Whether you fall in the mandatory or voluntary category of taxpayers, you must know how to file an income tax return online. It is important from the perspective that ITR comes with a multitude of benefits like ease in getting loans, claiming a tax refund, loss compensation, easy processing of visa, etc…
With all these advantages, one feels safe and secure financially which means no notice for tax evasion or penalties. So, if you have not filed ITR till now, get it done before 15th March 2022 or else you’ll have to pay a fine of Rs 5000 in case you come under the taxable income slab.
You can do it online for quick and hassle-free filing. Read to know the complete steps of e-filing income tax return.
Learn How To Register On ITR Portal
Only those who have registered with ITR can e-file income tax online. If you are new to it, follow the steps given below for registration.
via:theindianexpress
1. Visit the official website of the income tax department from where you can easily apply for e-filing. In case you are unaware of the e-filing portal, click the link to proceed
2. Next step is registration without which you cannot go further. Go to Log in if you are already registered or else click on the Register link displayed on the top-right of the screen
3. Register as a taxpayer if you are a salaried employee or else choose others as a category
4. Enter your PAN card detail and validate it by clicking on the button given next to it. Click continue to go to the next page
5. The next step will require more personal details of taxpayers such as their name, address, and date of birth. Fill in all the information correctly.
6. Hit the ‘Continue’ button once you have filled in the details, double-check before submitting
7. An OTP will be sent on the registered mobile number. You can also get the OTP on an email address
8. Submit the OTP for verification and set a strong password
9. Continue with the Register button to finish the process
How To File Income Tax Return Online?
It is easy, simply follow the steps given below
via:thehindu
Step 1– Enter your username and password to log in
Step 2– Choose E-File from the menu at the top and click on the Income-tax return option
Step 3– Pick the assessment year for which you want to file an ITR. Select mode of filing i.e. Online.
Step 4– Select the status as an Individual or whatever applies to you. Press the continue button.
Step 5– The next page will ask you which ITR to file, choose ITR 1 if you are an individual or else pick ITR 2 if you belong to HUF
Step 6– Answer the reason for which you are filing an income tax return from the option mentioned on the screen
Step 7– Provide your bank details and validate it
Step 8- Verify all your information pre-filled on the next page and confirm it
Submit the hard copy of the ITR filing to finish the process.
3 Things To Know Before E-Filing Income Tax
via:bewbusinessworld
The process seems simple but it is tedious for those who are doing it for the first time or unaware of a few mandatory details. Here is everything you must know beforehand.
1. You must have complete information about your income like your gross salary, allowances, TDS details, and more
2. If you are claiming any tax benefit for contributing to LIC, PPF, Home loan, or those mentioned in section 80C, then you should specify all the information on the portal
3. Non-salaried individuals who are filing ITR should upload Form 26AS
Knowing all the ins and outs will help you properly file ITR so that you don’t fill the details incorrectly or stuck at any step. Download and save an acknowledgment copy after the completion of the process.
ITR filing is applicable for individuals who are earning Rs 5L or more annually. However, there is a different tax slab for everyone.
