Multiple Income Tax Returns can be filed from the same account. This means that the taxpayer can file income tax returns for the current or previous years for self, family, or friends using one account. Read further to know how to e-file tax returns for multiple accounts.
Process to File Tax Returns:
- Log on to the official Indian Income Tax Return e-filing portal to start filing taxes
- Enter Name, Date of Birth, PAN, and Bank Account details in the ‘personal info’ section.
- Once done, enter the salary details, TDS, employee details.
- Under deductions, enter all details of investments such as LIC, PPF or tuition fees to claim tax benefits under Section 80C.
- Add other details such as interest income or non-salary income, then calculate tax payments made.
- Once you see “No Tax Due” or “Refund”, proceed to e-filing the tax. An acknowledgement number will be generated, after the process has been completed, for future reference.
Process to File Multiple Tax Returns:
- After logging in to the portal with the required credentials, click on “File Another Tax Return”.
- In order to add a new entity, click on “Individual” and then “Add Tax Entity”. When filing for different entities, the page can be switched to choose the needed option.
- For starting the process “Work on this entity” should be selected, after adding is completed.
For every entity, tax returns of the previous financial year can be filed. Click on the AY 201_ - AY 201_ to select the assessment year to be filed. Save the option and return to “Work on Tax Return”.
Documents Required to File Multiple Tax Returns:
In order to file income tax in India, these documents are quite essential. Here is the list of documents needed to file taxes and returns. The documents to be submitted may vary according to the income of the individual.
- PAN number
For Salaried Employees:
- Form-16 issued by the employer
Documents related to Interest Income:
- Bank statement/passbook for interest on savings account.
- Interest income statement for fixed deposits.
- TDS certificate issued by banks and other financial institutions.
- Form 26AS, a summary of taxes paid and deducted, provided by the Income Tax Department. The details of tax deducted, tax deposited, and tax fund refunds received in the fiscal year are reflected in this form, which can be viewed on the IT Department’s official portal.
- Section 80C investments documents that includes details of investments made under ELSS, ULIPS, NSC, RGESS, and PPF.
- Section 80C investment documents. Investment made under PPF, NSC, ULIPS, ELSS, RGESS qualify for deduction.
- Other deductions under Section 80C that can be claimed for:
- Children’s school fees
- Education loan interest payments
- Life insurance premium payment
- Stamp duty and registration charges
- Contribution towards provident fund (PF)
- Interest paid on housing loan. Around Rs 2,00,000 can be eligible for tax saving in case it is a self-occupied house.
- Principal repayment on home loan
- Stock trading statements. Stock trades made during the financial year can be taxed under Capital Gain.
- Other investment documents, if any.
All these documents should be kept handy, in order to claim tax deductions under Section 80C. The maximum amount that can be claimed under Section 80C has been changed from Rs.1,00,000 in FY 2013-14 to Rs.1,50,000 in FY 2014-15.