Documents Required for Income Tax Return Filing Online

1. PAN (Permanent Account Number): PAN is a mandatory requirement for income tax return filing. It serves as your unique identifier for tax purposes.

2. Aadhar Card: While not mandatory, linking your Aadhar card with your PAN is encouraged as it simplifies the process and helps prevent any discrepancies.

3. Current Location: roviding your current residential address is essential for communication and verification purposes.

4. Bank Account Details: Details of all bank accounts you held during the financial year, including account numbers, names of banks, and IFSC codes, are required.

5. Income Details:
- Salary: Details of your current salary, allowances, and any other compensation received from your employer.
- Investment Income: Income earned from investments like Fixed Deposits (FDs) and savings bank accounts.
- Other Income: Any additional sources of income, such as rental income, capital gains, etc.

6. Deductions Under Section 80: Details of deductions you are eligible for under Section 80 of the Income Tax Act. This could include investments like Provident Fund (PF), Public Provident Fund (PPF), National Savings Certificate (NSC), etc.

7. Tax Payment Information:
- TDS (Tax Deducted at Source): Details of TDS deducted by your employer or other deductors. This information is available in Form 16 and Form 26AS.
- Advance Tax Payments: If you've made advance tax payments during the financial year, these details need to be provided.
- Self-Assessment Tax Payments: Any additional tax payments made by you beyond TDS or advance tax.

8. Form 16: If you are a salaried individual, your employer provides Form 16, which includes details of your salary, TDS, and other deductions.

9. Form 26AS: It's a consolidated statement showing all the TDS and tax payments related to your PAN. It's available on the Income Tax Department's website.

10. Form 16A: If you've received income with TDS deducted, other than salary, Form 16A provides details of TDS deductions on these incomes.

11. Investment Proof: In certain cases, you might need to provide proof of investments and deductions claimed under Section 80.

It's important to ensure the accuracy and completeness of the information provided during income tax return filing. This not only helps in accurate tax calculation but also prevents any discrepancies that might lead to penalties or legal consequences.

Procedure for Income Tax Return Filing Online

• Gather your tax-related documents, including Form 16, TDS certificates, bank statements, and investment details.
• Visit the Income Tax Department's official website.
• Register by entering your PAN, name, date of birth, and required details.
• Log in using your PAN as your user ID and the password set during registration.
• Choose the appropriate ITR form matching your income sources.
• Fill in the details in the ITR form using the online or offline mode.
• Review the entered details for accuracy and completeness.
• Click 'Submit' to file your income tax return.
• Receive an acknowledgment via email for online submissions.
• For offline submissions, download the XML file and upload it to the portal.
• Verify your ITR using methods like Aadhaar OTP, bank account-based OTP, or digital signature.
• Upon successful verification, the Income Tax Department processes your ITR.
• Receive a notification about the status of your ITR filing.

By following these steps, you can ensure a seamless and accurate online income tax return filing process.

Steps for Checking the Status of e-Filing Income Tax of India

1. Visit the official Income Tax e-filing website: https://www.incometaxindiaefiling.gov.in/

2. Click the "Login" button and provide your user ID (PAN) and password.

3. Enter the captcha code shown on the screen.

4. Click on the "Login" button to access your account.

5. Once logged in, navigate to the dashboard and click on "View Returns/Forms."

6. Choose the relevant Assessment Year (AY) and select the appropriate ITR form from the drop-down menu.

7. Click on the "Submit" button.

8. Look for the "e-verification status" button and click on it.

9. The status of your e-filing will be displayed on the screen. If your return has been processed and successfully verified, you will see a status message such as "Successfully e-Verified" or "Successfully Verified."

10. If your return is still in the processing stage and awaits e-verification, the status will be indicated as "Submitted and pending for e-Verification."

11. Additionally, you can also check the e-verification status by selecting the "View Returns/Forms" option and then clicking on "e-Verification."

By following these steps, you can easily check the status of your e-filing income tax return in India. This process helps you stay updated on the progress of your tax return submission and verification.

Benefits of Income Tax Return Filing India On Time

Benefits of Timely ITR Filing:

1. Avoiding Late Fees: Filing ITR on time helps you avoid late filing fees, which can be substantial if you miss the due date.

2. Claiming Refunds: Timely filing is crucial to claim refunds when you've overpaid taxes.

3. Lowering the Risk of Scrutiny: Filing on time reduces the chances of scrutiny by the income tax department, preventing unnecessary stress and time consumption.

4. Timely Loan Processing: On-time ITR filing provides necessary proof of income for loan applications, ensuring smoother loan processing.

5. Proof of Income: ITR serves as essential proof of income for various purposes like visa applications, bank loans, and more.

6. Increase in Creditworthiness: Timely filing enhances your creditworthiness, boosting chances of loan approval and better interest rates.

7. Ease of Business Operations: For businesses, timely ITR filing is vital for smooth operations, especially when participating in tenders or contracts.

8. Encourages Financial Planning: Timely filing promotes better financial planning by giving a clear view of income and expenses.

Consequences of Late or Non-Filing:

1. Late Filing Fees: Late filing incurs fees ranging from ₹5,000 to ₹10,000, depending on when you file.

2. Interest on Unpaid Taxes: Interest is charged on unpaid taxes, starting from the due date of filing until the actual payment.

3. Prosecution and Imprisonment: Non-filing despite notices can lead to prosecution and imprisonment, usually for willful tax evasion.

4. Loss of Deductions: Late filing can result in the loss of deductions and exemptions, leading to higher tax liability.

5. Impact on Credit Score: Late or non-filing can negatively impact your credit score, affecting loan approvals and interest rates.