Ways To E-File Income Tax Returns Online

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Now Income Tax Return (ITR) filing become an easy procedure as taxpayers can efficiently log in to the Income Tax Department website from any location. It is recommended that taxpayers file their ITR before the deadline because the ITR filing deadline for the financial year 2021–2022 is quickly approaching. The Deadline for ITR filing for this year is 30 July. Here we provide the ways to E-file your income tax returns online for those who are unfamiliar with the procedure and those who desire to file their ITR from their online.

ITR 1 and ITR 4 filings can be done online, it should be mentioned. In the case of combined income tax returns, where a spouse or a minor is comprised, ITR-1 is filed by individuals who receive income of up to Rs. 50 lakh from pension/salary, income from other authorities (not including winning from lotteries and income from race horses), one home property, and one house property (in including cases where loss is conveyed forward from prior years). If a person is qualified to report income and profits from their company and work on a hypothetical cause under section 44ADA, 44AD, or 44AE, they must file an ITR-4. At the e-filing platform, taxpayers can simply enter and submit the pertinent data online.

What is Income Tax Return?

An individual sends an Income Tax Return (ITR) form to the Income Tax Department of India to provide information about his earnings and taxes due for the previous calendar year. The Information included in an ITR should be applicable for a certain financial year that runs from 1 April through 31 March of the following year.

Your earnings may come from a variety of sources, including your wage, business profits, the sale of your home or other assets, dividends, capital gains, and interest payments, among others. The Income-tax Department will reimburse any excess tax you paid over the course of a year.

Is filing an ITR required?

According to income tax regulations, you must voluntarily file your tax return in accordance with the tax slabs for each year if your income exceeds the threshold at which you are exempt from paying taxes to the government. In addition to incurring a fine, filing your ITR after the deadline may make it more difficult to receive a loan or a visa in the future.

Steps to E-File Income Tax Returns Online

  • Enter your user ID (PAN), password, and captcha code at the Income Tax e-Filing platform (https://www.incometax.gov.in/iec/foportal/Login) before clicking Login.
  • To access the Income Tax Return link, first, select the e-File menu.
  • The Income Tax Return Page will then appear, with your PAN number already filled in.
  • Prior to clicking Continue on this screen, you must first pick the Assessment Year, Filing Type as Original/Revised Return, ITR Form Number, and Compliance Mode as Prepare and Submit Online.
  • A page with several fields and a series of instructions will subsequently be presented to you.
  • Complete all the required and pertinent fields.
  • Taxpayers are recommended to keep clicking Save Draft on a regular basis to prevent loss or rework caused by session timeout.
  • The drafts are available to taxpayers for 30 days following the date of saving.
  • Taxpayers must choose the most suitable verification choice from three possibilities on the Taxes Paid and Verification tab.
  • You have three options for e-verification: promptly, within 120 days of the filing date, or within 120 days of the filing date, transmit the signed ITR-V using regular or rapid post.
  • Verify all of the information has been entered by clicking the Preview and Submit button before clicking Submit.

 Note: You have four choices for checking the ITR if you decided to e-verify:

  • EVC is generated via a bank ATM or using the option to Generate EVC in My Account
  • Aadhaar OTP
  • Prevalidated Demat Account
  • Prevalidated Bank Account

If you selected either of the other two choices, it should be mentioned that until you check the ITR, the e-filing process won’t be finished. Individuals can use the Income Tax e-Filing portal to view the uploaded ITRs.

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