What Is the Procedure for Filing E-income Tax Return

With a new year comes the responsibility of filing your Income Tax Returns (ITR). But with the help of e-filing, now you are enabled to submit your tax returns right from the comforts of your home. Gone are the days when you had to visit the Income Tax Department every year. So, here’s a guide to help you through the ITR e-filing process.

What Is E-Filing of Income Tax Returns?

E-filing of Income Tax Returns is the method of filing our taxes electronically. There are two ways of submitting your returns; through the traditional method and the online method. In the traditional method, you have to visit the Income Tax Department to file your returns. In the e-filing method, you can directly submit your tax returns online.

Documents Required For ITR Filing

  • Form 16
  • Bank account details
  • Permanent Account Number (PAN)
  • Aadhaar Card
  • Investment proofs
  • Form 26AS

Steps to E-Filing Income Tax Returns Online

Here are steps to help you file your ITR online:

  1. Go to the official ITR website (incometaxindiaefiling.gov.in) and register yourself by providing your PAN number, date of birth, name, etc.
  2. You can either download the form from the download section, fill the details offline and upload the filled form online or you can directly fill the form online.
  3. For the online form, go to the e-file tab and click on the ‘Prepare and Submit ITR Online’
  4. Now, select Form ITR 1 which is for individuals earning a salary, pension, income from a property, etc. or ITR 4 which is for business owners and professionals. Select the correct assessment year for which you are filing the return.
  5. Input the relevant details required and click on ‘Submit’
  6. On successful submission of the form, ITR V will be displayed 
  7. Click on the link displayed to download the ITR V which is also sent to your registered email address
  8. You need print and sign the ITR V and send it to the Central Processing Cell (CPC) within 120 days from the date of e-filing
  9. Your returns will be processed only after the CPC receives a duly signed ITR V

Information to Be Filled While ITR Filing

  1. You need to submit the correct details like your name, PAN, bank account details, and date of birth.
  2. ITR also includes claiming your income tax deductions for certain investments like life insurance, health insurance, Public Provident Fund (PPF), interest earned on a savings account, etc. Such investments have to be claimed under the right tax provisions like Section 80C, Section 10(10D), Section 80TTA, Section 80D of income tax act etc.
  3. Any details regarding tax paid on non-salary income like freelancing also has to be filled. You can use Form 26AS for these details.
  4. You also need to check if there is any tax due from your side and if there is any refund to be processed by the Income Tax Department