E-Filing Income Tax: How To-File Your Income Tax Return Online

Contrary to what many tax-payers think, filing your income tax returns is actually a simple process. You can e-file your returns from the comfort of your home.

Furthermore, the government has extended the deadline for filing income tax returns to 15 March 2022, according to a notification issued by the Department of Revenue of the Finance Ministry. The ITR deadline extension has come after various taxpayers asked the tax department and finance ministry to extend the ITR filing dates due to the rising coronavirus cases and issues with the new income tax portal. Additionally, the Central Board of Direct Taxes  has extended the time for linking PAN with Aadhaar till 31 March 2022.

A few points to remember when you e-file your tax return:

  • To e-file your income tax returns, you must register yourself on the income tax department website.
  • You must have a Digital Signature Certificate (DSC). For this, log in to the IT website and go to Profile Settings and click on Register Digital Signature Certificate. If you do not have a DSC, you must mail the form to the tax department processing centre in Bengaluru after you e-file your tax returns.

    How to file income tax return online step by step:

  • To begin filing your income tax returns online, click here to create your e-filing account
  • Log in using your PAN and password

  • It is mandatory to link Aadhaar with your e-filing account. You need to e-verify ITR through Aadhaar OTP. The same has to be done by choosing the option of “Link Aadhaar” under the Profile Settings tab. Details including name as per Aadhaar card, Aadhaar number, etc., are to be filled in to conclude the linking process.

  • Open Form 26AS under the Quick Link menu. Form 26AS is a summary of the taxes you have paid over the financial year. It will include TDS, advance tax, and self-assessment tax.

  • Download the correct Income Tax Return (ITR) Form (check the table at the end of the article to choose the correct ITR form)

  • Download the excel utility of the ITR and fill in all the details:
    • Name
    • PAN
    • Address
    • Date of birth
    • Email ID
    • Mobile number
    • Choose whether original or revised return
    • Other taxable income
    • Investments
    • Taxes deducted
    • Bank details

  • Click on Validate button on all the sheets

  • Once validated, click on Calculate Tax

  • Pay any tax that may be payable and provide the challan details in the return form

  • Click on Generate XML and save the XML file on your desktop

  • Go to your account on the IT website and click on Upload Return. Fill in the ITR form, name, assessment year, and upload the XML file. If you have a digital signature, then upload that, too.

  • Click on Submit. You will get an acknowledgement. Take a printout of this.

  • If you provide a digital signature, your income tax return filing process is complete

  • If you did not use a digital signature, then you will receive an ITR-V form, which is an acknowledgement-plus-verification. Print it out, sign in blue ink, and post it to the Income Tax Department - CPC, Post Bag No - 1, Electronic City Post Office, Bengaluru - 560100 within 120 days of e-filing. You will get an acknowledgement of receipt of ITR-V by email and SMS.

    Which is the correct ITR form to file your income tax returns?

  • ITR 1 – Individuals (being residents other than RNOR) with income up to Rs. 50 lakh from salaries, one house property, other sources (interests, etc.), and agricultural income up to Rs. 5000

  • ITR 2 – Individuals/Hindu Undivided Families (HUF) not having income from profits and gains of business or profession

  • ITR 3 - Individuals/HUFs having income from profits and gains of business or profession

  • ITR 4 - Individuals/HUFs/firms (other than LLP) having total income up to Rs.50 lakh, and having income from business and profession which is computed under sections 44AD, 44ADA, or 44AE

  • ITR 5 - Firms, AOPs, BOIs, and LLP

  • ITR 6 - Companies other than companies claiming exemption under Section 11

  • ITR 7 - Persons including companies required to furnish return under Section 139(4A) or Section 139(4B) or Section 139(4C) or Section 139(4D) or Section 139(4E) or Section 139(4F)

Investor can claim a deduction of a maximum of Rs. 1.5 lakh per annum by investing in a tax-saving FD. Know about your returns with FD Calculator.

*The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice before you take any/refrain from any action. All information is subject to the relevant Act, Rules, Regulations, Policy Statements, etc., of the Income Tax Department and subject to change. Viewers are advised to verify the content from original Government Acts/Rules/Notifications etc.