Income Tax Return (ITR) is a statement describing the Income and tax which is charged on that income, to the concerned Income tax department in a prescribed format. Income tax releases various Forms for those having different Income and that to from different sources.
As on date there are 7 online ITR filing forms which are prescribed by the Income tax department.
How to File ITR Online?
STEP BY STEP PROCEDURE FOR ONLINE ITR FILING
1.Go to e-Filing portal on Income tax website [www.incometaxindiaefiling.gov.in]2. Enter PAN Card number which is the user ID, Password, Captcha code and then ‘Login’.
3. Tap on the ‘e-File’ and then ‘Income Tax Return’ link.
4. Select Assessment Year, ITR Form Number, Filing Type, Submission Mode and Submit Online.
5. Click on ‘Continue’
6. E-verify your Income tax return (ITR)
· OFFLINE METHOD (Paper verification): Physically send signed ITR-V through normal or speed post to “Centralized Processing Centre, Income Tax Department, Bengaluru”. Send a signed copy of ITR-V form to Bengaluru for verification.
ONLINE METHOD (Electronic verification): On Choosing ‘I would like to e-Verify’ option, e-Verification can be done through any of the following methods.
There are 5 ways of electronically verifying your ITR.
· E-verification with Aadhar OTP
· E-verification with Net Banking
· E-verification with Bank Account
· E-verification with Demat Account
· E-verification with Bank ATM
7. Click on the ‘Preview and Submit’ button, Verify all the data entered in the ITR.
8. Submit the ITR.
Related Blog — INCOME TAX EXEMPTIONS/DEDUCTIONS
FREQUENTLY ASKED QUESTION (FAQ’s)
Q Can I file my ITR myself?
Yes, any taxpayers whether it is an individual or a body corporate can avail the benefit of online ITR filing. There is no restriction on who would file the ITR whatsoever from the Income tax department or Government of India.
There are various sources of income therefore, an income tax expert will cover every aspect and calculate the nearest figure which will match your actual income.
Q How can I file Form 16 online?
-Form 16 is an income statement form which is being issued by the employer reflecting the actual income of the taxpayer and TDS charged there-upon.
-Fill in the details and then upload your documents.
-Compute your tax liability.
Q What should idle ITR submission mode be?
The idle mode for ITR submission should be online/electronic. There are various reasons for opting online ITR submission mode, such as:
· Ease in online ITR filing.
· More transparent than offline mode
· Minimal face-to-face interaction with tax authorities
· Speedy process.
Q Is online e-verification mandatory?
No, it is not mandatory for everyone to electronically verify your return. But there is an offline mode for Income tax return (ITR) verification.
-For a certain class of taxpayers e-verification is mandatory:
· Income tax Return (ITR) filed for the assessment year 2019–20 & onwards.· Income tax return (ITR) where Digital signature certificate is non-mandatory.
· Income tax return (ITR) not filed by authorised signatory or representative assessee.
-To complete the process of Income tax return (ITR) filing, the verification of ITR must be done within 120 days from the date of filing of ITR. If the due date is missed then your ITR might be termed invalid by the Income tax department.
Q How to avail CA services online?
-For all those who are not able to compute their income tax properly or facing any issue in decoding there form 16 or online ITR filing should go for CA service online.
–CA service online will render expert advice on how you can save on your income tax” or “How to file your Income tax return (ITR)” etc.