0

7 Easy Steps to E-file Your Income Tax Return (ITR)

If your taxable income exceeds Rs. 2.5 lakhs for a financial year, you need to file your income tax return. If your taxable income exceeds Rs.5 lakhs, you need to e-file your income tax. The due date to file income tax return is July 31 next year.

Also Read:- 8 Things you should know before filing your Income Tax Return

Step 1: Create an e-file Account

If you are a new tax filer, create an e-filing account on the income tax department’s online tax filing site (www.incometaxindiaefiling.gov.in). You have to provide your PAN, name and date of birth and choose a password. Your PAN will be your user ID.

e-file

Step 2: Login Your Account

The next step is login your e-fling account using the user ID (your PAN) and the password.

e-file

Steps 3: View Form 26AS

View your tax credit statement or Form 26AS. The TDS as per your Form 16 must tally with the figures in Form 26AS.

Step 4: Select requisite ITR Form

Click on the income tax return forms and choose the financial year

Download the ITR form applicable to you.

ITR-1: For individual earning salary, pension or income from one house property or sources other than the lottery.

ITR-2: For those earning capital gains.

ITR-2A: For those owing more than one house but no capital gains.

ITR-3, ITR-4, and ITR-4S: Professionals and business owners.

Also Read:- Which ITR Form is applicable to me?

Steps 5: Keep the Documents Ready

Keep your PAN, Form 16, interest statements, TDS certificates, details of investments, insurance and home loans handy.

Step 6: Fill up ITR 1 & ITR 4S online

Also Read: Computation of Total Income & Tax Liabilities

  • Go to e-file
  • Select ‘Income Tax Return’
  • Select Assessment Year, ITR Form and Submission Mode
  • Select one of the below option to verify your income tax return
    • AADHAAR OTP- Mobile number registered with UIDAI will receive the OTP from UIDAI and it is valid for 15 minutes only, please complete the filling activity before the OTP expires. OTP will become invalid in case of logout or moving to other functionalities.
    • Already generated EVC through My Account > Generate EVC option or Bank ATM. The validity of such EVC is 72 hours from the time generation.         Or
    • I don’t want to e-verify this Income Tax Return and would like to send ITR-V through normal or speed post to “Centralized Processing Center, Income Tax Department, Bangaluru-560 500.”

e-file Income tax

  • Update following details.
    • Part A Generation Information
    • Income details
    • Tax Details
    • Taxes Paid and Verification and
    • 80G

e-file income tax details

 

Step 7: Verify your Tax Return

After filing your tax return, you can verify your return through one of the below option.

  • AADHAAR OTP- Mobile number registered with UIDAI will receive the OTP from UIDAI.
  • Already generated EVC through My Account > Generate EVC option or Bank ATM. The validity of such EVC is 72 hours from the time generation.         Or
  • Send ITR-V through normal or speed post to “Centralized Processing Center, Income Tax Department, Bangaluru-560 500.”

Leave a Reply

Your email address will not be published. Required fields are marked *