Filing income tax returns is not, at this point the problem it used to be. Gone are the long lines and endless anxiety of making the tax-filing deadline. Learn Here How to File Return of Income Tax.
With online filing, also called e-filing, it is advantageous to file returns from the bounds of your home/office and at at very short notice.
Mention below are the wide steps to file your income tax returns online:
How To File Return of Income Tax Step By Step
How to file return of income tax:
Step 1: Log on to the portal
Log on to the Income Tax Department portal (www.incometaxindiaefiling.gov.in) for filing returns online. Register using your Permanent Account Number (PAN), which will serve as the user ID.
Step 2: Download appropriate ITR form
Under ‘Download’, go to e-filing under the applicable assessment year and select the proper Income Tax Return (ITR) form. Download ITR-1’s (Sahaj) return preparation software in the event that you are a salaried person.
Step 3: Enter details in Form 16
Open the Return Preparation Software (excel utility) that you have downloaded, follow to the guidelines and enter all details from your Form 16.
Step 4: Compute all relevant tax details
Compute tax payable, pay tax and enter applicable challan details in the tax return. If you don’t have a tax liability, you can skip this step.
Step 5: Confirm the above details
Confirm the details entered by you and create a XML document, which is automatically saved on your computer.
Step 6: Submit return
Go the ‘Submit Return’ section and upload the XML file.
Step 7: Digital signature
You can digitally sign the file on being prompted. If you don’t have a digital signature, you can can skip this step.
Step 8: Confirmation from ITR verification
A message confirming successful e-filing is streaked on your screen. The acknowledgement form – ITR-Verification is generated and the equivalent can be downloaded. It is additionally emailed to your registered email id.
Step 9: E-verify Return
You can e-verify the return through any of the under six modes: 1) Netbanking, 2) Bank ATM, 3) Aadhaar OTP, 4) Bank Account Number, 5) Demat Account Number, 6) Registered Mobile Number and E-mail id. E-verification eliminates the need to send a physical duplicate of the ITR-5 acknowledgement to CPC, Bengaluru.
How can I file my income tax return 2020?
You should choose the applicable income tax return form to fill and submit dependent on your income sources. Following documents are needed to E-File your Income Tax: PAN Card. TDS Certificate. Form 16. Insurance & Home Loan Documents.
What is submission mode in income tax return?
Subsequent to discovering the income tax form, the taxpayer can continue with the filing of the income tax return. There are 2 modes accessible for filing–online and offline. The online mode is accessible just for ITR 1 and ITR 4; it isn't accessible for forms of other categories of individual taxpayers.
What are the documents required to file income tax return?
Here are the 10 documents you should keep in helpful while filing your ITR for FY 2019-20: Form 16. ... Salary slips. ... Interest certificates from banks and post office. ... Form 16A/Form-16B/Form-16C. ... Form 26AS. ... Tax-saving investment proofs. ... Deductions under section 80D to 80U. ... Home loan statement from bank/NBFC.
Can I file ITR for AY 2020/21 now?
The due date for the income tax return for the FY 2019-20 (AY 2020-21) has now been reached out to November 30, 2020. The returns of pay which are needed to be filed by 31st July, 2020 and 31st October, 2020 can be filed up to 30th November, 2020.
What is the last date of income tax return 2020?
November 30, 2020 The government through a press conference dated May 13, 2020 reported that the income tax return (ITR) filing deadline time for the financial year 2019-20 has been extended to November 30, 2020 from the standard deadline of July 31, 2020.
How can I file my income tax return without Form 16?
Here's a stage wise guide on how salaried people who don't have Form 16 can document their ITR: Stage 1: Compute Income from Salary. ... Stage 2: Match the TDS deducted with your Form 26AS. ... Stage 3: Compute Income from house property. ... Stage 4: Compute Income from capital gains. ... Stage 5: Compute Income from different sources.
How To Check ITR Status Online?
When you have filed your income tax returns and checked it, the status of your tax return is ‘Verified’. After the processing is complete, the status becomes ‘ITR Processed’.
If you wish to realize which stage your tax return is after filing it and need to check your ITR status online, here’s the way you can do it in simple steps.
Alternative One
Without login credentials
You can tap on the ITR status tab on the outrageous left of the e-filing website.
You are then coordinated to another page where you need to fill in your PAN number, ITR acknowledgement number and the captcha code.
When this is done, the status of your filing will be shown on the screen.
Alternative Two
With login credentials
Login to the e-filing site.
Click on the alternative ‘View Returns/Forms’
From the dropdown menu, select income tax returns and assessment year
When this is done, the status of your filing (regardless of whether only verified or processed) will be shown on the screen.
Keeping the Income Tax Department informed about your income and taxability will keep you on the correct side of the law and prevent any blocks in your financial competency. Since you know whether you necessarily need to file your ITR, you have to guarantee that you complete the process before the deadline every year.
Documents Required To fill ITR
It is important to have all the important reports helpful before you start your e-filing process.
Bank and post office savings account passbook, PPF account passbook
Salary slips
Aadhar Card, PAN card
Form-16-TDS certificate gave to you by your employer to give details of the salary to you and TDS deducted on it, if any
Interest certificates from banks and post office
Form 16A, if TDS is deducted on payments other than salaries, for example, interest received from fixed deposits, recurring deposits etc. over as far as possible according to the current tax laws
Form 16B from the buyer if you have sold a property, indicating the TDS deducted on the amount paid to you
Form 16C from your tenant, for giving the details of TDS deducted on the rent received by you, if any
Form 26AS – your combined yearly tax statement. It has all the data about the taxes deposited against your PAN
a) TDS deducted by your employer
b)TDS deducted by banks
c) TDS deducted by any other organisations from payments made to you
d) Advance taxes deposited by you
e) Self-assessment taxes paid by you
Tax saving investment proofs
Proofs to claim deductions under section 80D to 80U (health insurance premium for self and family, interest on education loan)
Home loan statement from bank.