Answer By law4u team
Filing your Income Tax Return (ITR) online in India is a straightforward process, especially with the introduction of the e-filing portal provided by the Income Tax Department of India. Here's a step-by-step guide on how to file your ITR online: Step 1: Register or Log In to the Income Tax Portal 1. Visit the Official Portal: Go to the official e-filing website: [https://incometaxindiaefiling.gov.in/](https://incometaxindiaefiling.gov.in/). 2. Login/Register: If you already have an account, click on Login Here and enter your User ID (usually your PAN number), password, and the captcha code. If you’re a new user, click on Register Yourself and fill in the required details (PAN, name, date of birth, etc.) to create an account. Step 2: Choose the Appropriate ITR Form 1. Once you log in, click on the “File Income Tax Return” option. 2. Select the Assessment Year (the year for which you are filing the return; for example, for the year 2024-25, the assessment year will be 2024-25). 3. Choose the ITR Form: ITR-1 (Sahaj): For salaried individuals, pensioners, or those having income from one house property, other sources like interest, etc. (up to ₹50 lakh). ITR-2: For individuals or HUFs with income from more than one house property, capital gains, or foreign income. ITR-3: For individuals with business income or professionals. ITR-4 (Sugam): For individuals or HUFs opting for presumptive taxation under section 44AD/44AE/44ADA. ITR-5: For firms, LLPs, AOPs, and BOIs. ITR-6: For companies other than companies claiming exemption under section 11. ITR-7: For trusts, political parties, and other specific entities. Step 3: Fill in the Details of Your Income 1. Personal Details: Your PAN, name, address, date of birth, etc. (most of this is auto-filled if you are logged in). 2. Income Details: Enter income from salary, business, house property, capital gains, etc. Form 16: If you are a salaried individual, you should have received Form 16 from your employer. This form contains the details of your income and tax deductions. Other Income: If you have income from sources like interest, rental income, or capital gains, add those details as well. 3. Deductions: If you are eligible for deductions under sections like 80C, 80D, 80E, etc. (for investments, insurance premiums, education loans, etc.), fill in the respective details. Step 4: Tax Calculation 1. After entering the income and deductions, the system will automatically calculate your tax liability. 2. The system will also account for any advance tax payments or TDS (Tax Deducted at Source) that have already been paid or deducted. This will show up in the form based on the Form 26AS data. Step 5: Verify Your Details 1. Check for any errors or missing information. 2. Once everything looks good, click on “Proceed” to continue. Step 6: Select the Verification Option E-Verification: You can verify your return electronically using one of the following methods: Aadhaar OTP: If your Aadhaar is linked to your PAN and mobile number, you can verify your return by entering the OTP sent to your mobile. Net Banking: If your bank is integrated with the Income Tax Department, you can use net banking for verification. EVC (Electronic Verification Code): You can generate an EVC from your bank or through your demat account. Send ITR-V by Post: If you prefer not to use electronic verification, you can send the signed ITR-V (acknowledgment) to the Income Tax Department within 120 days of filing. This form is generated once you submit the return, and you’ll need to print, sign, and mail it to the department. Step 7: Submit the Return Once verified, click on Submit. You will receive an acknowledgment number (ITR-V), which you can save for your records. This number is a reference for your filed return. Step 8: Track the Status After submission, you can check the status of your return by logging into the portal. The status will be updated once the return is processed. Key Points to Remember: Ensure correct PAN details: PAN is critical for the e-filing process. File on time: File your return before the due date to avoid penalties. Check Form 26AS: This form contains all the details of the taxes deducted on your behalf. It’s important to reconcile the information on Form 16 and Form 26AS before filing. Refund: If you are eligible for a refund, it will be credited to your bank account directly. Common Documents Required for Filing ITR: Form 16 (for salaried individuals) Bank statements for interest income Investment proofs for deductions under Section 80C, 80D, etc. Form 26AS for TDS details Other income certificates (rental, capital gains, etc.) Conclusion: Filing your ITR online is simple once you have all the necessary documents in place. The e-filing portal is user-friendly, and the process has been streamlined for ease of use. Make sure to file your return before the due date and use the available options for verifying your return. If you’re not comfortable with the process, you can also seek help from tax professionals who can guide you through filing.
