The e-Return system splits the return into seven steps. You can finish in one sitting or save each step and review before submitting.
Step 1: Assessment
Enter basic details including assessment year and income year, select your income heads and describe your main source of income. This step also decides whether you must file the asset statement (IT-10B).
Step 2: Income
Enter income by head: salary, house property, agriculture, business, capital gains, financial assets and other sources.
Step 3: Rebate
List eligible investments such as life insurance premiums, DPS, savings certificates and provident fund contributions. Rates and limits are set by each year’s Finance Act.
Step 4: Expenditure
Give your annual personal and family expenses. Income, spending and growth in net wealth should reconcile.
Step 5: Assets & Liabilities
Report business capital, land and property, financial assets, vehicles, gold, cash and loans.
Step 6: Tax & Payment
Review total income and tax. Record any tax already deducted at source or paid in advance, then pay the balance by mobile banking, internet banking or card.
Step 7: Return View
Read through the whole return, then submit. Afterwards you can download and print the acknowledgement, return, certificate and challan.
Common mistakes
- Not claiming credit for tax deducted at source
- Income that does not explain expenses and asset growth
- Leaving out bank interest or savings certificate profit