How to File ITR & Save Tax in India For 2020: Step-by-Step Guide

Filing your Income Tax Returns (ITR) and figuring out how to maximize savings on tax could be extremely tricky and complex, especially with the added option of the New tax regime in Budget 2020.

It is no news that tax can burn a hole in your income if the payable tax is not minimized or the ITR is filed incorrectly.

If these are your sentiments, we feel you. This step-by-step guide along with a comprehensive Tax Wizard on MoneyPlanned will help you file your taxes with ease and save the maximum amount on tax.

Let's begin without further ado. In this post, we will discuss the following steps:

Step 1: Calculate Your Tax Payable

First things first. Calculate your total tax payable and the goal is obviously to minimize it to the max.

After the 2020 Union Budget, you can opt for one of the two options for filing your taxes:

Our tax-saving calculator helps you make this decision. To calculate your tax savings with ease, try it out now.

Step 2: Collect All Required Documents For Filing ITR

Here's a comprehensive list of all documents that are involved in the tax filing process that comes in handy.

Step 3: File Your ITR On Income Tax Portal

There are three types of ITR Forms namely ITR-1, ITR-2, ITR-3, and ITR-4 classified based on your level/source of income, asset value, and a few other factors.

Here's a checklist for you to figure out which ITR form is applicable to you.

Once you have selected which ITR form you need to fill, you can proceed to file and submit the ITR.

The Procedure for Filing ITR-1 Online

If ITR-1 is applicable to you, here's the detailed procedure for the e-filing of ITR.

#1: Log in to your e-Tax account on this link www.incometaxindiaefiling.gov.in

Click on "Filing of Income Tax Return".

#2: Select "Prepare and Submit Online" under Submission mode.

#3: Verify and edit all the details about income, deductions, etc. according to your documents

#4: Verify the TDS and make sure all the details are filled in correctly without any errors.

If you discover any omission or wrong statements after filing your IT return, you can furnish a revised return.

#5: Then, you get the final tax payable details.

Verify if you can get a tax refund or if you have any balance amount payable.

#6: If you have any tax refund, select your account to receive it.

Else, complete the payment of the balance tax amount to the Income Tax Department on the link enclosed below.

https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp

Select Challan 280 and proceed by filling up your details.

Save the BSR code and Challan number from the receipt and fill it up in the ITR.

#7: Upon payment and filling up the ITR, head to the final section, and select either of the options to complete your verification.

Hurray! You've finished filing your ITR.

That's it. Easy, wasn't it?

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