Avoid costly CA services: Here’s how to e-file your ITR independently

E-file your ITR: With the big tax deadline of July 31 looming, many are considering costly Chartered Accountant (CA) services for straightforward Income Tax Return (ITR) filings. Instead, e-filing offers a streamlined and budget-friendly solution. Here's how to efficiently complete your e-filing independently and save on additional expenses.

Gather necessary documents

Before starting the e-filing process, gather all relevant documents to ensure that you have the necessary information at your fingertips:

• PAN card: Your Permanent Account Number (PAN) card is essential for filing your return.
• Aadhaar card: Aadhaar is often required for authentication and verification purposes.
• Form 16: Issued by your employer, this form provides details of your salary and TDS deductions.
• Bank statements: These statements will help in reporting interest income and other financial details.
• Investment proofs: Documents related to investments in mutual funds, insurance premiums, and other eligible deductions.
• Proof of deductions: Receipts for deductions under sections such as 80C, 80D, etc., including educational expenses, donations, and health insurance.

Register on the income tax e-filing portal

• Access the portal: Go to the Income Tax Department’s official e-filing portal at [www.incometaxindiaefiling.gov.in](http://www.incometaxindiaefiling.gov.in).
• Create an account:
    - Click on “Register” if you’re a new user.
    - Fill in personal details such as PAN, name, date of birth, and contact information.
    - Set a username and password for your account.
• Log in: If you’re already registered, log in using your PAN and password.

Download Form 26AS

Form 26AS provides a comprehensive view of the tax deducted or collected on your behalf. To access Form 26AS:

• Navigate to TRACES website: Visit the [TRACES website](https://www.tdscpc.gov.in) and log in using your PAN and password.
• Download Form 26AS: Request and download Form 26AS, which shows details of TDS, TCS, and advance tax payments.
• Verify information: Compare Form 26AS with your records to ensure accuracy.

Choose the appropriate ITR form

Selecting the correct ITR form is crucial for accurate filing:

• ITR-1 (Sahaj): For individuals with an annual income up to Rs 50 lakh from salary, one house property, and other sources.
• ITR-2: For individuals and Hindu Undivided Families (HUFs) not having income from business or profession.
• ITR-3: For individuals and HUFs having income from business or profession.
• ITR-4 (Sugam): For individuals, HUFs, and firms (other than LLP) with a total income up to Rs 50 lakh and presumptive income from business or profession.

Fill in the form

• Download or access online form: Download the chosen ITR form from the e-filing portal or use the online utility.
• Enter details:
    - Fill in personal details, income sources, deductions, and tax payments.
    - Ensure you enter all information accurately, including bank details, income details, and deductions.
• Calculate tax: Use the built-in utilities to compute your tax liability and check for any discrepancies.

Validate and verify your details

• Validate entries:
    - Use the “Validate” button to check for any errors or missing information.
• Correct errors:
    - Rectify any issues identified by the validation process before submission.

Submit your return

• Submit the form:
    - Once you are satisfied with the entries, click on “Submit” to file your return.
• Review acknowledgement:
    - Upon successful submission, you will receive an acknowledgment receipt.

E-verify your ITR

E-verification is a crucial step to complete the filing process:

1. Choose e-verification method:

• Aadhaar OTP: If your Aadhaar is linked to your mobile number, you can use OTP for verification.
• Net banking: Some banks offer an option to e-verify through their net banking facility.
• EVC (Electronic Verification Code): Generate and use EVC from your email or mobile number.
• Physical submission: Alternatively, you can send a signed physical copy of the ITR-V to the Centralised processing Centre (CPC) in Bengaluru within 120 days of filing.

Confirmation and acknowledgement

• Receive confirmation:
    - After successful e-verification, you will receive a confirmation email.
• Download ITR-V:
    - Download the ITR-V acknowledgement from the e-filing portal and keep it for your records.

E-filing your ITR independently not only saves you money but also gives you a comprehensive understanding of your financial status. By following these detailed steps, you can ensure a smooth and efficient filing process.