It is mandated by the Income Tax Department of India to report the income gained/earned and the income tax paid in lieu of the earned income. And the way to do so is by e-filing income tax return. The Income Tax authorities stipulate that every individual should file his/her tax return. It is mandated by the Income Tax Department of India to report the income gained/earned and the income tax paid in lieu of the earned income. And the way to do so is by e-filing income tax return. The Income Tax authorities stipulate that every individual should file his/her tax return.
But sadly, a large fraction of income tax payers do not file their income tax returns. This is because they believe that filing income tax returns is a cumbersome process. However, with the introduction of e-filing system, the process of e-filing income tax returns has become easier than ever. The process of e-filing income tax returns online is easy and simple. Here, it is important to remember that July 31st of each FY (financial year) remains the last day for e-filing income tax returns. Before we jump guns and show the way the process of income tax e-filing online, it is only wise to discuss the different ways of e-file income tax returns.
3 Ways to E-file Income Tax Returns
There are 3 different ways of e-filing income tax returns. Take a look at the 3 ways:
- You can use DCS (Digital Signature Certificate) for e-filing income tax returns through a CA (chartered accountant).
- If you wish to file your income tax returns without DCS, you may do so by taking a print out of the ITR Form V, duly filling and signing it and sending it to CPC, Bangalore by postal service. However, you will need to make sure that the form reaches CPC within 120 days from the date of e-filing income tax returns.
- You can also use ERI (E-Return Intermediary) to e-file your Income Tax Return. Here you have the option to do it with or without DCS.
Now that you know the 3 ways of income tax efile, it makes sense to get acquainted to the different income tax return forms.
How Will You Choose the Right Form For Your IT Return?
ITR forms are broadly categorized into different forms on the basis of source of one’s income. Table below describes different ITR forms depending upon the income to help you with e-filing of Income Tax Returns.
|ITR Form 1||This form is for salaried individuals or for pensioners with regular pension income or for those who getting income from residential property or other sources.|
|ITR Form 2||This form is for those who earn from sources excluding business and profession.|
|ITR Form 3||This form is for those who earn an income from Professional or Business.|
|ITR Form 4S||This form is for those who get income from presumptive business.|
|ITR Form 4||This form is for those who earn income from proprietary professions or business.|
|ITR Form 5||This form is for those related to Firms, AOPs, LLPs, BOIs,, local authorities and/or persons associated with artificial judiciary.|
|ITR Form 6||This form is for those with companies or firms claiming no exemptions under section 11 of the Income tax Act.|
|ITR Form 7||This form is for company or individuals liable to file returns under Sections 139(4A), 139 (4D), 139 (4C), 139(4B|
Now that you have adequate information about income tax return forms, it’s time to get acquainted to the step-by-step process of income tax e-filing online.
Step-by-Step Guide to File Income Tax Returns Online
- Log in to Income Tax online portal (IncometaxIndiaeFiling.gov.in) and register yourself with your PAN number as your user id and a designated password of your choice.
- Check your tax credit statement by downloading form 26AS.
- Select the income tax return form that best suits you and select the financial year for which you wish to file a return.
- Download the file.
- Duly fill the form. Take help from your form 16 for details.
- Click on calculate tax button to get the estimated taxable amount.
- Fill Challan details and press “Validate” button to verify and check data in worksheet.
- Save the sheet in XML format.
- Visit the Income Tax online portal and press Upload Return button.
- Upon uploading the file, digitally sign the file.
- Upon completion, ITR Verification form will be generated. Download it and save it. This form serves as the acknowledgement of submission of Income Tax Return.
- Print ITR-V form and duly sign it and send it to CPC, Bengaluru.
So there you have it, easy ways of income tax e-filing online. Go on, put the learning into practice and file your income tax returns now.
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