Income Tax Basics - How To File Your Income Tax Online?
a working employee, you are required to file your taxes at the right time. While it may be convenient to hire a personal accountant to do the job for you, it is best if you learn how to do online tax payment yourself. While it may seem completely mind boggling, we give you a step by step guide that will help you make these E – tax payment without any problem. Before you know it, you will be able to file your tax returns every year without any hassle.
There are two ways, by which you can make your E – tax payment. This includes a private portal or the government portal.
Private Portal
Through the private portal, there are two ways in which the tax returns can be filed. You can either prepare or file the online tax payment return on your own in the first manner. Otherwise you can opt for the private charter accountant who will assist you during the filling process. They can also file your returns for you for a fixed sum, depending on the level of service that they offer and you require.
Official Website
Another method of filing the returns is through the official website. Before you do so, you will be required to have your bank statements, along with the form 16 that is normally issued by your employer and the copy of last year's returns at hand. Next, you will be required to log into the official government website. Once you have logged in, you will have to register your identity with an account along with your Permanent Account Number (PAN). Next, you will need to view your tax credit statements, through the form 26AS. Here, you can view all the statements that will reflect the taxes that have been deducted by your employer which is deposited with the I – T department. Ensure that the TDS must tally with the form 16 and form 26AS. Any discrepancies in the figures of your E – tax paymentwill lead to a notice from the I-T department later. Once you have logged and registered online, select the income tax return form that applicable to you. You will then have to download the Return Preparation Software(excel utility), wherein you will have to complete the form by using Form 16 and entering all the necessary details. Ascertain the taxes that are payable and enter the details in the tax return. Once all the details are verified, save the file and upload the return form with your signature. If your online tax payment process is successful, you will be alerted about it with an additional acknowledgement form. Don't forget to send a physical copy the main IT department center in your city within 120 days of filing your return online
There are two ways, by which you can make your E – tax payment. This includes a private portal or the government portal.
Private Portal
Through the private portal, there are two ways in which the tax returns can be filed. You can either prepare or file the online tax payment return on your own in the first manner. Otherwise you can opt for the private charter accountant who will assist you during the filling process. They can also file your returns for you for a fixed sum, depending on the level of service that they offer and you require.
Official Website
Another method of filing the returns is through the official website. Before you do so, you will be required to have your bank statements, along with the form 16 that is normally issued by your employer and the copy of last year's returns at hand. Next, you will be required to log into the official government website. Once you have logged in, you will have to register your identity with an account along with your Permanent Account Number (PAN). Next, you will need to view your tax credit statements, through the form 26AS. Here, you can view all the statements that will reflect the taxes that have been deducted by your employer which is deposited with the I – T department. Ensure that the TDS must tally with the form 16 and form 26AS. Any discrepancies in the figures of your E – tax paymentwill lead to a notice from the I-T department later. Once you have logged and registered online, select the income tax return form that applicable to you. You will then have to download the Return Preparation Software(excel utility), wherein you will have to complete the form by using Form 16 and entering all the necessary details. Ascertain the taxes that are payable and enter the details in the tax return. Once all the details are verified, save the file and upload the return form with your signature. If your online tax payment process is successful, you will be alerted about it with an additional acknowledgement form. Don't forget to send a physical copy the main IT department center in your city within 120 days of filing your return online
