Filing of your income tax returns is a mandate for every income earning person in the country. Although procrastinate with doing it as a result of the task seeming quite daunting, it is something that you just cannot avoid. It is, however, the goal of financial institutions to make life easier for you and provide you with immediate assistance without you having to move away from the comfort of your home. In this regard, it is now possible for you to file your IT returns online on web portal. All you will be required to do is submit your income tax returns on the portal and go through with the procedure. It’s hassle-free and easy to follow. All you need to know about how to file taxes has been discussed at length in the article.

 

When must you file IT returns?

 

In learning about how to file income tax returns, one of the foremost things that you must understand is that under the section 139(1) of the Income Tax Act, 1961, every individual whose total income in the year, exceeds the exceeds the exemption limits, should go in for income tax filing.

 

What is e-filing

 

Before you learn how to file for income tax return online, it is necessary that you understand what e-filing essentially entails. This online filing of your tax returns can be done from the comfort of your home and thus has gained much popularity in recent times. E-filing is considered much more convenient nowadays for the simple reason that it does not require you to keep track of a lot of paperwork and saves you arduous manual work which is subject to error.

 

Benefits of filing IT returns online

 

There are many benefits of filing income tax. Some of them have been discussed below:

• Quick processing or a fast acknowledgement from the Income Tax department is done when you file your IT returns online. Moreover, if there are any refunds that you owe them by the end of it, will also be processed faster.
• E-filing is not only convenient as a result of being done from your home but also more accurate because of the software that is used for the work which is built in to detect inaccuracies and allows seamless compilation.
• When you file your IT returns on paper it runs the potential risk of getting leaked which is eliminated in case of e-filing for your data cannot be accessed unless you wish it.
• The software has also been designed in a way that it can be easily used by people who are not very adept at handling computers.
• You can access all the information of the past data you entered without having to store bundles of paperwork.
• You will also receive an email sending you a proof of receipt as soon as you finish filing your tax returns for future references.

 

Documents you will need

 

One of the first things that you must keep at hand when trying to file tax return is the following list of required documents: -

• General details that include your PAN number and bank account details.
• To report salary income you must enter the rent receipts to claim HRA, all your pay slips and Form 16.
• In case of reporting house property and income from it, you will need to show the address of your property, details of co-owners if any, certificate you received for interest on home loan, date of construction and details of your rental income.
• In case of reporting capital gains you will need to provide stock trading statement as also purchase details, for a sold property, purchase price and registration details and mutual fund statement in case of equity funds.
• In case of reporting additional income, the source must be proven and validated, interest income that you gain from taxing bonds and income details that you are earning from post office deposits must be reported.

 

How to file tax returns

 

It is important that you understand that filing your tax returns has become easier than ever before. All you will be required to do is fill in the income tax returns and upload the file on our official web site. You will then be required to prepare, fill in details and submit the ITR 1 online and wait for it to be approved by the Income Tax Department.