Income Tax E-Filing

Individuals with a taxable income of just more than ₹ 2.50 Lakh per year are expected to file a return (income statement) with the Indian Department of Income Tax. By 31 July of the appraisal year, a person is expected to file the return. It is a common observation that the government extends this last date once or twice, on certain occasions. It should be recalled, however, that delaying the filing of a return attracts a penalty; it should thus be avoided. Income tax E-filing has been a revolutionary change in the manner of filing return, but still, Income tax E-filing system is not used by old aged citizens.

The Documents required for Income Tax E-filing Return

First, compile and keep the following records available for reference while you plan to measure your tax obligation and file your tax return. Remember that for your revenue tax return filing, you do not need to insert any supporting documentation. For the exact measurement of your income and to include the correct details in the calculator, records are needed.

  • Number PAN.
  • ITR of last year.
  • Bank accounts in all your bank accounts, including those of minors whose revenue is to be clubbed with your Form 16 issued by your employer (tax-deductible certificate). Keep Form 16 issued by all the bosses in case you changed your work during the year.
  • Type 16A (TDS certificates) issued for income tax deductions other than wages, e.g. bank interest, interest on bonds.
  • Type 26AS – Statement of tax withheld and deposited by your boss, others, advance tax, and self-assessment tax on your behalf.
  • Profit deposit receipts charged by you for advance tax and self-assessment tax. Note that you are expected to deposit advance tax per quarter if your net tax obligation after TDS is more than ~ 5,000 a year.
  • For taxes paid during a financial year, Challan 280.
  • Annual statements on all funds of the mutual fund and equity exchange.
  • Certificate of home loan tax deduction provided by the mortgage for principal borrowed and interest charged.
  • Tax-saving savings receipts made from PPF, NSC, LIC, life insurance, medical-claim, NPS, ELSS, etc.
  • Information of tax-free revenue earned over the year, such as interest on tax-free bonds, stock capital returns over the long term, agricultural income, etc.

How to File the Income Tax E-Filing Returns?Income Tax E-Filing

Online Filing:

  • By using your PAN number (Permanent Account Number) and password, you must register yourself and build your account. It will use your PAN number as your username.
  • Go to the income tax e-filing portal after building your account by entering your PAN, password, Captcha. Tap on ‘Admin’ after that.
  • Click on the ‘e-file’ menu now, and then click on the ‘Return Income Tax’ page.
  • You will be led to the Return Page for Income Tax. The PAN will be auto-populated here. You need to select as ‘Original/Revised Return’ the ‘Assessment Year’,’ ITR Form Number’,’ Filing Style’ and then select ‘Submission Mode’ as ‘Prepare and Apply Online’
  • Click ‘Continue’ now, then carefully read all the instructions to fill out all the appropriate fields in the Online ITR Form.

Note: To save your Income Tax Returns info as a file, regularly press the ‘Save Draft’ button and prevent rework or loss of data due to session timeout. The saved draught is valid for 30 days, or there is no improvement in the XML schema of the ITR until the return is filed or til, whichever is the earlier.

Then, to check the Income Tax E-Filing return, pick one of the verification methods on the ‘Taxes Paid and Verification’ page:

  • I would like to e-verify.
  • I would like to e-verify later, within 120 days from the date of filing.
  • Instead of submitting the ITR-V via the usual or pace post to’ CPC, Income Tax Department, Bengaluru, 560500, within 120 days from the date of filing, I would not like to e-verify.
  • Clicking on the ‘Preview and Send’ button is the next move.
  • Verify the details entered in the ITR, then ‘Send’ the ITR.

Next, you will do e-Verification by choosing the button ‘I would like to E-Verify and then selecting one of the following options when asked to access the EVC/OTP.

  • OTP for Aadhaar
  • EVC created in My Account either by bank ATM or by choice.
  • Demat’s Prevalidated Account
  • Credit Account Prevalidated

Note: If you chose either of the other two choices instead of ‘I want to e-Verify,’ then ITR will be filed, but once confirmed, the ITR filing process will not be complete. You will either need to e-Verify later via ‘My Account > e-Verify alternative’ or submit the signed ITR-V to CPC, Bengaluru.

  • Also, ensure that within 60 seconds you reach the EVC/OTP; otherwise, the ITR will be auto-submitted, and you will have to search later.

The measures for offline ITR filing as below:

  • Visit https://www.incometaxindiaefiling.gov.in/home on the Income Tax E-Filing Site and download the required ITR utility under ‘Downloads > IT Return Planning Program.’
  • Extract the ZIP file after the update, and open the utility.

Note: For Windows 7/8/10 with .Net Platform 3.5 and above, the Excel utility has Macro enabled for MS- Excel Office edition 2007/10/13.

  • Windows 7/8/10, Linus, and Mac OS 10.x with JRE Version 8, along with the latest updates, are required for the Java utility system.
  • The next step is to fill out the necessary fields in the ITR form. By signing in to your account and importing it into the utility, you can also download the pre-filled XML.
  • The next step is to validate the ITR type tabs and measure the tax.
  • Generate and save XML, then.
  • Now, by entering PAN, password, captcha, and pressing ‘Login, login to your account in the income tax e-filing portal.
  • Click on the ‘e-File’ menu now, and then click on the ‘Return Income Tax’ page.

