How to File Income Tax Return: Online Income Tax Filing

How to File Income Tax Return

Find a step by step guide to file income tax return online. The online procedure of filing income tax returns is known as e-filing. You can either do it yourself or seek professional help.

Following the guidelines are given in this website, you can file your return from your home computers. E-filing for ITR can be done using the digital signature certificate. It can also be filed without using the digital signature by generating ITR – V receipt. We have shown here how to file ITR with and without digital signature. The income tax filing is to be done before 31st of July. We have posted separately on income tax refund status too. After filing, you can check your IT return status from our site. If you fieu ITR without digital signature, you should track ITR-V status to verify ITR status.

Now you can generate Electronic Verification Code (EVC) by pre-validating your bank account on the e-Filing website. Punjab National Bank is the first bank to launch this facility with customers. Our site carries useful information on procedures of income tax payment and ITR payment. It is quite confusing to decide which ITR form you should use to file your income tax return. We have also shown details on which ITR form should be applied to you. The first step is to register at the official income tax efiling website.  What is efilling?  So,the process of electronically filing income tax returns which  is known as e-filing. Let us see it in details.There is also an income tax return form available.

Income Tax Return

Procedure of Filing Income Tax Return

Want to learn how to file income tax return online without the help of a CA? Here is the step by step guide to file income tax return or ITR online for free. Use the below link to reach the official site of Income Tax India:

  1. Complete your registration at the website:
  2. Use your PAN card number as your User ID.
  3. The password will be as given by you.
  4. Click on the relevant ITR form and the financial year.
  5. If our exempted income is above Rs. 5000, you should use form ITR-2. If your applicable form is ITR-1 or ITR-4S, you can use the Quick e-file ITR link to complete the process on the portal itself.
  6. Download the form under Excel Utility and enter all details using your Form 16.
  7. Click the ‘Calculate Tax’ button at the right side. Pay tax as per your calculation and fill up the challan details.
  8. Confirm all the information entered in the excel worksheet by giving a click on ‘Validate’ tab.
  9. Generate the XML file and save it in your system.
  10. Click on ‘Upload Return’ and upload the saved XML file after selecting the year. Now select YES or NO for the Digital signature. If you have obtained a digital signature, select YES.
  11. When the process is complete, the screen will flash message of successful e-filing.
  12. You will be able to download the acknowledgment form or ITR-V.
  13. Take a print out of the ITR-V receipt and sign it. Send it by ordinary post or speed post to the following address:

Income Tax Department – CPC

Post Bag no. – 1

Electronic City Post Office,

Bangalore – 560 100.

See that it reaches within 120 days from the date of e-filing your income tax return. Hopefully, by now you have got the idea on how to file income tax return online.There are few firms who even help in filing the income tax return online on your behalf. You can hire such CA to do your work at a pretty reasonable rate.

Income Tax Return Forms: Which ITR Form you should File

In order to file income tax return you need to keep following things in mind. While filing, you need to choose a type of for appropriately. Find below the details of each of the form prescribed for efiling return.

ITR 1: This form is applicable for all individual who are having income from Salary/ Pension and Interest.

ITR 2: This form is applicable for those who have income under different heads but not under business or profession

ITR 2A: Applies to individuals and Hindu Undivided Families who are not having income from profession or business and capital gains and do not  hold foreign assets.

ITR 3: This ITR form is applicable for all partners in a partnership firm.

ITR 4: For all persons earning from profession or business.

ITR-4S: This form is also known as Sugam ITR-4S. It applies to those who have opted for presumptive income scheme under section 44AD and 44AE of Income tax.

ITR 5: This form is applicable for a Firms, AOP, BOI, and Local Authority.

ITR 6: This ITR form is applicable for a Company.

ITR 7: This form is applicable for a Trust.

ITR 8: This form is used for filing only FBT Return.

July and August’s months are busiest months for all taxpayers and chartered accountants. We are sure, you can now file your income tax return from the convenience of your home or office. In any case of confusion, you can leave your comments here. You can also check procedure of online income tax payment at our site. Complete guidelines for checking ITR status is also uploaded to our site. Before filing your return, do check your tax credit statement using View Form26AS at the portal of e-filing. Also, tally TDS amount by using TDS online payment in your Form 26AS and Form 16. Stay with us for more updates on income tax returns. Later on you can check your income tax refund status through our portal. Let us know if you are having any problem in filing income tax return online. Our expert team of CA and B.Com graduate will help you to resolve the issue.

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