How To File Your Income Tax Return Online

09 May How To File Your Income Tax Return Online

As per section 139(1) of the Income Tax Act, 1961 in the country, individuals whose total income during the previous year exceeds the maximum amount not chargeable to tax, should file their income tax returns (ITR).

The process of electronically filing income tax returns is known as e-filing. The due date for filing tax returns (physical or online), is July 31st.

Who should e-file Income Tax Return

  • Assessee with a total income of Rs. 5 Lakhs and above.
  • Individual/HUF resident with assets located outside India.

Types of e-Filing:

  • Use Digital Signature Certificate (DSC) to e-file. It is mandatory to file IT forms using Digital Signature Certificate (DSC) by a chartered accountant.
  • If you e-file without DSC, ITR V form is generated, which should then be printed, signed and submitted to CPC, Bangalore by ordinary post or speed post within 120 days from the date of e-filing.
  • You can file e-file IT returns through an E-return Intermediary (ERI) with or without DSC.

How to choose the right form to file your taxes electronically

ITR 1 (SAHAJ) Individuals with income from salary and interest
ITR 2 Individuals and Hindu Undivided Families (HUF) not having income from business or profession
ITR 3 Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
ITR 4 Individuals and HUFs having income from a proprietary business or profession
ITR 4S (SUGAM) Individuals/HUF having income from presumptive business
ITR 5 Firms, AOPs,BOIs and LLP
ITR 6 Companies other than companies claiming exemption under section 11
ITR 7 Persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)
  •  Check your tax credit – Form 26AS vs. Form 16

You should check Form 26AS before filing your returns. It shows the amount of tax deducted from your salary and deposited with the IT department by your employer. You should ensure that the tax deducted from your income as per your Form 16 matches with the figures in Form 26AS. If you file your returns without clarity on errors, you will get a notice from the IT department.

Steps to file Income Tax Returns:

Log on to IncomeTaxIndiaeFiling.gov.in and register on the website.

  • Your Permanent Account Number (PAN) is your user ID.
  • View your tax credit statement or Form 26AS. The TDS as per your Form 16 must tally with the figures in Form 26AS.
  • Click on the income tax return forms and choose the financial year.
  • Download the ITR form applicable to you. If you’re exempt income exceeds Rs.5,000, the appropriate form will be ITR-2 (If the applicable form isITR-1 or ITR 4S, you can complete the process on the portal itself, by using the ‘Quick e-file ITR’ link – this has been explained below).
  • Open excel utility (the downloaded return preparation software) and fill out the form by entering all details using your Form 16.
  • Check the tax payable amount by clicking the ‘calculate tax’ tab.
  • Pay tax (if applicable) and fill in the challan details.
  • Confirm all the data provided in the worksheet by clicking the ‘validate’ tab.
  • Generate an XML file and save it on your desktop.
  • Go to ‘upload return’ on the portal’s panel and upload the saved XML file.
  • A pop-up will be displayed asking you to digitally sign the file. In case you have obtained a digital signature, select ‘Yes’. If you have not got digital signature, choose ‘No’.
  • The acknowledgment form, ITR Verification (ITR-V) will be generated which can be downloaded by you.
  • Take a printout of the form ITR-V and sign it in blue ink
  • Send the form by ordinary or speed post to the Income-Tax Department-CPC , Post Bag No. 1 , Electronic City Post Office, Bangalore, 560 100, Karnataka within 120 days of filing your returns online.

Penalties for non-filing an income tax return

Under section 271F, the assessing officer may levy a penalty of Rs 5,000 when you have not filed your return by the due date.

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