Income Tax Return Filing Online

Introduction

In India, the Government framed the Income Tax return. It imposes the tax on taxable income of all persons who are individuals, Hindu Undivided families, Companies, Firms, and any other juridical person, etc. According to the Income Tax Laws, a person levy of tax which depends upon his residential status. Every individual who qualifies as a resident of India is required to levy tax and it depends upon his or her global income. Every Financial year, taxpayers have to act according to certain rules when filing their ITRs.

Income Tax Return e-filing

An income Tax return is a form that is used to file information about your income and tax which is paid to the Income Tax Department. The taxpayer has liable to pay tax and which is calculated based on his or her income.  If the return shows that tax has been excess paid during a year then the individual has a right to receive an income tax refund from the Income Tax Department.

At present individual doesn’t worry to file an Income Tax Return. You don’t need to take help from an expert or continuously worry about the deadline for filing an ITR because now we can file ITRs online. The process of filing ITR online is called E-Filing and can be done in just a few minutes from the comfort of your home or office. It is mandatory for a taxpayer to file an income tax return under various sections of the Income Tax Act, 1961.

Process of the Income Tax Return E- Filing 

There are some steps to follow for filing the Income Tax Return Online which are mentioned below: -

1.    Login and Register: -

You log in to the government site of the income tax department portal for filing the ITR online/ http://www.incometaxindiaefiling.gov.in/. Use your Permanent Account Number to register yourself. After that, your PAN will become your user ID.

2.    Provide contact information: -

Fill in your email ID and Phone Number. After that OTP will be sent to you for verifying their details. Enter the OTP number on the portal to confirm verification.

3.    Download The ITR Form Relevant To You: -

The online ITR portal has only 2 forms available – ITR 1 and ITR 4 choose the correct form from these two forms.

• ITR-1 Form is also called Sahaj Form. This form is for a person whose income has up to Rs.50Lakhs.

• ITR-4 Form is for those taxpayers who have opted for the presumptive income scheme under Section 44AD, Section 44ADA, and Section 44AE and whose income is not more than Rs 50Lakh.

4.    Upload Form 16: -

Your employer is filing form 16. It provides a validation that TDS has been subtracting and put down. After that press the option to upload your Form 16. Once the upload is successfully completed then Click on OK to confirm.

5.    Confirm Your Personal Details: -

When you upload form 16 then your personal details will automatically be uploaded on the portal. You need to fill in some details such as Date of birth, Father’s name, Mobile Number, etc. but it is not available in Form 16. After entering all the details press the option of ‘submit’.

6.    Cross-Checking: -

Check the data which is filled in by you. On the basis of Form 16 uploaded, the software will automatically fill the salary details along with other details of tax-saving deductions for example medical claims, contribution to PPF and life insurance premium, etc.

7.    Select Nationality: -

According to your nationality select the most accurate information. You will find options like -Indian Resident, NRI, or Not Ordinary Resident.

8.    Enter Account Details: -

In India, Provide all the details of Savings and Current Accounts. You will be shown a final report of your return.

9.    Confirm Your Information: -

You will find a summary of all details. After that, you Cross-check your personal details, salary, etc, and click on the submit button.

Required Documents for Filing the ITR

Before you start will ITR Filing process, you will collect all documents. It will help you calculate the taxes and deductions and be useful at the time of uploading. The documents are given the following: -

• PAN card

• Aadhar Card

• Salary slips

• Bank statement

• Form-16 – TDS certificate which is issued to you by your employer to provide all the details of the salary paid to you and TDS deducted on it.

• Interest certificates

• TDS certificate

• Proof of tax-saving investments

Persons who should file the Income Tax Returns

According to the Income Tax Act, income tax has to be paid by individuals. Entities or businesses that are required to compulsorily file their ITRs in India which are given below:

• All individuals, up to the age of 59, whose total income for a financial year exceeds Rs.2.5Lakh. For senior citizens whose age is 60-79, the limit increases to Rs.3Lakh, and for super senior citizens (aged 80 and above) the limit is Rs.5Lakhs. 

• All registered companies generate income, regardless of whether they've made any profit or not throughout the year.

• Those persons who already paid tax wish to claim a refund of the excess tax from the deduction of income tax.

• Individuals who have assets or financial interest entities that are located outside India.

• Foreign companies that enjoy treaty benefits on transactions made in India.

• NRIs that earn or accrue more than Rs.2.5Lakh in India in a single financial year.

Benefits of Filing Income Tax Return 

There are many benefits to filing the ITR but some are given following: -

• Income and Address Proof: Income Tax Return can be used as an income and address proof.

• Claim Tax Refund: If you pay the extra amount at the time of filing the income tax return then he may claim a tax refund from Income Tax Department.

• Easy Loan Approval: If you pay an income tax return the bank can easily approve the Loan. At the time of giving the loan to individuals, all banks can ask for a copy of the income tax return.

• Quick Visa processing: At the time of visa all embassy and consultants can also ask for a copy of the income tax return slip for the past couple of years.

• Carry forward your Losses: If you File a return within the due date you will be carried forward all the losses to the subsequent year, which can be used to set off against the income of the subsequent year.

• Avoid Penalty: If you require for filing the income tax return but did not file any return then Income Tax Department imposed a penalty of up to Rs.5, 000.

Last date for filing the ITR

The last date for filing the ITR of AY 2022-23 is 31st July 2022 for salaried employees and Hindu Undivided Families (HUFs) whose accounts don’t require to be audited. If taxpayers failed to file ITR on 31st July after that he files a belated income tax return till 31st December 2022. But they will pay a penalty for late filing. 

eStartIndia will help you to file an ITR your Company or individual or HUFs from the comfort of your home, offering you services that are very specialized and tailored for each individual. Get a Free Consultation for filing the ITR for your Company, individual, or any other juridical person with Our Top Rated Experts with a simple registration.

Author:

Radhika Punani
Ambala
I am Radhika from Ambala city. I qualified LLM from Kurukshetra University and B.A.LLB from Maharishi Markandeshwar University