Description:
Filing Income Tax Returns (ITR) is an important financial responsibility for every salaried professional, self-employed individual, and business owner in India. The process may initially seem confusing, but with the availability of online filing through the Income Tax Department’s e-filing portal, it has become much simpler and faster. Filing your ITR not only ensures that you are complying with the law but also helps you claim tax refunds, carry forward losses, and maintain a clean financial record, which is essential for future financial activities such as applying for loans, credit cards, or even visas.
The first step in ITR filing is collecting the required documents such as Form 16 (for salaried individuals), bank statements, investment proofs, interest certificates, and details of deductions under sections like 80C, 80D, or 80G. Self-employed individuals must also keep track of their income statements, expenses, GST details (if applicable), and profit and loss accounts. Once all documents are ready, taxpayers need to log in to the official e-filing website using their PAN number and password.