How to file ITR online

file itr online

As the last date for filing the Income Tax Returns is approaching, many people are really worried as they don’t have sufficient knowledge of the process required for filing ITR. Any slight mistake in the process of filing ITR may render the entire exercise futile. Hence, before you file the ITR it is important to have a good knowledge of the filing process. Here are some of the salient points that can prove to be helpful throughout the process.

Forms and their relevance

One of the major issues is to choose the ideal form for filing your e-returns. Here are different categories to choose from depending up your candidature

•    ITR 1(SAHAJ): If your source of income is salary and interest,

•    ITR2: It is ideal for those Individuals and Hindu Undivided Families who don’t have the income coming from profession or business

•    ITR3: It is suited for those Individuals and HUFs partners in the firms who don’t carry out the business or profession under any proprietorship

•    ITR4: It is designed for the HUFs and Individuals who derive income from a profession or a proprietary business

•    ITR4S (Sugam): Suited for the individuals and HUFs who derive income for proprietary business

•    ITR5: It is suited for AOPs, LLP, BOIs and the Firms

•    ITR6: Ideally designed for those companies that are other than the ones who claim exemption (section 11)

•    ITR7: This form is for the persons or companies who are required to furnish the return under section 139 (4B) or sections 139(4C) or sections 139 (4D)

Mandatory Documents and details

In order to ensure a smooth experience while fling your IT returns you need to have the following details/documents ready with you. Here are a few details and document that you had to have in your hand

•    Bank Account details and Pan Number

•    Income realized by Salary

•    Rent receipts in order to claim HRA

•    Form 16

•    Pay Slips

For the income from house/property

•    Property address

•    Complete details of co-owner with their share in the property as well as PAN details

•    Home loan interest certificates

•    If you purchased an under construction property you need to have the date on which the construction was completed

•    For the rental properties, the name of tenant and rental income needs to be mentioned

Stocks and Equity

  • If you realized capital gains via stock trading then you need to produce stock trading statement and purchase details

•    In case of capital gains sale of the property, you would need sale price, purchase prices, registration details, capital gain and other relevant details

•    If Mutual funds are sources of your capital gains then you need to produce the details of the mutual fund statement, sale, and purchase of equity fund less, debt funds and SIPs

Step by step instructions for E-file

•    After logging on to income tax website (https://incometaxindiaefiling.gov.in/) you need to proceed ahead

•    In the user ID use your PAN

•    You will see the tax credit statement or form 26AS. It is important that your TDS as per the form 16must match with the amount in form 26AS

•    Go to income tax return forms click it and select the financial year

•    You need to download the ITR form that is applicable to you as per the different forms give earlier in this article. If the total amount of your exempted income is more than Rs.5000 then you should go for ITR 2.

•    In case the ITR 1 or ITR 4S is applicable then you can complete the entire process online. For that, you need to use quick e-file ITR

•    For an easier experience, our can download the excel utility and fill in the required details with the help of your Form 16

•    By clicking on the calculate tax tab you can check the tax payable amount

•    If applicable then click on Pay Tax and fill the challan details

•    Click on the validate tab to confirm the data that you have provided in the worksheet

•    There would be options to generate the XML file and then save it to the desktop

•    Go to the portal and click on upload returns you can upload the saved XML file there

•    You will be asked to digitally sign the file via a dialog box with 2 options. Click on yes if you have obtained the digital signature. In case if you haven’t then click on No

•    It will generate the ITR Verification ITRV the acknowledgment form that you can download or print

•    After downloading print it and sign using the blue ink

•    Send it to Income tax department CPC, Post Bag No. 1, electronic city, Bangalore (Please match it with the current address)

 

Conclusion

Due to the obvious reasons, an accurate detail about the income taxpayer is needed for filing ITR and any discrepancy or mistake in the same can interfere with the smooth processing. Hence, it is very important to know about the accurate process of filing IT returns in order to take full benefits of the easier, simpler processes introduced by the government.