Step wise guide on How to e-file Income Tax Return(ITR) on the Income Tax Department Portal?
With Financial 2019-2020 almost coming to an end, many taxpayers will be filing their Income Tax Return(ITR) as it is mandatory to file the Income Tax Return ap per the Income Tax Act 1961.
A taxpayer can e-file his Income Tax Return on the Income Tax Department Portal. This article is step by step guide that explains how to file Income Tax Return:
1. Login to the Income tax e-filing portal:
Taxpayers can file their e-file their Income Tax Return on the e-filing portal of the government www.incometaxindiafiling.gov.in The login option is available on the right side of the home page of the website. The following details are to filled while logging in:
– User Id(that differs based on the user type)
– Captcha Code
2. Check Form 26 AS :
Form 26 AS is maintained by the Department of Income Tax that contains details of tax credited in the form of TDS, TCS, or Advance Tax which can be claimed as credit by the assessee in the Income Tax Return. Before filing the Income Tax Return the taxpayer must make sure that amount of TDS as reflected in Form 26 AS matches with the amount reflected in the TDS statement. If the amount of TDS reflected in Form 26AS is less than the amount shown in the TDS statement. The taxpayer will not be eligible to claim the actual TDS as a credit in his Income Tax Return/ITR without rectifying the discrepancies. Form 26AS can be viewed and downloaded from the Income Tax Portal. Check Form 26 AS
3. Choose the right mode to file Income Tax Return:
The Income Tax Return can be filed to be filed either in offline or online mode by a taxpayer. Using the online mode the taxpayer can enter the data directly on the e-filing portal and submit the return. However the online facility is available to file ITR-1 and ITR-4 only. The offline mode can be used for filing all sorts of ITR. The user can file the Income Tax Return offline and upload the generated xml on the portal.
4. Download the appropriate Income Tax Return Preparation Utility:
Click on ITR Return Preparation software under the Downloads on the home page and choose the right Assessment Year to download the appropriate utility.
Whether Excel or Java Utility is appropriate for you depends upon your system. The Following are the system requirements for different Utilities:
Excel Utilities: Macro enabled MS-Office Excel version 2007/2010/2013 on Microsoft Windows 7 / 8 /10 with .Net Framework (3.5 & above)
Java Utilities: Microsoft Windows 7/8/10, Linux and Mac OS 10.x with JRE (Java Runtime Environment) Version 8 with latest updates.
5. Fill the Income Tax Return Form and Calculate Tax:
After downloading the appropriate Income Tax Return Preparation Utility, the taxpayer needs to fill the applicable mandatory details. The personal and other details that are readily available can be pre filled by importing the pre-filled XML to the utility. The taxpayer can then calculate the tax after validating all the tabs.
6. Generate the XML format:
After validating the return, XML format is to be generated. Save the XML Format.
7. Upload your income tax return:
When you are already logged in. To upload the return on the portal the user should click on the ‘e-File’ menu and click ‘Income Tax Return’ link. PAN will be auto-populated on the Income Tax Return Page. After selecting the Assessment Year, ITR form Number Filing Type as Original/Revised Return and Submission Mode as Upload XML the Income Tax Return can be uploaded.
8. E-verify Income Tax Return:
Filing of Income Tax Return is not considered as complete unless the return is verified. The taxpayer had to choose any one of the following option to verify the Income Tax Return:
-Digital Signature Certificate (DSC).
-EVC using Prevalidated Bank Account Details.
-EVC using Prevalidated Demat Account Details.
-Already generated EVC through My Account Generate EVC Option or Bank ATM. -Validity of such EVC is 72 hours from the time of generation.
-I would like to e-Verify later. Please remind me.
-I don’t want to e-verify this Income Tax Return and would like to send signed ITR-V through normal or speed post to “Centralized Processing Center, Income Tax Department, Bengaluru 560500”