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9 Point Guide on how to File Income Tax Return Online

Confused on how to how to file income tax return online for salaried employee? Click here on Kotak life for the 9 point guide on how to file income tax return online without any chance of an error

  • 5,227 Views | Updated on: May 20, 2024

When it comes to the time to file an income tax return, you do not have any space for making mistakes. One simple error can lead to many troubles. Filing Income Tax Return (ITR) requires you to carefully complete the entire process with accurate information.

Here is a guide to help you to file the income tax return (ITR) in a hassle-free manner:

1. Find out if your annual income falls under the taxable slab

It is mandatory to file the ITR for the financial year 2018-19 only if your yearly income in a financial year was over INR 2.5 lakh. So, check if your income falls under the taxable range to know how much tax you must pay.

2. Get Form 16

All salaried people must get Form 16, which their employers must provide. It contains details about the salary and Tax Deducted at Source (TDS), which you need to file the ITR.

3. Link your Aadhaar with the PAN

To offer you an easy way to file an income tax return, the government has made it mandatory for the taxpayers to link their Aadhaar with the PAN. You can visit the IT Department’s web portal to do the needful.

4. Keep all your documents together

When filing your ITR, you need to submit details regarding your bank statements, investments, salary, insurance policies, and income from any other sources, among
other details. Keep the documents at one place to complete the process more efficiently.

5. Keep your capital gains in mind

To pay the ‘Capital Gain Tax’, you need to calculate your profits from selling properties, mutual funds, and other assets.

6. Provide mandatory details if annual income is above INR 50 lakh

If your income in a financial year is over INR 50 lakh, you need to provide information regarding your immovable and movable assets while filing ITR.

7. Separate your sources of income

Following a guide to file income tax return online can help you complete the process in a faster and simpler way. Make sure to segregate the income sources and mention the
earnings that come with tax exemptions.

8. Check Form 26 AS to find your TDS details

Form 26 ASshows the statement regarding the taxpayer’s tax credit. It helps you find information regarding the taxes that the IT Department has already received as
TDS. You should cross-check this with Form 16.

9. Make sure to select the correct ITR form

It is essential to use the correct ITR form to file your returns. The form depends on the taxpayer’s category. For example, if you are an individual with an annual income of less than INR 50 lakh, you need to use ITR 1.

Follow the aforementioned easy steps to file income tax return online to file your ITR.

This will make the process simpler, that too without any chance of an error.

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Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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