Filing your income tax return by self might sound daunting. But with a bit of preparation, it can be smooth sailing. As we gear up for the 2024 tax season, it’s time to get organized and ready. Doing your own taxes can save money and give you a better understanding of your finances. To help you out, we’ve compiled six straight forward steps to get you prepared for filing your taxes this year by self.

Note: You can file ITR for AY 2024-25, or for income earning in FY 2023-24, by July 31. The ITR filing process has already started but salaried employees need to wait till they get their Form 16.

Steps to file ITR on your own

Step 1: Gather all the documents

Make sure you have all the papers you need like Form 16, Form 26AS, AIS/TIS, bank statements, investment papers, rent receipts, and any other income documents. This will make everything smoother, and you won’t forget any important info.

Before tax filing starts, as a self-filer you should get TDS certificates from your employer and check details. For example, if you’re a salaried person, compare details in Form 16 with your monthly pay slips. If there’s anything wrong, ask your employer for a corrected TDS certificate.

Step 2: Claim deductions and exemptions

Find out various deductions and exemptions you are eligible for (80C, 80D, 80G, Sec 24(b). These can include things like insurance premiums, investments, donations, house rent, and loans. This will help reduce your taxable income and lower your tax liability. Remember to also include any TDS (Tax Deducted at Source), TCS (Tax Collected at Source), advance tax, or self-assessment tax you’ve paid.

Step 3: Pick appropriate ITR form

Different ITR forms are designed for various income sources and taxpayer categories. So, it’s important to choose the right form that fits your situation to ensure smooth filing and compliance with tax regulations.

Step 4: Verify Form 26AS & AIS

Form 26AS provides a consolidated view of TCS (Tax Collected at Source) by your employer or other entities. AIS, or Annual Information Statement, should align with your income for a hassle-free assessment.

To do this, download AIS, TIS, and Form 26AS from the Income Tax portal. Then, cross-check these details with your bank passbook to ensure everything matches up. This step ensures all your transactions are accounted for in your tax return, avoiding any discrepancies

Step 5: Pick the appropriate Tax Regime

Choose between the old and new tax regimes when filing taxes. The old regime provides deductions under sections like 80C, 80D, etc., ideal for those with many eligible investments and expenses. The new regime offers lower tax rates but fewer deductions. Consider your situation to maximize tax savings.

Step 6: Verify the Return

After filing your tax return, it’s crucial to verify it within 30 days. This step completes the process and ensures compliance with tax regulations. You can choose from various verification methods: using Aadhaar OTP, sending a signed copy to CPC within 120 days, or verifying through net banking if your bank offers this service. Prompt verification is essential to avoid any issues and ensure your tax filing is complete.

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