What is the Income Tax?
If you have income there is a tax. To understand Income Tax we need to understand what is Income, Income Tax slabs, Types of Income, the tax on different types of Income when it is taxed, dates and year related to Income Tax, tax cut i.e TDS, how to see TDS, how and when to pay advance tax, how to pay tax due. Our article Understand Income Tax: What is Income Tax, TDS, Form 16, Challan 280, lists all the articles for understanding basics of Income Tax.
Table of Contents
How to File ITR
- Compute income (5 types: Income from Salary, Income from owning a house, Income from selling capital (Mutual Funds Stocks, Property/House, Gold), Income from Business/Profession, Income from other sources(Interest on Saving bank account, Interest on FD)
- Check Exempt Income if any (PPF interest, EPF withdrawal after 5 years, Life Insurance payment)
- Deduct valid deductions (under Chapter VI-A) 80C,80D etc.
- Claim TDS already deducted(Check Form 26AS)
- Determine tax payable. Your net tax due should be 0.
- Pay the Self Assessment tax using Challan 280 if any and update ITR.
- Submit ITR.
- E-verify ITR / Sending ITR-V
- Wait for ITR to be Processed: Either ITR will be Processed / or you would get Notice
