Typically you'll need to have the following items at hand for filing your Income Tax Return. This might vary on a case by case basis.
The Income Tax department actually shows you the tax credit you have accrued from various Taxes deducted at source.
This typically should match all your TDS certificates.
Learn how to access your Form 26AS
Go to www.cleartax.in where you can e-file your Income Tax Return
Create a free account with ClearTax by typing in your email address and choosing a password
Fill in Permanent Information such as your Name, PAN number, Date of Birth and Father's Name
If you earn Income from Salary, then specify the Income chargeable under the head Salary.
Also specify the name of your employer. We have a detailed guide to understanding your Form-16 here.
If your employer deducted TDS, specify the amount they deducted.
Also specify their TAN number and Address. Click on "Save" to continue.
If you have multiple Form-16 (maybe you changed jobs during the year), then click on the bottom right where it says "I want to add another Form-16".
If you earn Income from Bank Interest, Fixed Deposits, etc, you can declare it income here.
Specify the total Interest earned by you during the Financial Year 2011-12.
For those who pay EMI on housing loan, you can claim the Interest paid on the loan as a tax deduction.
The limit is Rs. 1,50,000 in Self Occupied House Property (House that is your residence). You can skip ahead if you don't own a House Property.
Similarly if you have a Rental Property from which you earn Rent, you can add this information.
Skip ahead if you don't own a rental property.
Deductions Under Section 80
Specify total amount invested in Section 80C. This can include payments for LIC, PPF, NSC etc. Also school fees for children. You can claim the principal amount of your housing loan. The limit is Rs. 1 Lakh.
You can declare your charitable donations which are tax deductible under Section 80G. Click here to read a complete guide on Section 80 Deductions.
More Deductions Under Section 80
You can specify other deductions such as Section 80D (For medical insurance), Section 80E (For Interest paid on education loan), Section 80DD, Section 80U, Section 80CCC, Section 80CCF, Section 80DDB, Section 80GG etc.
Bank Details for getting your Income Tax Refund
You need to specify your Bank Account number to the Income Tax Department. For this you need your Bank Account Number and your MICR code.
Review your Income Tax Return before filing
You should review your Income Tax Return by looking at the Word Report and the ITR PDF preview offered by ClearTax. Make sure everything is correct before actually e-filing your Income Tax Return.
Final Step: E-file your Income Tax Return. Once you click this button, ClearTax submits your Income Tax Return to the Income Tax Department server.
Income Tax Department will send you ITR-V after a few days to your email address. Sign and send this to CPC, Bangalore.
The password is your PAN number in lower letters along with date of birth.
Date of birth: 01/01/1975
After receiving your ITR-V (acknowledgement), you have to send it to CPC, Bangalore within 120 days of e-filing your Income Tax return.
ITR-V is a one page document, which you need to sign in BLUE INK and send via ordinary post or speed post. You cannot courier the ITR-V.
You do NOT need to send any supporting documents along with the ITR-V. Just the one page signed ITR-V.
We strongly recommend that you send your ITR-V at the earliest for your tax refund processing. Don't forget, ok?
Address of CPC, Bangalore:
Post Bag No.1,
Electronic City Post Office,
Bengaluru, Karnataka 560100
The receipt of ITR-V by CPC, Bangalore should be checked after 4-5 days of sending the ITR-V.
Don't wait any more,
Start your Tax Return Now!