Filing Income Tax Returns (ITR) is an essential task for all taxpayers in India. To streamline the process, the Income Tax Department of India provides an online platform where individuals and businesses can register and file their ITR. This guide will walk you through the step-by-step process of registering for ITR filing. Additionally, we will explore some relevant financial products, including home loans, to help you better manage your finances.
How to register for ITR filing
Step 1: Visit the income tax department's e-filing portal
The first step is to visit the official e-filing portal of the Income Tax Department. This portal is the hub for all your ITR-related activities, including registration, filing, and tracking your returns.
Step 2: Click on 'Register Yourself'
Once you are on the homepage, locate and click on the 'Register’ button. This option is typically found on the top right corner of the page. Selecting this will take you to the registration form.
Step 3: Select user type
You will need to select the appropriate user type from the options provided. The user types include:
- Individual
- Hindu Undivided Family (HUF)
- Other than Individual/HUF
- External agency
- Chartered Accountant
- Tax deductor and collector
- Third party software utility developer
For most individual taxpayers, the 'Individual' option will be applicable. Select the relevant user type and click 'Continue.'
Step 4: Enter basic details
In this step, you will be required to enter basic details such as:
- PAN (Permanent Account Number)
- Surname
- First name
- Middle name (optional)
- Date of birth
- Residential status
Ensure that the information matches with the details on your PAN card. Click 'Continue' after filling in all the required fields.
Step 5: Contact details and password setup
You will now need to enter your contact details, including your email address and mobile number. These will be used for communication and OTP verification. Additionally, set up a secure password and choose a personalised message which will be displayed every time you log in. This adds an extra layer of security to your account.
Step 6: Verification
The next step involves verifying your contact details. You will receive an OTP (One Time Password) on your registered mobile number and email address. Enter the OTPs in the respective fields to verify your details. Once verified, you can proceed to the next step.
Step 7: Registration successful
After successful verification, you will receive a confirmation message stating that your registration is complete. You can now log in to your account using your PAN as the user ID and the password you created.
Step 8: Updating profile
Upon first login, you should update your profile. This includes adding your bank details, which are essential for refunds. Ensure that the bank account is active and in your name to avoid any issues with receiving refunds.
Step 9: Filing your ITR
With your account set up, you can now proceed to file your ITR. The portal provides detailed instructions and pre-filled forms to simplify the filing process. Ensure that you have all necessary documents, such as Form 16, bank statements, and investment proofs, handy before you start.
Maximising tax savings
Managing your finances effectively can lead to significant tax savings and better financial health. Here are some financial products to consider:
- Health insurance: Investing in health insurance can provide tax benefits under Section 80D of the Income Tax Act. It not only ensures financial protection during medical emergencies but also reduces your taxable income.
- Life insurance: Life insurance premiums are eligible for tax deductions under Section 80C. It provides financial security to your family in case of unforeseen events while helping you save on taxes.
- Home loans: Home loans offer substantial tax benefits. The principal repayment qualifies for deductions under Section 80C, while the interest paid can be deducted under Section 24(b). If you are considering a home loan, exploring options from reputed lenders like Bajaj Housing Finance can be beneficial.
- Investments in ELSS: Equity Linked Savings Scheme (ELSS) is a type of mutual fund that offers tax benefits under Section 80C. It has a lock-in period of three years and the potential for higher returns due to equity exposure.
- Fixed Deposits: Tax-saving fixed deposits with a tenure of five years also qualify for deductions under Section 80C. They offer a safe investment option with assured returns.
- National Pension System (NPS): Investing in NPS can provide additional tax benefits under Section 80CCD(1B), over and above the deductions available under Section 80C. It is an excellent option for long-term retirement planning.
- Public Provident Fund (PPF): PPF is a popular savings scheme offering tax benefits under Section 80C. It has a lock-in period of 15 years and provides attractive interest rates, making it a secure investment option.
Bajaj Housing Finance Home Loan
If you are looking to purchase a home, Bajaj Housing Finance offers competitive home loan options. With attractive interest rates, flexible repayment tenures, and minimal documentation, Bajaj Housing Finance makes it easier to achieve your dream of owning a home. Additionally, the tax benefits on home loans can further enhance your savings, making it a prudent financial decision.
Here are a few reasons why you should opt for a Bajaj Housing Finance Home Loan:
- Extended repayment tenures: Benefit from repayment periods of up to 32 years, enabling you to select a plan aligned with your financial circumstances for more manageable repayments.
- Competitive interest rates: Initiate your journey to homeownership with attractive interest rates starting at just 8.25%* p.a, accompanied by EMIs as low as Rs. 741/lakh*, making homeownership more affordable.
- Tailored loan options: Customise your home loan to suit your specific requirements with flexible loan amounts and repayment terms, granting you greater control over the home-buying process.
- Top-up loan facility: Enhance your financial flexibility with a top-up loan, providing additional funds of up to Rs. 1 crore* or higher at competitive interest rates and minimal documentation, simplifying balance transfer management.
Visit the Bajaj Finserv website to discover more and apply for a home loan today. Ensure your financial future with wise investments and the right financial backing.
