A sign reading “Pay Your Tax” sits outside the income tax office in Kolkata, India.

Have You Filed Your Tax Return And Claimed A Refund?

So, you’ve paid your income tax for the year. Job done, right?

Unfortunately not. You also have to prove to the government that you’ve paid those taxes, and to do that, you need to file your tax returns. The deadline for filing returns was initially July 31, but the government extended it to August 5, that is Saturday.

So if you haven’t yet filed your returns, you’d better get started. The first thing to do is to gather all the documents you need.

The Documents Required

  1. Form 16 – provided by employer
  2. Bank statements – For 12 months
  3. Details of all bank accounts
  4. Investment proofs
  5. Proof of any donations made
  6. Proof of all exemptions claimed, including rent receipts
  7. Aadhaar (if not linked to PAN)
  8. PAN Card Details (Permanent Account Number)

Login To The Income Tax Website

The next step is to login to the website of the income tax department, which is incometaxefiling.gov.in. A user identity must be created and then a series of steps need to be followed.

First, though, a taxpayer should verify whether the tax that has been deducted at source, commonly known as TDS, is reflected on the government’s TRACES website under form 26AS. The taxpayer must also factor interest received on balances in their savings bank accounts. Interest income on these deposits above Rs 10,000 per year is taxable.

Based on an individual’s sources of income, one of seven forms must be filled out. All the documents mentioned above will then need to be provided.

Pay Difference, If Any

After the form is submitted, the income tax website calculates the total tax incidence based on the information provided.

If the tax paid during the year is lower than the tax due, the difference must be paid at this stage. On the other hand, if the tax paid is in excess of that which is due, the difference is credited to the taxpayer’s account.

Verification

Once this is done, the tax payer must verify that the process is completed. This can be done through an e-verification, which involves the use of an Aadhaar-linked mobile number to get a one-time password.

However, for those who do not yet have an Aadhaar card, other options are available, including the good old method of sending a physical copy of the tax invoice to the income tax processing centre in Bengaluru.

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