File all types of ITR forms by yourself by 31st July,2024 : ITR-1, ITR-2, ITR-3, ITR -4

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ITR-1 Filling

Filling out the ITR-1 (Sahaj) form in India is relatively straightforward, especially for salaried individuals or those with simple financial situations. Here’s a step-by-step guide to help you complete it:

Step 1: Collect Required Documents

• PAN Card
• Aadhaar Card
• Form 16 (provided by your employer)
• Bank Statements/Passbook
• Interest Certificates from banks/post office
• TDS certificates/Form 16A, if applicable
• Investment Proofs (for claiming deductions)
• Details of other income (e.g., rental income)
• Previous year’s tax return

Step 2: Login to the Income Tax e-Filing Portal

• Visit the Income Tax e-Filing portal.
• Click on “Login Here” for registered users or “Register Yourself” if you are a new user.
• Enter your User ID (PAN), password, and the captcha code to log in.

Step 3: Select the Appropriate Form

• After logging in, go to “e-File” and select “Income Tax Return.”
• Choose the Assessment Year (e.g., AY 2024-25 for the financial year 2023-24).
• Select “ITR-1” from the drop-down menu.
• Choose the submission mode – “Prepare and Submit Online” is recommended.

Step 4: Fill in the Basic Information

Personal Information:

• PAN
• Name
• Date of Birth
• Address
• Aadhaar number
• Mobile number
• Email ID

Filing Status:

• Return filed u/s (Section): Most commonly u/s 139(1) for timely filing.
• Whether the original or revised return: Select “Original” if filing for the first time for the financial year.
• Residential Status: Choose “Resident” for most individuals.

Step 5: Income Details

Income from Salary:

• Enter the details as per Form 16.
  • Gross Salary
  • Allowances exempt under Section 10
  • Deduction under Section 16
  • Taxable Salary

Income from House Property:

• Details of rental income (if applicable)
• Municipal taxes paid
• 30% standard deduction
• Interest on home loan (if applicable)

Income from Other Sources:

• Interest from savings account
• Interest from fixed deposits
• Other incomes, such as dividends or family pension

Step 6: Deductions and Taxable Total Income

Deductions under Chapter VI-A:

• Section 80C: Life insurance, PPF, NSC, ELSS, tuition fees, etc.
• Section 80D: Medical insurance premium
• Section 80TTA: Interest on savings accounts
• Other applicable sections (e.g., 80G for donations)

Calculate Total Income:

• After deducting the amounts under Chapter VI-A from your gross total income.

Step 7: Compute Tax and Payable Amounts

Tax Payable:

• Calculate the tax based on the applicable slab rates.
• Add surcharge and cess as applicable.

Relief and Rebate:

• Section 87A rebate (if applicable)
• Relief under Section 89 (if applicable)

Total Tax Liability:

• Subtract TDS, TCS, and advance tax paid from the total tax liability.

Step 8: Verification and Declaration

Bank Account Details:

• Enter your bank account number and IFSC code for refunds, if any.

Verification:

• Choose the verification method: e-verify using Aadhaar OTP, net banking, EVC, or send a signed ITR-V to CPC, Bengaluru.

Declaration:

• Fill in the name and place.
• Click on the “Submit” button.

Step 9: E-Verification

E-Verification:

• If not done during submission, log in again and go to “My Account” > “e-Verify Return.”
• Choose the verification method and complete the process.

Step 10: Acknowledgment

Download Acknowledgment:

• Once verified, download the ITR-V acknowledgment.
• If not e-verified, print and sign the ITR-V and send it to CPC, Bengaluru within 120 days.

By following these steps, you should be able to complete and file your ITR-1 accurately. If you have any complexities or specific questions, consult PATRA’S LAW CHAMBERS (8250422880/7003715325). Detailed instructions available on the Income Tax Department’s website can also be helpful.

ITR-2 Filling

Filing Income Tax Return (ITR) 2 in India involves a series of steps. ITR-2 is for individuals and Hindu Undivided Families (HUFs) not having income from business or profession. Here’s a detailed guide on how to fill ITR-2:

Step-by-Step Process to Fill ITR-2

Step 1: Gather Required Documents

• PAN Card
• Aadhaar Card
• Bank Account Details
• Form 16 (provided by your employer)
• Form 26AS (available on the Income Tax Department’s website)
• TDS Certificates
• Interest Certificates from banks and post offices
• Proof of investments for tax-saving deductions
• Rental Income details (if applicable)
• Capital Gains details (if applicable)

Step 2: Download the ITR-2 Form

• Visit the official Income Tax Department e-filing website: Income Tax India e-Filing
• Log in using your PAN, password, and captcha.
• Go to the ‘Downloads’ section and select the relevant Assessment Year and ITR-2.

Step 3: Fill Personal Information

Part A – General Information:

• PAN, Name, Date of Birth
• Address
• Aadhaar Number
• Filing Status (Original or Revised Return)
• Residential Status

Step 4: Income Details

Part B-TI – Computation of Total Income:

• Salary Income: Enter details from Form 16.
• House Property: Fill in rental income, home loan interest, etc.
• Capital Gains: Provide details of short-term and long-term capital gains.
• Other Sources: Enter income from dividends, interest, lottery, etc.
• Foreign Assets: Details of any foreign assets and income.

Step 5: Deduction and Tax Details

Part C – Deductions and Taxable Total Income:

• Deductions under Chapter VI-A like Section 80C (Investments in LIC, PPF, etc.), 80D (Medical Insurance), 80E (Education Loan), etc.
• Fill in details from your investment proofs.

Step 6: Tax Computation

Part D – Computation of Tax Payable:

• Calculate tax payable based on the total income and deductions.
• Details of relief under Section 89 (if applicable).

Step 7: Tax Paid and Verification

Part E – Tax Details:

• Fill in the TDS details from Form 16 and Form 26AS.
• Details of Advance Tax and Self-Assessment Tax paid.

Verification:

• Fill in the declaration, place, date, and sign the form.

Step 8: Schedule Specific Details

Fill in the various schedules applicable:

• Schedule S: Details of income from salary.
• Schedule HP: Income from house property.
• Schedule CG: Capital gains.
• Schedule OS: Income from other sources.
• Schedule VIA: Deductions under Chapter VI-A.
• Schedule FA: Foreign Assets and Income.

Step 9: Final Review and Submission

Preview and Validate:

• Review all the filled information carefully.
• Validate each section to ensure no errors.

Generate XML File:

• Once validated, generate the XML file of the return.

Upload XML File:

• Go back to the e-filing portal and log in.
• Select ‘Upload Return’ and upload the XML file.
• Verify the return using any of the verification methods (Aadhaar OTP, EVC, or by sending a signed physical copy of ITR-V to CPC Bangalore).

Step 10: Post Submission

Acknowledgement:

• After successful submission, an acknowledgement (ITR-V) is generated.
• If you verified electronically, no further action is needed.
• If not, send the signed ITR-V to the CPC Bangalore within 120 days.

By following these steps, you should be able to complete and file your ITR-2 accurately. If you have any complexities or specific questions, consult PATRA’S LAW CHAMBERS (8250422880/7003715325). Detailed instructions available on the Income Tax Department’s website can also be helpful.