How Can I Upload My Income Tax Return Online

How to File ITR - Learn How to File Income Tax Returns Online

date Knowledge Centre Team date Oct 28, 2020 views 111 Views 4 Infinitesimal Read

Income Tax Return but involves a form which y'all apply to enter information of your yearly earning and other details and submit to the department. This includes income from salary, profit in business concern, auction of business firm or property, dividend or capital gains and interest received amid others. Each taxpayer has to pay revenue enhancement on the basis of the yearly income. If you have paid tax in excess during a year, the coin is refunded back to you by the Income revenue enhancement Section.

Is Filing ITR Compulsory for all Indians?

Income Revenue enhancement rules dictate that if yous earn more than than the limit that is exempted from beingness taxed by the Government, you are compulsorily required to file your tax render according to the tax slabs for each year. Filing your ITR mail service the due date may attract a penalty and also become a deterrent in getting a loan or visa approved in the future.

Filing Income Tax Return is a compulsory or anybody, with a few exceptions:

1. For individuals below 60 years of age with gross total income of less than Rs 2.5 lakhs (earlier claiming whatever deductions), do not require filling an ITR.

two. In case of resident senior citizens (anile between sixty to fourscore years), this limit is Rs.3 lakh and Rs.5 lakh for super senior citizens (anile above 80) resident in India.

iii. Senior Citizens aged 75 years and in a higher place with merely pension income and interest income are not required to file return of income.

The due date for filing your income tax returns is 30th Dec 2021. Every bit we know, the government has introduced a new portal for income tax return filing. For taxpayers, the major concern is income taxation return filing on the new Income Revenue enhancement Portal. Many taxpayers are finding it disruptive. Withal, the new Income Taxation Portal is very easy and convenient to use.

Currently, there are dissimilar to file your income tax returns on the new Income Revenue enhancement Portal.

Means in Which a User Tin can File Income Tax Returns

At that place are ii different ways to file the Income Revenue enhancement Returns for the FY 2020-21:

a) Online mode
b) Offline manner

a) Online Way

Here are the steps involved in online mode:

Step 1. Login to the Income Taxation e-Filing portal, using PAN and login details.

Step 2. On Income Taxation Return Page, select your ITR Form Number and file your income tax render online.

Stride 3. Afterward filing your Income Revenue enhancement Return, proceed towards due east-Verifying your Income Tax Return.

Step 4. The due east-Verification process can be done using whatever of the following modes:

EVC generated through bank ATM or Generate EVC choice under My Account
Aadhaar OTP
Pre-validated Bank Account
Pre-validated Demat Business relationship

Step 5. After verifying and submitting your Income Tax Render, view your submitted ITR form on the My Business relationship > due east-Verify Return selection or by sending signed ITR-5 to CPC.

Step half dozen. Finally, you can view your uploaded Income Revenue enhancement Returns.

b) Offline Mode

If y'all want to file the Income Tax Return, you lot need to first download the applicable ITR class, fill up the form manually, generate the XML file and then upload it on the Income Tax Portal. To e-File the ITR using the upload XML method, the user must priorly download either the Excel or the Coffee utility for ITR Filing.

Footstep-by-step Guide on How to File Income Revenue enhancement Returns Online

Here is the stepwise process for filing Income Taxation Returns Online:

S. No.	Function	Steps
1.	Login to the eastward-filing portal	Step-i. Login to the Income Tax due east-Filing portal, using PAN and login details. Step-two. Select the 'e-File' carte and go to the "Income Tax Return' link.
2.	Navigate Income Tax Render Page	PAN will be automobile-populated Select 'Assessment Twelvemonth' Select 'ITR Grade Number' Select 'Filing Type' as 'Original/Revised Return' Select 'Submission Manner' as Prepare and Submit Online Click "Keep".
three.	ITR Filing	Read all the instructions carefully and accordingly fill in all the applicable and mandatory fields of the Online ITR Form.
4.	E-verification of income tax filing	Hither are the steps to eastward-verify ITR Filing: Step-i. Select the correct Verification type in the 'Taxes Paid and Verification' tab. Pace-2. Tick any ane of the following options to e-verify the Income Tax Return: I would like to due east-Verify. I would like to e-Verify later within 120 days from the date of filing. I don't want to east-Verify and would similar to send signed ITR-V through normal or speed mail service to "Centralized Processing Centre, Income Taxation Section, Bengaluru - 560 500" within 120 days from the date of filing. Stride-iii. Click on the 'Preview and Submit' button, Step-iv. Carefully verify all the details entered in the ITR. Step-v. Click the "Submit" button. Step-vi. Now, select the 'I would like to E-Verify' link. You can e-Verify ITR through whatever of the following modes: EVC generated through bank ATM or Generate EVC option under My Account Aadhaar OTP Pre-validated Bank Account Pre-validated Demat Account Pace-7. At present quickly enter EVC/OTP within 60 seconds. Otherwise, your Income Tax Returns will be car-submitted. In that case, you will take to verify your submitted ITR later past using the 'My Account > e-Verify Render' option.
v.	View uploaded income tax render	Finally, yous can view your uploaded Income Tax Returns

Documents Required To File ITR

It is very important to keep all the required documents ready while the income revenue enhancement filing process.

