Closure of this financial year is around the corner, you can file your Income Tax Return online by yourself or by seeking help from a tax consultant. Income Tax Return file has become easier with the provision of filing it online. The government of India has introduced an online website to e-file your income tax return.
Who Can Avail ITR e-Filing?
- An individual whose net income is ₹5 lakhs or more.
- A person or Hindu Undivided Family Resident with properties outside the country.
- The individual needs to make an audit report under various sections of IT Act.
- The individual needs to submit notice to assessing officer within Sec. 11(2)(a).
- An individual who possess an account outside India.
- A claimant who wants to claim within Sec. 90/90A or 91.
- Each and every company.
Various Kinds of Income Tax Return File
- It is mandated to fill the income tax e-forms via DSC or Digital Signature Certificate with a CA in India.
- IT Return e-filing can also be done via ERI or e-Return Intermediary even without using DSC.
- The most traditional way is to print form ITR V and fill out with important details, sign it and submit it to the Central Pay Commission of India, Bangalore via simple post 120 days prior to the e-filing date.
Types of ITR forms to e-File
| ITR Forms | Suitable for Whom |
| ITR 1 Sahaj | For salaried persons and earnings from interests |
| ITR 2 | Persons or HUF income not earned through any profession & business |
| ITR 3 | Persons or Hindu Undivided Family with income from the partnership in a firm and not from any self-owned profession & business |
| ITR 4 | Persons earn from self-owned profession & business
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| ITR 4S (sugam) | The person who is earning from the presumptuous business |
| ITR 5 | Various firms, Association of Persons, Body of individuals or Limited Liability Partnership |
| ITR 6 | All companies excluding those companies who under Sec. 11 claim relief |
| ITR 7 | Those individuals or companies who need to file returns under Sec. 139(4A), Sec. 139(4B), Sec. 139(4C), else Sec. 139(4D) |
What Do You Need to e-File Income Tax Return?
- Verify and Compare Forms 26AS and 16 – verify that the deducted amount from your net salary, mentioned in form 16 should match with the figure mentioned in 26AS Form.
- Consider various Deductions and Claims Under Sec. 80G – get hold of all your savings certificates, tax saving schemes and even your claims on donation to any institution while filing e-Tax Return.
- Earnings from Interests – remember you can avail tax deduction up to ₹ 10thousand from the income via interest amounts of the savings account.
- Other Important Documents You May Need –
- Documents of IT return of the previous year,
- Bank account statements,
- TDS certificates,
- The audit report, P&L statements, and balance sheets, if relevant.
Important Documents Needed While e-Filing ITR
Check out various important documents for Income Tax Return e-filing on your own:
- Personal documents like PAN card, bank statements, Id proves.
- Salary documents like form 16, receipts for house rent HRA claims, payslips, etc.
- Property documents such as the address of your property (a piece of land or house), information of the property co-owner (if any), loan certificates have taken for purchasing property, documents showing the exact date of purchase or completion of construction of the property and documents showing the income earned from the rent of your property.
- Investment documents like stock investment statements, mutual fund investment statements, lump-sum income by selling a property, etc.
- Other tax-saving documents like statement of income from the interest of savings account, bonds, FDs, etc.
How to e-File Income Tax Return
You just require following a few simple steps for filing Income Tax Return online:
- Visit the official website for online ITR filing at ‘www.incometaxindiaefiling.gov.in’.
- Login to your ITR account with your PAN as the user Id. Remember you need to register yourself at this IT website beforehand.
- Take a look at Form 26AS. If everything is okay press on the IT return forms and select the present financial year.
- Check out the suitable ITR form for you considering the above-mentioned table and download the same.
- Open the tax return software- Excel Utility to fill in the required details using Form 16.
- After filling in the necessary details press on the ‘Calculate Tax’ tab to estimate the payable tax amount.
- If you need to pay tax then fill in the payment challan and press on the ‘Validate’ button to confirm.
- Save the excel sheet as XML file and upload your file from ‘Upload Return’ option in the website.
- Then you need to upload DSC.
- If you so not have DSC then press ‘No’ button, an acknowledgment form will be generated.
- Download and print the ITR V form, sign it and send it to CPC-Bangalore via speed post or ordinary post within 4 months of e-filing IT returns.