If you earn over a certain amount of money decided by the government as a non-taxable income, you are likely to be imposed with charges on your payment in the form of taxes that you pay to the government when your salary is above non-taxable income. This can be in the form of state or federal income tax depending from area to area, but simply all these approaches involve an individual to declare his/her income and claim deductions and exemptions that lower down your taxation bill. Paying tax is a mandatory process and you are a theft if you are not paying your taxes in time. Here are some steps which can be followed while filing your taxes:-
How to File Your Taxes online
1. Keep the Documents Ready in Advance:-
In order to file your taxes, you will need to keep some documents ready in advance. This will include the documents like your bank statements, form 16 issued by your employer, a copy of your last year return and other such documents needed for filing the taxes. Besides this, you should have a working internet connection on your device as well.
2. Open up the Taxation Website:-
Now, after keeping these necessary documents by your side, you will need to copy and paste this web address in URL bar of your web browser (www.incometaxindiaefiling.gov.in). This is the page of Income Tax Department, Government of India. Once this address gets pasted into your browser, the page for taxation website will get opened. Now you can register yourself with this web page.
3. Make the Registration:-
Now comes the turn to make registration. In this approach, we will register ourselves with the website. On the right hand top most side of this webpage; you will see the options like “Help”, “Contact” etc. Just below these options will be an option to register with the website. Here you will have to enter your PAN number as the user ID and you can set the desired password for yourself. You will also need to fill the other details like your date of birth, phone number, landline number, E-mail ID etc.
4. Choose the Suitable Option:-
After getting registered, you can view your tax credit statement or you can click income tax return form to choose AY(assessment year) for a particular financial year. ITR (Income Tax Return) form can also be downloaded from the same place and you can also calculate the taxes using calculate tax tab provided within the same page.
5. File Your Taxes:-
Here comes the time to file your taxes. Use validate tab to confirm all the information filled by you in a particular form and then proceed to generate an XML file which can be saved in the device. Click “Upload Return” option provided on the left panel of the web page to upload the return file.
6. Take a Print Out:-
After filing in your taxes, you can take out the print out of the form ITR-V and then you can sign it up to self-attest it and you can send it to the Income Tax department afterwards. You can keep a copy of this document with yourself for emergency purposes as well.