Here are the primal documents that you will need while online return filing:

i. Banking company and post office savings business relationship passbook,

ii. PPF account passbook

iii. Salary slips

iv. Aadhar Carte

five. PAN carte

vi. Interest certificates from the banks and post office

vii. Form-16: TDS document which your employer issues to you to provide details of your salary paid to you and TDS deducted on the aforementioned:
a. Form-16A: This is needed if TDS is deducted on payments other than salaries e.g. interest received from FD, RD, etc.
b. Course-16B: This is needed in case yous have sold a house property, showing the TDS deducted on the amount paid to you lot by the buyer.
c. Form-16C: This is required from your tenant, for providing the details of TDS deducted on the firm rent he has paid to y'all.

viii. Class 26AS: This is the consolidated income taxation statement. It mentions details about all the taxes deposited confronting your PAN:

TDS deducted by your employer
TDS deducted by banks
TDS deducted by any other organizations from payments made to you
Accelerate taxes deposited by you lot
Self-assessment taxes paid by you

nine. Tax saving investment proofs

x. Proofs for claiming revenue enhancement deductions u/s 80D to 80U (i.e. on health insurance premium for self and family and interest on didactics loan)

xi. Abode loan argument from your depository financial institution.

Benefits of ITR Filing Online

Although you can file your income tax returns in offline manner as well, there are some benefits of ITR filing online. Hither are the benefits of ITR filing online:

i. Challenge a Tax Refund

If you have paid excess income tax, y'all can claim a tax refund simply if you have filed your income tax return online.

2. Proof of Income

If you are a businessperson or self-employed, online income tax render filing volition serve as your Proof of Income, since Form-xvi is bachelor only for salaried taxpayers.

3. Processing of Loans

If you lot apply for a habitation loan or vehicle loan or whatever other loan, the banks demand copies of the latest income taxation returns filed to gauge your sources of income.

four. Claiming Losses

Online income tax return filing is mandatory if you wish to claim certain losses for an individual taxpayer, such as losses from capital gains, business organisation, or profession. Besides, it also helps you track losses that you can merits in the future.

5. VISA Application

If you are planning to drift for a job or carry business tours, immigration authorities demand copies of the latest income taxation returns filed. The online income taxation return filing ensures the polish processing of VISA applications.

How to Download Income Tax Return?

It is of import to know how to file ITR timely. The best style to avert a final-infinitesimal rush or a penalty is to download your income tax return filed. Equally soon every bit you file your ITR, the income tax verification course ITR-V is generated past the It section. You must download ITR-V and then that you can verify the validity of income tax filing. Here are the steps involved:

Step i. Login to the Income Revenue enhancement India Portal.

Stride 2. Select 'View Returns/ Forms' option to view e-filed tax returns.

Step iii. Select the appropriate choice in your Income Tax return filed:

Details of all the years for which returns are filed will be displayed
Click on the acknowledgement number to download the ITR-V.

Step 4. Kickoff the download by selecting 'ITR-V Acquittance'

This is a password-protected file. You have to enter your countersign to open the downloaded document. The password volition be your PAN number in pocket-size letters along with your date of nativity.

Eastward.g. if PAN is ASIJP2345P and the date of birth is 31/12/1980, the Countersign will exist asijp2345p31121980.

How to Bank check ITR Status Online?

Subsequently income revenue enhancement render filing and eastward-verification of income taxation filing, the status of your tax return shows every bit 'Verified'.

After the processing is done, the status becomes 'ITR Candy'.

In that location are two ways to know the status of your ITR is Verified or Processed:

Without Login

1. Just click on the ITR status tab on the far left of the e-filing portal.

ii. It will redirect y'all to a new page where you have to enter your PAN number, ITR acknowledgement number, and captcha code.

iii. The condition of your filing volition then be displayed on the screen.

With Login

ane. Login to the due east-filing portal.

2. Select "View Returns/Forms"

3. From the dropdown menu, select "income tax returns and assessment year"

four. The status of your filing volition be displayed on the screen.

How to File Income Revenue enhancement Returns Offline?

You can also file income tax returns offline. Sometimes, you lot might confront fluctuations in your cyberspace connection, or the income tax return filing portal might hang due to huge traffic. Hence yous must know how to file income taxation return offline in mode.

Here are the steps involved in the offline ITR filing process:

A. Downloading ITR Form

Pace i. Get to the Income Taxation east-Filing portal.

Step 2. Download the Appropriate ITR utility under 'Downloads > Information technology Return Preparation Software'.

Step iii. Extract the downloaded utility ZIP file and Open up the Utility from the extracted binder.

You can at present e-file the downloaded ITR, by filling in all the applicable and mandatory fields.

B. After ITR Filing

Step 1. Don't forget to validate all the tabs of the ITR grade and calculate the Taxation corporeality.

Step 2. At present generate and save the XML file.

Stride 3. Login to the Income Tax e-Filing portal.

Step four. Click on the 'due east-File' menu and click the 'Income Tax Return' link, to eastward-file the ITR.

Stride v. Now e-verify your ITR using any of the following modes:

Step vi. DSC

Stride seven. Aadhaar OTP

Pace 8. EVC using Pre-validated Banking company Account Details

Step ix. EVC using Pre-validated Demat Account Details.

Yous tin at present submit the ITR and view the uploaded Income Tax Returns.

Annotation: Y'all can also download pre-filled XML after login into the e-Filing portal. You can access this from 'My Account > Download Pre-Filled XML'. At present, you shall import the XML file to the utility for prefilling the personal and other details.

All those residing inside India have to pay tax on their income to the Government of India equally per the Income tax rules and regulations. Whether you are an individual, association or a firm, LLP, local dominance or a Hindu undivided family, your income for each financial year is taxed in accord with Income Revenue enhancement laws. Hence, filing your Income Taxation return (ITR) on an annual footing is important.

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