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How to File Income Tax Return Online 

Jul 18, 2022 | Blogs


File Income tax return online. In India Income tax returns are framed by the Government. The Government imposes an income tax on taxable income of all persons who are individualities, Hindu concentrated Families(HUFs), companies, enterprises, LLP, an association of persons, the body of individualities, original authority, and any other artificial juridical person. According to these laws, the tax of duty on a person depends upon his domestic status. Every existent who qualifies as an occupant of India is needed to pay duty on his or her global income. Every fiscal time, taxpayers have to follow certain rules while filing their Income duty Returns( ITRs).

What is Income Tax Return

An Income Tax Return (ITR) is a process in which an individual submits to the ITR Department of India to fill in the information about his income and taxes payable during a year. Information filed in an Income Tax Return form should apply for a particular financial year between 1st April to 31st March of the year.

Income a person earns in a year can be from sources such as salary, profit in business, sale of house or property, dividend or capital gains, and interest received among others. If a person has paid tax in excess during a year, the money is refunded back to you by the Income-tax Department.

Steps to File Income Tax Return online

Steps to register Income Tax return Online are:-

1. Register Yourself on ITR Website

To register on an ITR portal, you’ll have to provide a Permanent Account Number (PAN), Date of Birth, and Name. Then you need to create a password for your Income tax return ID. Remember, your Permanent Account Number (PAN)is your user ID.

2. Select the relevant ITR Form

ITR 1 is for those individuals having an annual income, one house property, other sources (Interest, etc), and having a total income up to `50 lakhs

ITR 2 is for those individuals and HUF not carrying out business or profession under any Business or Startup.

ITR 3 is for those individuals and HUFs having income from a proprietary business or profession

ITR 4 is for that presumptive income from business & profession. 

3. Form filling

You can fill out the Income Tax Return (ITR) form online as well as offline. To fill out the form offline go to the “Forms/Downloads – Income Tax Forms”, download the Income tax return utility, and save it on your system to fill all the details offline. After filling in the information in the utility you have to upload the same on the website.

4. Acknowledgment and verification

After uploading the return on-site you’ll receive an acknowledgment in the form of ITR-V.In case Aadhar details are not updated on the Income Tax site you will have to submit a physical signed copy of ITR-V to the Income Tax Department at the address mentioned on ITR-V to complete the e-filing process within the next 120 days via ordinary post or speed post.

5. Tax refund

The tax refund is a refund on the Taxes when the duty liability is lower than the paid taxes. Taxpayers can frequently get a tax refund on their income tax if their owe is lower than the sum of the total quantum of the withholding levies and estimated levies they paid.

Why it is Important to File Income Tax Return 

As per the tax rules in India, it is compulsory to file your income tax returns if your income is more than the basic annual income set by the government which is rupees 5 lakh, and if it is less than 5 lakhs so can file your Income tax return but it is not compulsory for you. The income tax rate is pre-decided for the taxpayers according to their annual income. A due in filing returns will attract late filing fees and also deter your chances of getting a loan or a visa for travel purposes.

Documents required to file Income Tax Return

To fill out the Income tax return a person should have the following Documents:-

General details

  1. Pan card
  2. Bank Account details
  3. Aadhaar card (Linked to Bank)

Computing Person’s income from salary 

  1. Salary slip
  2. Form 16, Form 16A, Form 16B, Form 16C, and Form 26AS
  3. Rent Receipts for claiming House Rent Allowance (HRA)

Claiming Deduction

  1. Interest certificate from savings deposits account
  2. Insurance certificate from savings deposits account
  3. Details about investments liable for deduction
  4. Any other Proof of Income for eg Income From house property, Income from capital gain, etc.

 What are Form 16, Form 16A, Form 16B, Form 16C, and Form 26AS

  1. Form 16 – TDS certificate issued to employe by their employer to provide all the details of the salary paid to the employe and TDS deducted on it, if any Interest certificates from banks and post office.
  2. Form 16A –  if the TDS of a person is deducted on payments other than the salaries such as interest received from FDs, recurring deposits, etc. over any specified limits as per the current tax laws set by the Indian government.
  3. Form 16B – from the buyer, if any person has sold a property, showing the TDS deducted on the amount paid to you
  4. Form 16C –  from any person’s tenant, for providing the details of TDS deducted on the rent received by any person, if any
  5. Form 26AS – a person’s combined annual tax statement. It has all the information about the taxes deposited against a person’s PAN
  6. TDS deducted by the employer
  7. TDS deducted by banks
  8. TDS is deducted by any other organizations from payments made to the taxpayer
  9. Advance taxes deposited by a taxpayer
  10. Self-assessment taxes paid by the taxpayer

Tax-saving investment proofs

Proofs to claim deductions under sections 80D to 80U (health insurance premium for self and family, interest on education loan)

Home loan statement from the bank

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