Wednesday, July 24, 2024

How to E-File Your Income Tax Returns Online: Here’s a Step-by-Step Guide

Income Tax Return (ITR) filing has now become a more streamlined process as taxpayers can easily login to the Income Tax Department website from anywhere. With the ITR filing date for the financial year 2021-2022 is coming near (July 31), it is advised that taxpayers file their ITR before the last date. Here is a step-by-step guide to e-file your Income Tax Returns for people who are new to this process as well as those who are looking to file their ITR from their computers.

It is to be noted that a taxpayer can file ITR 1 and ITR 4 online. ITR-1 is filed by individuals who receive income of up to Rs. 50 lakh from: salary/pension, one house property (excluding cases where loss is brought forward from previous years), income from other sources (excluding winning from lottery and income from race horses) and in the case of clubbed Income Tax Returns, where a spouse or a minor is included.

ITR-4 is filed by an individual if he is eligible to declare profits and gains from business and profession on presumptive basis under section 44AD, 44ADA or 44AE. Taxpayers can enter the relevant data directly online at the e-filing portal and submit it.

How to E-File Your Income Tax Returns Online

  1. Click on the e-File menu and then on the Income Tax Return link.

  2. Next, you will see the Income Tax Return Page wherein your PAN number will be automatically filled.

  3. On this page you have to select Assessment Year, ITR Form Number, Filing Type as Original/Revised Return, and lastly, Submission Mode as Prepare and Submit Online before finally clicking on Continue.

  4. You will then be greeted by a set of instructions and a page with various fields. Fill all the applicable and mandatory fields. It is advised that taxpayers should keep clicking Save Draft periodically in order to avoid loss/ rework due session timeout. Taxpayers can access the draft for 30 days from the date of saving.

  5. In the Taxes Paid and Verification tab, taxpayers must choose an appropriate verification option from three options. You can either choose to e-verify quickly, or choose to e-verify within 120 days from date of filing, or send signed ITR-V through normal or speed post within 120 days from date of filing.

  6. Click on the Preview and Submit button to verify all the data entered and then hit Submit.

Notes: If you have chosen to e-verify, you can use four options to verify the ITR:

  • EVC generated through bank ATM or Generate EVC option under My Account
  • Aadhaar OTP
  • Prevalidated Bank Account
  • Prevalidated Demat Account

In case you have chosen the other two options, it is to be noted that the process of e-filing will not be completed until you verify the ITR. To review the uploaded ITRs, individuals can go to the ‚Äč‚ÄčIncome Tax e-Filing portal.

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