Under the Income Tax Act, 1961, it is mandatory for taxpayers to file Income Tax Returns (ITR) for reporting their income and assets for a financial year. Now, with the implementation of the new Income Tax portal on 20th May 2021, the process has become much more convenient. However, if you are still having difficulty figuring out how to e-file income tax returns online, this guide is for you!
Read on to know how to file income tax returns online on the new portal, how to verify ITR, important dates, the penalty for not filing ITR and more.
E-filing refers to the process of electronically filing Income Tax Returns (ITR) for a specific financial year. This process exempts you from the tedious procedure of visiting the Income Tax Department’s office to file your Income Tax Return. Instead, you can simply use the online portal of the Income Tax Department and file ITR within a few minutes.
To e-file income tax returns, you need to follow these steps:
Step 1: Visit the official website of the Income Tax Department to start e-filing your tax returns.
Step 2: If you are an existing user, then log in using your user ID and password. In case you are a new user, register yourself first.
Step 3: Click on the “e-File” menu on the top navigation bar and select “File Income Tax Return.”
Step 4: You will be redirected to a new page. On this page, select the assessment year, filing type, and ITR form number.
Step 5: Scroll down and select the submission mode as “Online” and press “Continue.”
Step 6: Then, choose the status that applies to you in terms of Individual, Hindu Undivided Family or Others and press “Continue.”
Step 7: From the dropdown menu, select the ITR form that you need to file and press “Proceed.”
Step 8: Carefully read the reasons mentioned for filing income tax returns and choose the one that applies to you.
Step 9: Fill in or verify your bank details.
Step 10: A new page with the income tax returns form will open up. Some details are already filled up, which you should verify carefully.
Step 11: Verify ITR and press “Submit.” You can either send a hard copy of this to the Income Tax Department or choose the “e-Verify” option.
Here are important dates that taxpayers must keep in mind with respect to e-filing ITR:
All these dates can be extended as per notification issued by the IT Department.
Taxpayers can download their ITR verification form by following these steps:
Step 1: Visit the e-filing portal of the Income Tax Department and log in using proper credentials.
Step 2: Go to the e-file section on the homepage after logging in. Under this section, one must select the ‘View Filed Returns’ option.
Step 3: On selecting that option one will be able to see past ITR history.
Step 4: They can download the ITR verification form by clicking on the ‘Download Form’ option for the relevant assessment year.
Individuals must download the verification form after filing their returns for their future references.
Here is a list of steps that one must follow for filing ITR for super senior citizens:
Step 1: Go to the e-filing portal of the Income Tax Department and log in using proper credentials.
Step 2: After this go to the e-file section and select the ‘Income Tax Return’ option
Step 3: Next, the taxpayer must select the assessment year for which he/she wishes to file ITR.
Step 4: In this step, they must choose the mode of filing. After this, they must select the ITR form type i.e. ITR 1/2/3/4. They should also choose the submission mode and the filing type option. Choose your bank account number from the list and tap on ‘Continue’.
Step 5: The chosen ITR form will be displayed on the screen and the taxpayer must fill out all the relevant information accurately.
Step 6: After filling in all the details, one must proceed toward validation of the ITR. Click on the right verification option, see the preview of the form and then submit. E-verify the return and your ITR filing process will be done.
It is important to note that the Government of India has exempted people aged 75 and above from filing any ITR. It is applicable if the taxpayer is earning interest and pension income only. If there are other sources of income they will have to e-file relevant ITR.
Taxpayers can check their ITR status by following these steps:
Step 1: Visit the e-filing portal of the IT Department and select the ‘Income Tax Return (ITR) Status’ option on the homepage.
Step 2: The taxpayer will be redirected to another page where he needs to submit his acknowledgement number and registered mobile number.
Step 3: After filling in these details he will receive an OPT on his mobile number.
Step 4: On successful validation of OTP, his ITR status will be reflected on the screen.
Taxpayers can also view their ITR status after logging in to their account and visiting the section of past returns filed. There they can see the status of ITR forms of different assessment years.
Once you are done filing your ITR online, follow the steps mentioned below:
Step 1: Complete your ITR verification within 120 days of filing and trace the ITR-V status.
Step 2: Look out for intimations or further notices.
Step 3: Make sure to secure all the income tax documents for future use.
Step 4: Verify the bank details and communication address as well so that you do not face any delay in receiving a tax refund.
