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9 Steps to Filing Income Tax Returns on Your Own

Step 6 Pay outstanding taxes

When tax deducted is not adequate, you will be shown a tax due. This is a common case with fixed deposits.

Interest from fixed deposits is taxed just like your salary income.  But banks only deduct 10% TDS when the interest income exceeds Rs.10,000. You might have to pay the additional tax on the fixed deposit if you fall on the 20% or 30% tax bracket.

Another instance where there is a tax payable is when employees change jobs and fail to submit investment proofs to their current employer. The current employer might have not deducted taxes as much as they should have.

Pay the pending taxes online on the Department website and come back and make an entry in the income tax return under the head “Self-Assessment Tax” using Challan 280.

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A sample Challan 280. BSR code, and the challan number must be entered in the income tax return.

Step 7: Fill up the fields correctly

Enter your name as mentioned on the PAN card. This year, there are new details that are required to be reported in the income tax return. Make sure you fill them up correctly.

Details of all bank accounts held at anytime during the financial year must be mentioned in your income tax return. This is asked in all the income tax forms. Dormant accounts, those that are inoperational since the past 3 years, can be left out.

Irrespective of whether you are seeking a refund or not, you must mention a bank account with its IFSC code where you’d like the refund credited.

Taxpayers with a passport must enter their passport number in the income tax return with the exception of those filing ITR-1. Taxpayers who hold an Aadhaar card have to mention it in their income tax return. This has been added in all the new forms.

About Rachna Monga Koppikar

Rachna aka your Great Gruhini is a finance writer with over a decade's experience in writing about personal finance matters with leading financial publications of India. As she studies to be a certified financial planner, she is also on a mission to make every woman a money savvy individual. So shed your inhibitions. Get over your money worries with The Great Gruhini. Write to her at thegreatgruhini@gmail.com

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