Filing your Income Tax Return (ITR) might seem daunting, but with proper preparation and a systematic approach, you can breeze through the process like a pro. Whether you’re a first-time filer or a seasoned taxpayer, this guide will help simplify the process and ensure accuracy.

Step 1: Gather Your Documents

Before you begin, collect all necessary documents, including:

• Form 16: Issued by your employer, this contains details about your salary and tax deducted at source (TDS).
• Form 26AS: This is your tax credit statement, available on the Income Tax Department’s website, which shows the taxes deposited in your name.
• Investment Proofs: Documents for deductions under Section 80C (e.g., ELSS, PPF), 80D (health insurance), or other applicable sections.
• Bank Statements: To account for income from savings accounts or fixed deposits.
• Rent Receipts: If you are claiming HRA benefits.

Step 2: Choose the Correct ITR Form

Selecting the right ITR form is crucial. Here’s a quick guide:

• ITR-1: For salaried individuals with income up to ₹50 lakh and one house property.
• ITR-2: For individuals with income from capital gains, multiple properties, or foreign income.
• ITR-3: For those with income from business or profession.
• ITR-4: For those opting for the presumptive taxation scheme.

Step 3: Log in to the Income Tax Portal

Visit the Income Tax e-Filing Portal. Register or log in using your PAN and password. Ensure your profile is updated with accurate details.

Step 4: Pre-Fill Your Return

The portal allows you to pre-fill certain fields like salary details and TDS. Verify this information against your documents, as errors can occur.

Step 5: Declare All Income Sources

Transparency is key. Declare all sources of income, including:

• Salary and Pension
• Rental Income
• Capital Gains
• Interest from Savings or FDs
• Freelancing or Side Hustle Income

Undisclosed income can lead to penalties.

Step 6: Claim Deductions

Leverage deductions to reduce your taxable income:

• Section 80C: Investments in ELSS, PPF, NSC, etc. (limit ₹1.5 lakh).
• Section 80D: Health insurance premiums.
• Section 80TTA: Savings account interest up to ₹10,000.

Step 7: Verify Tax Payable or Refund

After filling in your details, the portal calculates the tax payable or refund due. Pay any outstanding tax online before submitting your return.

Step 8: File and Verify Your ITR

Submit your return and e-verify it. Verification can be done via:

• Aadhaar OTP
• Net Banking
• Demat Account
• Sending a signed ITR-V to CPC, Bengaluru

Tips to File Like a Pro

• Start Early: Avoid last-minute rush and errors.
• Double-Check Details: Ensure your name, PAN, and bank details are correct.
• Seek Help if Needed: Consult a financial advisor or use professional services for complex returns.