Now on the Income Tax E-Filing Return tab, PAN is going to be auto-filled. The following must be selected:

  • Evaluation Year.
  • Number ITR type.
  • ‘Filing Form’ as ‘Return Original/Revised’.
  • ‘Mode of Request’ as ‘Upload XML’.

In the next step, to validate your Income Tax E-Filing return, pick either of the following:

  • Signature on Digital.
  • EVC using the Demat Prevalidated Account.
  • Prevalidated Bank Account Using EVC.
  • Later, I would like to e-Verify it. Remind me later.
  • EVC has already been generated through My Account > Generate EVC Choice or Bank ATM. (Such EVC validity is 72 hours from the time of generation).
  • I do not want this Income Tax E-Filing Return to be e-verified and would like to submit a signed ITR-V to CPC, Bengaluru, via regular or speed box.
  • Click ‘Continue’ now, and bind the ITR XML file to it.
  • If you have selected DSC as the verification option, upload the signature file created by the DSC Management Utility.
  • Enter the OTP obtained on the mobile number registered with UIDAI if you have selected Aadhaar OTP as the authentication.
  • If you have selected EVC as authentication from a bank account, Demat account, or bank ATM, enter the EVC you got on the mobile number associated with your bank account or Demat account, respectively.
  • If you have selected the other two choices, then ITR will be filed, but once confirmed, the ITR filing process will not be complete. You will either need to e-Verify later via ‘My Account > e-Verify alternative’ or submit the signed ITR-V to CPC, Bengaluru.

Offline Filing:

To file your Income Tax E-filing is important, but still, some individuals prefer filing income tax return offline, these are the following steps: 

  • Go to www.incometaxindiaefiling.gov.in, at that point click on your downloads and click Offline Utilities, and afterwards Income Tax Return Preparation Utilities.
  • Select the appropriate ITR form depending upon the type of income. ITR Forms are accessible in Excel and Java utility. You can utilize any one utility dependent on your inclination and your gadget availability. Click on the download link available under Excel and Java utility.
  • The ITR structure will be downloaded in the ZIP document. Extract the file and afterwards fill in the necessary fields. 
  • Confirm all the sheets and then calculate the tax and click on ‘Generate XML’. 
  • Click on “Save XML” “Save XML” to save the XML document at your ideal area and login to www.incometaxindiaefiling.gov.in
  • Go to ‘E-File’ and afterward ‘Annual Tax Return’ and select ‘Appraisal Year’
  • Select ‘ITR Form Name’ and under “Accommodation Mode” select, “Transfer XML” and pick any choice agreeable to you to confirm the return 
  • After that click on proceed and connect the XML File. Verify the return according to the alternative picked in point “m”.
  • The return will be submitted and you will receive an email confirming the same. 

Customer care for the E-filing, ITR status, Income Tax E-Filing refund

  • In order to know the status of your return, please contact the CPC call centre at 1800-4250-0025 from 9 a.m. to 8 p.m. to inquire about the status of your returns via income tax e-filing.
  • For matters relating to ITR rectification and Income Tax E-Filing refunds, you can also call 1800-425-2229.
  • In your profile and on your ITR, you can keep your email ID and mobile number updated. In the following situations, the CPC sends email and SMS confirmation to your registered email ID and cell phone:
  • Earnings tax return submission.
  • The ITR-V generation.
  • ITR-V receipt at CPC, Bangalore.
  • ITR-V production at CPC, Bangalore.
  • ITR error.
  • Production of the tax return on income and issuance of the assessment order.
  • The demand generation.
  • Refund Determination.
  • Adjustment of the amount of refund against the prior claim.
  • Such issues, according to the Income Tax Act.

Latest Budget 2021 Highlights

No ITR for pensioners to be filed

The Ministry of Finance exempts all people aged 75 years of age from filing income tax returns in the 2021 Union Budget.

FAQs

What is income tax E-filing?

Income Tax E-filing reporting refers to the method of automatically filing online income tax reports or, in basic words, uploading online income tax returns.

How do I log in to my income tax?

Step 1: Go to the official website of the department of income tax – To enter the login page for the Indian income tax, go to the government site webpage. There, for all registered users, you can see a box on the right side that has a ‘Login Here’ tab.

Step 2: Enter the Info – You will be taken to the actual login page after you have clicked on the tab, where you have to mention your username and password for your income tax login.

How do I file an ITR file?

  • Using your PAN, log in to the Income Tax Department site.
  • Under the applicable appraisal year, go to the income tax e-filing and pick the appropriate form. Downloading ITR-11 is expected by a salaried person (Sahaj).
  • Enter all of your Form 16 info.
  • Calculate tax payable, pay tax and enter in the tax return the applicable challan information. Confirm the stated data.
  • Go to the section called ‘Send Back’ and upload the XML format.
  • On your phone, a message indicating good income tax e-filing will be seen. It is sent to your registered email identifier via email.
  • Via all available modes, you can e-verify the return.
  • Or, just call Dialabank – 9878981166.

How can one file my income tax return online?

By visiting the official income-tax website, you can file income tax returns online. You must log in, download the required form, measure the tax details and submit the documents. You have to make sure in the end that you check the tax filing.

How do I submit an income tax return?

There are two forms for the income tax returns to be filed. By entering the office of the Income Tax Department, you can register ITR and file the returns physically. You can also register ITRs using the internet by accessing the income tax department’s official website. You can pick any strategy that matches your needs.

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