To file an ITR, you need:
1. Copy of your PAN Card
2. Form 16 you receive from your employer
3. Form 16A to indicate any other income
4. Bank Interest (Interest up to Rs 10,000 is exempted under Tax u/s 80TTA)
5. Entrepreneurs or business owners need to include their Bank Statements too.
7 Steps to file your Income Tax Return are:
Get Form 16 from your employer:
This form will include how much TDS has been deducted from your salary as well as the name, address, PAN and TAN details of your employer.
Mention other sources of your income:
Mention interest income on deposits in your savings bank account, fixed deposits or bonds you accrue each year. Your bank account statement can help you find this information.
If you have a home loan for the house in which you live, you can claim deduction on the interest you pay for it in your ITR. If you rent out your house, you have to mention the rental income too but you can get deduction on property taxes you pay.
Calculate the Deductions:
Sections 80C to 80U mention all the deductions you can avail. These are mentioned on Form 16 too. However, if there are deductions you have not shared with your employer, you can mention them while filing your ITR and claim them.
Medical insurance premiums are eligible for exemption under Section 80D and 80G.
Adjust the TDS:
TDS deducted by your employer or banks can be reduced from your total tax liability. Just fill in the TDS details with your IT return to claim it through Form 26AS.
Re-check your details:
Make sure that you fill in correct information in your ITR, including the bank account details (in which you want to receive refunds), PAN, and email address.
Review your incomes, deductions, TDS and other information; and then pay your taxes. Once you have made the payment, e-file your return.
Send your ITR-V:
After successful e-filing, you must send your ITR-V in A-4 sized envelope to the
following address via speed post (within 120 days:
Income Tax Department CPC
Post Box No.1,
Electronic City Post Office,
Bangalore 560100, Karnataka.