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Your Guide to Filing Your Taxes

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Your Guide to Filing Your Taxes
November 05, 2018
It's that time of the year again, the time when we need to run behind our accounts' departments for our Form 16s and file our taxes. While many people prefer to have an accountant file their taxes for them, it's easy for individuals to file their taxes directly by themselves. If you want to learn how to easily file your taxes online, you can follow these simple steps:
 

  1. Get Registered

    If you're filing your returns for the first time, you'll need to start by getting registered on the official e-filing portal. To do this, you will need to visit www.incometaxindiaefiling.gov.in. You will need to use your PAN or Permanent Account Number as your user ID, so make sure you have your PAN Card nearby. You will also need to keep your other documents, such as your bank statements, your Form 16, and any other capital gain documents handy.

  2. Download the ITR Software

    Once you're registered or signed in, you'll have to download the ITR software for the financial year that has just ended. The software will either be in the JAVA or Excel format, and you'll need to choose the software that is compatible with your computer.

  3. Fill Up the Form

    Open the newly downloaded software application and fill up the required details. You can choose the pre-fill button to auto-populate your personal details and the amount of tax that has already been deducted from your salary. Once you've gone through all the details and you're sure they're right, click on the Calculate button to see the final tax amount that you still have to pay, or the rebate that you will earn.

  4. Pay the Tax

    In case you still owe the government tax, you can complete the payment right away. Once the payment is done, you'll need to add the details to the form and then once again click on the Calculate button. This should bring the tax due amount down to zero. You can then save your ITR data in an XML format.

  5. File the Returns

    Now, it's time to log into the e-filing website. You need to click on the e-file option and then click the Upload Return button. You will be required to select the ITR data that you have just saved, and upload it onto the website. If you have a digital signature that is registered with the portal, you need to upload that along with your ITR before clicking on Submit. This ends the filing process. If you don't have a digital signature certificate, you can either print the form and send a hard copy to the Income Tax Department, or choose to electronically verify the ITR form by using your Aadhaar Card, ATM code or Netbanking password.

    Now that you have last year's taxes taken care of, it's a good time to start planning your taxes for the current financial year. Under sections 80C, 80D and 80CCC of the Income Tax Act, you can enjoy deductions on life insurance, health insurance and pension plans respectively. Insurance is possibly the easiest way to save on tax, but that's not the only reason why you should purchase it. You should buy insurance because it will provide you and your family members with financial help and security during a crisis. So, if you're ready to protect yourself, and save a few taxes as well, click here to find an insurance plan that suits your needs.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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