A nation grows on the investment made by its citizens. Income tax is one such way of contributing to your nation’s growth. Income tax is a tax levied by the government on individuals and business organizations. The amount of tax depends on your income or profit generated.
The revenue collected is used by the government for public services, including citizen benefit schemes and government obligations. It is important that people file an income tax return, not just as a moral and social responsibility but also for other benefits like refunds and other reliefs.
Income tax can easily be filed online too. This saves a lot of time and improves efficiency. However, many people who are not tech-savvy find it challenging to File ITR Online.
Here is an Efiling Income Tax Guide through which you can easily file your tax returns online.
- You can download the ITR preparation software on your computer from the “Downloads” page and prepare your ITR using it.
- For Efiling Income Tax, you will need personal details, as well as details about your income, deductions, tax payments, etc. Calculate your tax return and interest liability using the software. This will provide you with a final figure for a refund due to you or tax payable by you. In case, it is the latter, pay any due tax immediately and check to ensure that payable tax comes to zero.
- Generate the income tax return data and save the file in XML format on your computer.
- You can upload your return by logging on to the efiling income tax website using your User ID, Password, Date of Birth/Date of Incorporation and the Captcha code and then clicking on the “Upload Return” on the e-File.
- Find the e-File button and click on “Prepare and Submit ITR Online.”
- Select which income tax return form you wish to fill (only ITR 1 and ITR 4S can be filled online) and submit form ITR 1 and ITR 4S, along with the Assessment Year as well as the XML file which you had earlier saved on your computer and upload the Digital Signature Certificate (DSC) too if required. The DSC should be registered with e-Filing before being uploaded.
- When you successfully upload the ITR by clicking on the “Submit” button, ITR-V is displayed (when DSC is not used). You can download the ITR-V file by clicking on the link. This is sent to the registered email address. If the ITR is uploaded with DSC, the process of Return Filing is complete. If, however, you upload the return without DSC, you should get the ITR-V form printed, signed and get it submitted to the CPC within 120 days of e-Filing of ITR. The return is processed only when a signed copy of ITR-V is received. In case ITR-V is not received, you will be reminded and intimated of it through email or SMS.
You will require certain documents before you start to file your income tax return online. These include your PAN number, Aadhar number, bank account details, Form 16 apart from investment details. You can download Form 16 in PDF format from the website.
Ensure that you enter your name, date of birth and father’s name as per the records (PAN card details). You also need to fill your employer’s name and provide your salary, its breakup, and TDS information while filing for ITR. Apart from this, details of investment made, and taxes paid are required for claiming deduction and refund.
So I hope this helps you file your income tax online without facing any kind of difficulties.
