According to Section 139 (1) of India, any individuals whose total income in the last year exceeds the tax exemption bracket should file their ITR or income tax returns. E-filing is the process through which an individual file their income tax returns online.
As a taxpayer, you can seek expert assistance or file your own taxes by registering on the income tax departments or other relevant websites. While the deadline for e filing income tax returns is July 31 each year, the government may give a grace period of 15-30 days to file the forms online or in person.
Documents for Income Tax Filing
- General Details – Bank details, PAN.
- Salary Reporting – Rent receipts to claim HRA, pay receipts, and form 16.
- House property income – Address proof, details of the co-owners with the share in the mentioned property and PAN, Date of construction, in case not yet constructed, it needs to be the day of purchase and certificate for home loan interest.
- Capital Gains – Stock trading statement, capital gains of shares sold, sale price, registration details, mutual fund statements, purchase details of equity funds, and more.
- Reporting Income – The income from interest reported, interest proof from tax-saving bonds, and corporate bonds need to be reported.
How to File ITR Online - ITR Filing Online Process
Step 1: Calculate Income and Tax
The first step while e-filing income tax is to calculate the income and applicable tax with respect to the tax provisions.
The income tax calculation should be done by considering income from every source and computed after claiming the valid deductions.
Step 2: TDS Certificates and Form 26AS
The next crucial step is to summarize the TDS amount from the TDS certificates received. Note a Form 26AS can be used to compute the summary of TDS and tax paid during a certain financial year.
Step 3: Select the Suitable Income Tax Form
In step 3, a taxpayer is required to select the ITR Form before filing the returns. Note as a taxpayer, you can file income tax returns either online or offline. For online ITR filing, only 2 forms, i.e. ITR 1 and ITR 4, are available.
Rest all the other income tax forms will be required to be uploaded offline by generating XML and uploading on the portal.
Step 4: Download ITR utility from Income Tax Portal
Visit the official Income Tax portal at www.incometax.gov.in and click on ‘Downloads’. Now, select the assessment year to download the offline utility software
Step 5: Fill Out the Downloaded File
Once you download the offline utility, ensure to fill out the required details that would include your income, tax payable, refund receivable, etc.
Step 6: Validate the Information Entered
After filling out the form, click on the ‘Validate’ button finally to confirm all the filled in details.
Step 7: Convert the File to XML Format
Post validation, click on ‘Generate XML’ option of the file to convert the file into XML format.
Step 8: Upload the XML File on the Official Income Tax Filing Portal
Log in to the official income tax e-filing portal. Click ‘e-File’ option and then click on ‘Income Tax Return’.
FAQs
Who can I contact for rectification and other questions about income tax processing?
On a weekday between 8 a.m. and 8 p.m., you can contact the centralized processing center.
How will the excess tax that I paid be refunded?
Once the refund is finalized, it will be refunded to the bank account, or a cheque will be given. You could also check the Status of your income tax refund through the efiling new portal.
Practice area's of B K Goyal & Co LLP
Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Demand Notice | Psara License | FCRA Online
Company Registration Services in major cities of India
Company Registration in Jaipur | Company Registration in Delhi | Company Registration in Pune | Company Registration in Hyderabad | Company Registration in Bangalore | Company Registration in Chennai | Company Registration in Kolkata | Company Registration in Mumbai | Company Registration in India | Company Registration in Gurgaon | Company Registration in Noida | Company Registration in lucknow
Most read resources
tnreginet |rajssp | jharsewa | picme | pmkisan | webland | bonafide certificate | rent agreement format | tax audit applicability | 7/12 online maharasthra | kerala psc registration | antyodaya saral portal | appointment letter format | GST Search Taxpayer | caro 2020 | Challan 280 | itr intimation password | internal audit applicability | preliminiary expenses | mAadhar | e shram card | aaple sarkar portal | epf activation | scrap business | brsr | depreciation on computer | west bengal land registration | traces portal | Directorate general of GST Intelligence | form 16 | rtps | patta chitta