incometaxtindiaefiling | Efiling Income Tax Return: If your annual income exceeds the basic exemption limit (Up to Rs.2,50,000 for For Individuals and HUF Less than 60 year) before deductions and exemptions, you are required to file your income tax returns. Even if your taxes have been deducted at the source, you have to file your IT returns.
It’s not a new thing for us, but most of us do not file income tax returns. Maybe the reason is that they are not given the required information about the incometaxtindiaefiling. Income Tax efiling is the easiest way to file your income tax without going anywhere. You can file your income tax from anywhere and anytime. We later on this post will teach you how to file you income tax returns VIA incometaxefiling?
Requirements For Efiling Your Income Tax Return
- Form No.16: Your employer will issue this to you, summarizing your income from salary and tax deducted at source.
- Tax challan: Details of tax payments made during the year
- Form no 16A: Collect it from payers who have deducted tax while making payment to you during the year.
- If you have bought any property or rented out existing property, proof of rent received and receipts of municipal taxes paid would have to be submitted.
- Bank account statements of accounts during the year to calculate interest income earned during the year.
- Contract notes: Share related documents for the year
Steps For IncomeTaxtIndiaEfiling
STEP 1. Register yourself
To e-file your income tax return, you will have you register on the Income Tax Department’s online tax portal (incometaxindiaefiling.gov.in). You have to provide your permanent account number (PAN), name and date of birth and choose a password. Your PAN will be your user ID.
STEP 2. Choose how you want to e-file
Income Tax efiling can be done online through the Income Tax Website without any cost in 2 different ways:
- Income Tax efiling by downloading the ITR Java utility or the ITR Excel Utility and furnishing details in the excel utility offline and then uploading it on Income Tax Website
- Income Tax efiling without downloading the Java Utility and furnishing all details online itself.
STEP 3. Select the requisite form
|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)|
STEP 4. Keep the documents ready
Keep your PAN, Form 16, interest statements, TDS certificates, details of investments, insurance and home loans handy. Download Form 26AS, which summarises tax paid against your PAN. You can then validate your tax return with Form 26AS to check your tax liability.
STEP 5. Fill form and upload
If you have chosen to fill the form offline,
after downloading the form –> fill all the details –> click on ‘generate XML’ –> Then go to the website again –> click on the ‘upload XML’ button –> and click on submit.
Note: You will have to first log in to upload the XML file saved on desktop.
STEP 6. Verify ITR V
On submitting your ITR form, an acknowledgement number is generated. In case the return is submitted using digital signature, you just have to preserve this number. If the return is submitted without a digital signature, an ITR-V is generated and is sent to your registered email ID.
The tax filing process is incomplete and ITR is invalid unless your ITR V is verified. You can electronically verify or mail the signed ITR V to the processing centre in Bengaluru within 120 days of filing the return.