How to file your income tax return online ITR filing
January, 05th 2021
An income tax return (ITR) is a form in which taxpayers declare their taxable income, deductions, and tax payments as per the form applicability. The form ranges form ITR 1 to ITR 7. The process of filling the ITR form and submitting it to the income tax department is known as income tax filing.
While filing ITR, you have to calculate the total income tax you owe to the government. So, if you have paid more tax than needed for the financial year, the income tax department will refund the extra money to your verified/pre-validated bank account. And, if you have underpaid taxes for the financial year, then you need to pay the remaining amount while filing your income tax returns.
Mostly, when you file your return online, the details of your Form 16 are pre-filled in the ITR form. This is why with online filing, it is convenient to file returns from the confines of your home or office, and at very short notice.
The due date for furnishing of income tax returns by individual taxpayers for the financial year 2019-20 has been extended to 10 January 2021 from 31 December 2020.
So, if you have still not filed your ITR or you are confused in filling your return form, you can file your ITR online by following these six simple steps as mentioned below.
Step 1: Visit the e-filing website
First, you need to visit the income tax department portal (www.incometaxindiaefiling.gov.in) for filing returns online. Register yourself using your Permanent Account Number (PAN), which will serve as the user ID. If you are already a registered user, then click on "Login here" on the web portal.
Step 2: Portal login
Click on the "e-file" tab and or click on "Income Tax Return" link. Now, select the assessment year, ITR form number, filing type as "Original/Revised Return", submission mode as "Prepare and Submit Online" and click on continue.
Step 3: Fill the details, compute the tax
Read all the instructions carefully and fill the mandatory details as required in the online ITR form. Calculate the tax payable. Fill all the mandatory fields as required in the ITR form and then proceed further.
Step 4: Preview the ITR form
Validate and confirm all the tabs of the ITR form after calculating the tax. Select the appropriate verification option in the "Taxes Paid and Verification" tab. After that, click on "Preview and Submit" button.
Step 5: Verify your ITR
You need to select any one of the following options to verify the ITR. Verification can be either through Aadhaar one time password (OTP), electronic verification code (EVC) using pre-validated bank account details, demat account details, bank ATM, or by sending a signed ITR-5 through normal or speed post to "Centralized Processing Center (CPC), Income Tax Department, Bengaluru".
Step 6: Submit the tax return
To do the final submission, you need to enter the EVC/OTP received on your mobile number within a minute. The submitted ITR can be verified later by using "My Account > e- verify return" option by visiting income tax filing portal or by sending signed ITR-5 to CPC.