How to File Income Tax Return (ITR) Step by Step

How to file income tax return?

Learn to file Income Tax Return. Filing your Income Tax Return (ITR) is a financial duty that every Indian taxpayer has to perform. If salaried, self-employed, or a freelancer, having the step-by-step filing procedure of your ITR can save your time and keep you out of unnecessary penalties. In this guide, we will describe the procedure in an easy-to-read format. Also, read how-to-start-investing-in-the-indian-stock-market-for-beginners/.

Why Filing ITR is Important
Computation of your ITR is not entirely a statutory requirement nor is it entirely a single economic advantage:

Legal Compliance: Mandatory for those earning more than the specified income level.

Financial Record: Offers evidence of income and tax payment.

Loan and Visa Applications: Banks and financial institutions require them to sanction loans.

Avoid Penalties: Incorrect or delayed filing can result in substantial penalties and legal complications.

 Also read how-to-start-investing-in-the-indian-stock-market-for-beginners/

Documents Needed to File ITR

1. Personal Information

2. Income Proof

3. Investment and Proof of Deduction

4. Other Documents

Step-by-Step Guide to File ITR

Step 1: Get Required Documents

Step 2: Login/Register in the Income Tax e-Filing Portal

Step 3: Choose the Correct ITR Form

Step 4: Download Form 26AS and Reconcile

Step 5: Complete the ITR Form

Step 6: Check Tax Liability

Step 7: Preview and Submit

Step 8: e-Verify Your ITR

Step 9: Monitor your ITR status

Key Tips to Trouble-Free Filing

Documents Needed to File ITR

Prior to starting the process, make sure you have the following documents at hand:

1. Personal Information

PAN (Permanent Account Number)

Aadhaar Card

Bank account information (with IFSC code)

2. Income Verification

Salary slips

Form 16 (provided by your employer)

Income from miscellaneous sources (interest, freelance, rent, etc.)

3. Evidence of Investment and Deduction

Section 80C investments (e.g., LIC, PPF, ELSS)

Medical premium insurance (Section 80D)

Home loan interest certificate

4. Other Documents

TDS certificates (Form 16A/16B/16C)

Form 26AS (Credit Statement of tax)

Step-by-Step Process to File ITR

Step 1: Gather Required Documents

Before going ahead, collect all the documents that are needed so that filing is error-free.

Step 2: Register/Login on the Income Tax e-Filing Portal

Go to the official Income Tax e-Filing Portal.

Log in with your PAN/Aadhaar and password.

First-time users must sign up before proceeding.

Step 3: Select the Right ITR Form Choose the right ITR form based on the source of your income.

ITR-1 (Sahaj): Salary earners with income of up to ₹50 lakh and with one house property.

ITR-2: For individuals having capital gains, multiple properties, or foreign income.

ITR-3: For individuals or proprietors.

ITR-4 (Sugam): ITR-4 (Sugam): For those who choose the presumptive taxation scheme.

Step 4: Download Form 26AS and Reconcile

Download Form 26AS from the portal to check your tax deductions.

Ensure that your TDS (Tax Deducted at Source) matches the details provided by your banks or employers.

Step 5: Complete the ITR Form

Proceed to File Income Tax Return and choose the respective assessment year.

Select either Offline or Online filing modes.

Input your income details, deductions, and tax information accurately.

Step 6: Check Tax Liability

Compute your total tax charge, all exemptions and deductions included.

Where possible, pay any remaining tax amount using the e-Pay Tax facility.

Step 7: Preview and Submit

Carefully double-check all facts before submission.

Click Submit once you have confirmed everything.

Step 8: e-Verify Your ITR

You may e-verify your ITR in any of the below mentioned ways:

Aadhaar OTP

Net banking

Electronic signature

If you prefer to verify manually, send the ITR-V acknowledgement signed to CPC, Bengaluru.

Step 9: Continue Monitoring Your ITR Status

On submission, you can also see your ITR status on the Income Tax e-Filing Portal. Primary Guidelines for Hassle-Free Filing File Before Deadline: Avoid being charged for delayed ITR filing. Verify Accuracy: Validate all input data to avoid mistakes. Keep Tax Documents Handy: Maintain digital or physical copies of tax documents. Seek Professional Help: Obtain professional help in case of complex income sources or deduction. Final Thoughts Not only is it a legal requirement to file your ITR—it’s a step towards financial empowerment. You’re a first-time filer or a seasoned taxpayer, this orderly process guarantees a no-hassle, no-stress filing experience. Get a grip on your finances today! File your ITR and become compliant while you secure your maximum benefits

• Check Income tax port for more details.