Just check these three items:
PART C: Taxes Details
All the taxes you have paid for this period is automatically prefilled here. If you have paid any advance tax during the year, check if it is appearing here or not.
Very Important Note:
It is your duty to report all income earned during the financial year in your income tax return. If your form 16 missed some income (like tution income, agency commissions, interest income on personal loans to relatives etc), report them in your Income tax return under Income from other sources, it will slighlty increase your tax liability from your form 16.
PART D: Taxes Paid and Verification:
This is summary of Part B and C of ITR. It contains:
This part calculates your refunds, or if extra tax should be paid by you.
If you have tax payable:
Click here for a step-wise guide to pay your taxes. It is recommended to pay all taxes before filing your return.
If you have a refund,
Click on the bank account where you would like to receive your refund.
Once you are absolutely sure all information appearing are correct, click on “submit” the return.
You will be asked a multiple options to verify the return, Cick Adhaar OTP.
In the next screen, input the OTP received in your phone. Within 2 minutes, you will receive a mail that your return is filed and successfully e-verified.
That’s all. You filed your return yourself, within an hour at the very least. You did’t have to disclose your financial information to anybody, and you saved some money in the process.
Congratulations, you did it. If this guide worked for you, share it to your friends and help them out too.