Although income tax laws of India make it mandatory for only a specific group of individuals to file ITR, it should be done regardless of the category one falls under. From getting easy loan approval to quick visa processing, filing ITR has several advantages. These documents are often used for verification purposes, which is why it is essential to e-file income tax returns within the due date and keep the documents.
The new e-filing portal comes with numerous exciting features that enhance user experience and bring a modern touch. A few of these incredible features and benefits are as follows:
Types of ITR Forms
Here is a comprehensive list of ITR for AY 2022-23:
|Name of ITR||Who can file|
|ITR-1||Resident Indians having a total income of less than Rs. 50 lakhs. This income must come from salary/pension, other sources (such as interest income) and one house property only.|
|ITR-2||Individual taxpayers and HUF not earning income from any profession or business can file this return.|
|ITR-3||Individual taxpayers and HUF earning income from any profession or business can file this return.|
|ITR-4||Firms (except LLPs), HUFs or individuals having an income that totals less than Rs. 50 lakh. This also includes income from any profession or business that is calculated under Sections 44ADA, 44AD or 44AE.|
|ITR-5||Those other than HUF, company or individual who are filing ITR-7|
|ITR-6||Companies that are not claiming exemptions u/s 11 of IT Act.|
|ITR-7||Individuals or companies that have to show returns as per under Section 139(4A), 139(4B), 139(4C), 139(4D).|
Individuals need to file income tax returns via the online or offline mode under such circumstances:
Additionally, organisations or firms should file ITR irrespective of earnings. Note that if the total income of individuals aged below 60 years does not exceed Rs. 2.5 lakh, it will not be subject to tax.
Here are all the documents you need to submit for income tax return filing online:
For those who want to file ITR based on their salary, it is mandatory to provide the following documents:
For claiming deductions, one has to provide the documents mentioned below:
It takes only a few minutes to complete the ITR return e-filing process when you have all these documents handy. If you are new to this, note that not filing ITR on time also has certain negative repercussions.
The Central Board of Direct Taxes (CBDT) levies penalty charges under Section 234F on individuals who miss the allotted deadline for filing their ITR. The maximum penalty imposed in case of late e-filing is Rs.10,000.
Technological advancements have made it much easier to file income tax returns for individuals. Note that for salaried individuals, the process to e-file income tax online is slightly different. So, if you fall under that group, you will have to choose the form that is suitable for you. For a seamless ITR filing process, use the online method and pay within the due date to avoid a penalty!
Ans: Self-assessment tax is a balance tax paid by an assessee on their income after considering TDS and advanced tax. It needs to be paid before you file your ITR to ensure that e-filing takes place successfully.
Ans: No, the Income Tax Department generally does not ask for documents during ITR filing. However, in some cases, the authorities might ask you to furnish certain documents to verify your identity or tax deduction details.
Ans: Yes, you can file ITR offline by downloading the ITR form and carefully filling it out. After this, you need to visit a nearby Income Tax Office and submit the form. However, this facility is only available to taxpayers above the age of 80.
Ans: ITR-1 is meant for all taxpaying individuals who receive their gross income from salary or pension, one house property and other sources, like lottery or interest. Meanwhile, if you are a company’s director or have a total income of more than Rs. 50 lakh, you cannot use ITR-1.
Ans: Yes, it is mandatory to link your PAN with Aadhaar. The Central Board of Direct Taxes mentioned that if an individual fails to do so, their PAN card will become inoperative. Thus, you will not be able to conduct most financial transactions if you don’t link your PAN with Aadhaar.
Ans: It may happen that an individual forgets to disclose a part of his/her income unintentionally. This is very much possible in the case of salaried individuals relying on Form 16; the form does consist of details regarding capital gains, and interest earned from fixed/savings account deposits. If the Income Tax Department is able to spot the missing earnings, the individual could get a notice.
Ans: Yes, in that case, the IT Department will evaluate your net tax liability after adjusting the TDS paid. In case you are not liable to pay any tax, you can claim it by filing an income tax return.
Ans: Form 16 is the TDS certificate that an employer issues in order to show details of the deductions they have claimed. This document is extremely important for most salaried individuals as they need it while filing their annual ITR.
Ans: A major portion of the necessary details is submitted to the Income Tax Department via post, email or online portal. It is essential to submit accurate contact details; otherwise, you will miss out on important notifications.
Ans: No, it is extremely important to assess which taxpayer category you fall under before choosing any one of the seven ITR forms available. If you choose the wrong form while filing your ITR, it might lead to your returns being held invalid.
This article is solely for educational purposes. Navi doesn't take any responsibility for the information or claims made in the blog.
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