Step 1: Collect All Necessary Documents
Ensure you have the following:
- Form 16 (provided by your employer)
- Form 26AS or AIS/TIS (Annual Information Statement)
- Bank interest certificates
- Details of any other income (rent, capital gains, etc.)
- Proof of deductions (under 80C, 80D, etc.)
Step 2: Calculate Your Tax Liability
Use the latest income tax slabs and applicable deductions to compute your actual tax liability. Make sure to consider all incomes and deductions correctly. Many online platforms and the government’s income tax portal offer free calculators for this.
Step 3: File Your ITR
You can file your Income Tax Return online using the government’s e-filing portal. Select the appropriate ITR form based on your income source (e.g., ITR-1 for salaried individuals, ITR-2 for capital gains, etc.).
During filing, if your tax paid is more than the tax liability, the excess amount will automatically be shown as “Refund.”
Step 4: Verify Your Return
After submitting your return, e-verify it within 30 days to complete the process. You can verify using Aadhaar OTP, net banking, or other methods available on the portal.
Step 5: Refund Processing and Credit
Once verified, the Income Tax Department will process your return. If everything is in order, your refund will be credited to your bank account directly. Ensure the bank account is pre-validated and linked with your PAN.