Checklist when filing income tax returns (ITR)

Do you struggle with filing your IT returns? You are not alone. The terminology and the confusion about where to begin often lead us to put off the task. But don’t worry because help is available. The following checklist will ensure that your ITR is filed smoothly and error-free:

  • Make sure you have the following documents ready before you begin:
  • You will need your PAN to access the income tax website (your PAN is your user ID).
  • The Adhaar number.
  • The tax return for the previous year.
  • Statements from bank accounts that haven’t been active for two years or more.
  • Employer-issued Form 16.
  • A summary of all interest earned on the balances in your savings accounts during the financial year.
  • Certificates of Tax Deducted at Source (TDS).

The following requirements must be met before the return can be filed:

  • Start by creating a profile on the income tax filing website i.e.
  • Authenticate your profile with a functional email address and mobile number.
  • Your Adhaar number and Adhaar details must also be quoted in the form.
  • Choose the form that is applicable to your case. This is usually the ITR 1-SAHAJ form.
  • A SAHAJ is for individuals who have a salary, one-house property, and income from dividends, interest, and winnings.

A return must be filed in three steps:

  • If you wish to fill out the form online, you can save your details with each update as a draft so as not to lose any information.
  • If you prefer to work offline, click on the Downloads link on the left-hand tab, and download the Java or Excel Utility.
  • Your personal details will be captured automatically when you select the Prefill option in the Java Utility when you are connected itr filing online
  • You should download Form 26AS from the income tax website. This form will provide you with details about your tax credit, including how much tax has already been deducted and paid on your behalf.
  • In cases where salary is the only source of income, your IT return would look like your employer’s Form 16.
  • The deductions claimed in your return should be in accordance with Form 16.
  • Make sure all other incomes are included.
  • In addition, make sure you have added all interest earned during the financial year to the balances in all your savings accounts. You can deduct up to Rs. 10,000 as per Section 80TTA.
  • You should ensure that your return claims all the deductions and exemptions you are entitled to under the Act for your insurance policies.

Return electronic verification 

  • The return you file will not be considered valid unless you verify it.
  • Physical verification is available, or e-verification is available (e-verification can be done in various ways).
  • The acknowledgment of ITR-V must be printed, signed in blue ink, and sent to the Centralized Processing Centre (Bangalore) within 120 days of filing.
  • In case you are still unsure, Max Life Insurance can help. You can either contact one of our financial advisors, or visit your nearest Max Life Insurance branch

The conclusion of the income tax return

The income tax department requires all taxpayers to file income tax returns. Filing income tax returns is very easy and can also be done online.

Frequently Asked Questions about Filing Income Tax Returns

  1. Can you tell me what E-filing Utility is?

“E-filing Utility” means generating and electronically submitting the E-Return free of charge through the Official Portal

     2. Do E-filings and E-payments differ?

Paying taxes electronically through Net Banking and debit/credit cards is called E-payment, whereas filing income tax returns electronically is called E-filing.

    3. Should an individual file a return even if they do not have a positive income?

If Taxpayers who wish to carry forward losses from previous years must make a claim for loss by filing their return before the deadline.

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