Filing taxes may seem daunting to some, but it’s not as intimidating as perceived. It’s simple, and quick, and the best part—can be done in the comfort and safety of your home. There’s just one simple rule: be prepared with everything you need, and then, it becomes all about hitting submit. So if you’re ready to take charge of your finances, and be the independent, self-sufficient woman we know you are, follow our simple guide.
Step 1: Logging In
In case you’ve been outsourcing your tax filing to a credible chartered accountant (CA), there’s a good chance you’ve had to skip almost all steps, barring one—E-verifying your returns. But, if you’re looking to become self-reliant (and save some money), we suggest you ask your CA to share your credentials so that the next steps get easier. That said, before you log in, there are a few documents you’ll need to keep handy. These include your Permanent Account Number (PAN Card), Aadhaar Card, bank account details, Form 16 (in a PDF format), and investment details. On login, you will need to upload your Form 16.
Step 2: Personal Information
You will be redirected to a form that will call for all your personal information. For example, you’ll be asked to enter your full name, PAN, date of birth, your father’s name, etc. This is a relatively simple step, and works the same as most online steps.
Step 3: Salary Details
Now, this is where you’ll need to be extremely careful, so take your time and ready all tabs correctly. You’ll be asked to enter in details like employer name and type of company it is. This means, is your current employer a privately-owned company, a government subsidiary, etc. You need to know which category your company falls in. After you have filled out all the necessary details, you will then be asked to fill in your salary details as listed in your Form 16 under part B. Hit submit once you’re satisfied you’ve entered all the information correctly.
Step 4: Investment Details
Tax exemptions as claimed under section 80C, with corresponding proofs, need to be kept handy. While you may not be asked to upload the proofs, for a quick calculation of your total investment for the financial year, they are useful. Once you’re satisfied with your entry, you can proceed to the next form.
Step 5: Taxes Paid
This section is especially important for those non-salaried professionals engaged in freelance or their own businesses. If you have any non-salary income, for example income from interest, or freelance projects, you need to add tax payments that have already been made. You can also add these details by uploading form 26AS. However, it’s important to note that when uploading form 26AS, only TDS details will get auto-filled, making it vital that you manually enter income details in their respective slots. It’s also important to note that this section will call for
• Form 16 or TDS certificates issued by your bank over interest generated/fixed deposits income
• Form 16 on profession/consulting income
Step 6: E-File Your Taxes
Now, it gets fairly straightforward from here. After you proceed from the taxes paid form, you’ll land on the screen with either a ‘Refund’, ‘No Tax Due’, or ‘Tax Due’ status. Hit proceed and you’ll be taken to the next step. If in case you have taxes due, you’ll have to proceed under the Challan 280 option. But we’ll tackle that in our next story.
Step 7: E-Verify Your Tax Returns
Once you have filed your taxes for the financial year, you have to simply verify your returns. And like with Challan 280, we’ll take you through the simple steps in our next story.