A quick guide to online tax filing for FY 2017-2018; you can do it online in less than 15 minutes

The Income Tax Return filing season is here and the deadline to file Income Tax Return for the Financial Year 2017-18 is 31^st July 2018. Filing income tax returns sounds like a major task, but not anymore. Here’s how you can file your Income Tax Returns online in less then 15mins and we will tell you how you can file Online ITR.

Before you start Online Filing of Income Tax Returns here are the things that you must keep by your side: -

•          PAN Card
•          Adhaar Card
•          Bank account details
•          Form 16
•          Investments details

Here are steps with which you can file Online Income Tax Returns: -

• In order to file your Income Tax Returns online you will have to go to the Income Tax Department’s official website.
• In case you are doing it for the first time you can click on option of 'New Registration' and you will have to first register yourself by filling all your correct details and by creating a profile and password. While creating your profile, ensure that you have an active e-mail account and you submit your working mobile number.
• Your registration process will complete once you click on the link that is mailed to you.
•  In case you already have an account, you will have to click on 'Registered user'.
• Click on the ‘login’ option and enter the required information, including user ID, PAN, password, date of birth and captcha code.
• Once you sign in, you will see your dashboard. Click on the 'e-file' tab and select the 'Prepare and submit ITR online' option on the window in front of you.
• Then you will have to select the most suitable form and financial year for which you have to file the returns. Choose the pick address either from the PAN database, from previously filed return or fill in new address. The department asks you if you want to digitally sign in, to your return. If you choose 'Yes', you will have to upload your digital signature.
• After filling the form click on 'Submit'. You will be redirected to the page to fill the form selected by you. Before you fill the ITR form make sure you read the 'General Instructions' in the beginning of the form to know about the do’s and don’ts.
• Then you will have to fill in the required information in different tabs. Make sure that the Tax payable shown in the form matches with your calculations.
• After that Click on the 'Preview and Submit' button. After you do this your form will appear allowing you to preview your ITR form before you finally submit it.
• Once you click on 'Submit', your ITR Form will be uploaded and you will be asked to verify your return using the available options.
•  If you have already registered with your digital signature, you will be asked to upload the same while submitting your ITR. Once it is uploaded and submitted, the process of ITR filing is completed.
•  In case you do not have or have not uploaded the digital signature while filing the return, you can verify your return either electronically by using Electronic Verification Code, Aadhaar OTP or by sending a signed print out of the ITR V to CPC, Bangalore within 120 days from the date of e-filing of your Income Tax Returns.

Tax Saving Options, Other Than 80C

You must have made appropriate investments to save taxes under Section 80C of Income Tax Act, 1961, but before you make future investments have a look at this piece by All India ITR.

As soon as, the season of filing IT Return arrives, we all get busy in pondering how to save the maximum amount of taxes. Section 80C is certainly a major aid, but there are more ways to save taxes, other than 80C. So, here are a few options you can consider while filing your ITR and filling Form 16 part B and you can use these techniques when you are filing online ITR.

Here’s How you can save taxes, other than 80C

You can claim Tax deductions while filing ITR on your accommodation expenses. If you stay in a rented apartment in one city and have a house property for which you have taken housing loan, you can claim a deduction on the Home Loan interest.

If you have not taken a home loan, then fret not, as you can claim deductions for the premium you pay for your Medical Insurance. If the premium amount goes up to Rs. 25,000 in case of self, spouse or dependent children, then you are eligible for tax deductions and this limit exceeds to Rs. 30,000 in case of Senior Citizen parents.

You can also get deductions if you are paying the interest on Educational Loan for the higher education of the self, spouse or dependent children. Deductions can be claimed till eight years or till the loan is paid, whichever is less.

Other than these situations, if an individual has made any kind of donations to an organization/ fund, then he/she can claim deductions up to 50% to 100%, while filing ITR, depending on the type of organization/ Fund.

An individual can also save taxes up to Rs. 50,000 by making a contribution towards National Pension Scheme. That’s how you can save taxes other than 80C. You can find more information on topics like e filing, refund status, income tax calculator, income tax refund, etc. on our blog.

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