Filing Income Tax Return (ITR) has now become a more streamlined process as taxpayers everywhere can easily log into the Income Tax website. With the ITR filing date for fiscal year 2021-2022 approaching (July 31), it is advised that taxpayers file their ITR before the final date. Here’s a step-by-step guide to filing your income tax return electronically for those new to this process and those who want to file their ITR from their computer.
It should be noted that a taxpayer can file ITR 1 and ITR 4 online. ITR-1 is filed by individuals who receive income up to Rs. 50 lakh of: salary/pension, ownership of one house (excluding cases where loss has been brought forward from previous years), income from other sources (excluding lottery winnings and race horse income) and in the case of clubbed income tax returns, where a spouse or minor is included.
ITR-4 is filed by a person who is eligible to declare profits and benefits from business and occupation on a presumptive basis under Section 44AD, 44ADA or 44AE. Taxpayers can enter the relevant data directly online on the e-filing portal and submit it.
How to file your income tax return online
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Click on the e-file menu and then the Income tax return clutch.
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You will then see the Income Tax Return page in which your PAN number is automatically entered.
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On this page you have to select Grading Year, ITR Form Number, Submission Type as Original/Revised Returnsand finally, Submission Mode as Prepare and submit online before finally hitting . click Get on†
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You will then be greeted by a series of instructions and a page with several fields. Please complete all applicable and required fields. It is recommended that taxpayers keep clicking Save concept periodically to avoid loss/rework due to session timeout. Taxpayers can access the draft for 30 days from the date of savings.
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In the Taxes Paid and Verification tab, taxpayers must choose an appropriate verification option from three options. you can either opt for e-verification quickly, or choose to e-verify within 120 days from the date of submissionor send signed ITR-V via regular mail or express mail within 120 days from the date of submission†
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Click on the Preview and send preview to verify all information entered, then click Submit.
Notes: If you have opted for e-verification, you can use four options to verify the ITR:
- EVC generated via ATM or Generate EVC option under My Account
- Aadhaar OTP
- Pre-validated bank account
- Pre-validated Demat account
If you chose the other two options, keep in mind that the e-filing process will not be completed until you verify the ITR. To view the uploaded ITRs, individuals can go to the e-Filing Income Tax Portal.
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