How to file Income Tax Return

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Fincrif India

Jun 26

05:45 AM

Income tax returns are no longer as difficult to file as they formerly were. Long lines and never-ending stress related to submitting taxes on time are no longer present. It is handy to file returns online, commonly known as e-filing, from the comfort of your home or workplace, and on very short notice.

Income tax returns are no longer as difficult to file as they formerly were. Long lines and never-ending stress related to submitting taxes on time are no longer present.

It is handy to file returns online, commonly known as e-filing, from the comfort of your home or workplace, and on very short notice.

Mentioned below are the steps to file your income tax returns online:

  1.  Login to the portal 

To file returns online, visit the Income Tax Department website at (www.incometaxindiaefiling.gov.in.) .The user ID for registration will be your Permanent Account Number (PAN).

  1. Download appropriate ITR form 

Select the right Income Tax Return (ITR) form under "Download" by going to "e-filing" under the relevant assessment year. If you are a salaried individual, download the ITR-1 (Sahaj) return preparation programme.

  1. Enter details in form -16

Open the downloaded Return Preparation Software (excel tool), adhere to the on-screen prompts, and enter all of your Form 16's information.

  1. Compute all relevant tax details 

Calculate your tax liability, pay it, and fill out the appropriate fields in your tax return. You can skip this step if you don't owe any taxes.

  1. Confirm the above details 

Verify the information you provided, then create an XML file that is automatically saved on your computer.

  1. Submit return 

Access the "Submit Return" section and add the XML file there.

  1. Digital Signature 

When asked, you can digitally sign the file. This step can be skipped if you don't have a digital signature.


  1. Confirmation from ITR verification 

Your screen flashes with a notification indicating that the e-filing was successful. It is possible to download the acknowledgement form for ITR-Verification. It is also sent to the email address you registered with.

  1. E- Verify return 

Any of the following six methods can be used to electronically validate the return: (1) Netbanking (2) Bank ATM (3) Aadhaar OTP (4) Bank Account Number (5) Demat Account Number (6) Registered Mobile Number & Email (7). A physical copy of the ITR-5 acknowledgement no longer needs to be sent to CPC, Bengaluru, thanks to e-verification.

Conclusion 

Using the guidelines under the income tax legislation, determine your tax liability. For each of the four quarters of the assessment year, outline your TDS payment on Form 26AS. Determine the category under which you fall and select an ITR form in accordance with it using the definitions provided by the Income Tax Department (ITD) for each ITR form. 




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