E-filing of income tax returns (ITRs) has made the entire process easy and effective. With the July 31 deadline for filing your returns nearing, here is a quick take on how you can file your ITR online.
Things To Keep In Mind Before Filling Your Income Tax Returns
For both salaried and self-employed individuals, the last date for filling income tax returns is July 31, 2018. This is for financial earnings and income from various sources in the financial year 2017-18. Unlike previous years, the penalty for belated filling has now been increased to Rs. 5,000 if filed by December 31, 2018 and Rs. 10,000 for belated filling beyond December 31. Also choosing the right ITR form remains paramount when filling your ITR online.
Follow these steps for a hassle-free ITR filing.
Step 1: Go To The Official Website Of The I-T Department
All online ITRs are filled only at the official e-filing website of the I-T Department at https://incometaxindiaefiling.gov.in/
Step 2: Login Or Register For A New ID
If this isn’t your first filing, move to Step 4. If this is your first time filing your tax return online, you will need to create a user ID. Use the ‘New registration Tab’ on the right and add your details to create a new profile. You will then receive an OTP in either the associated email id provided or your mobile phone.
Step 3: Check Email And Confirm Activation Link (For New ID)
Once an account has been created, click on the verification link received on your email and confirm your activation. For users with an existing user ID and password, use them to login to the portal.
Step 4: Login And Prepare ITR
After signing in, click on the ‘e-file’ tab on the dashboard. Choose the option ‘Income Tax Return’ from the drop down menu. This will open a new tab where you will need to select the relevant assessment year along with the ITR form to be used. Click on ‘prepare’ and ‘submit online’ once done to prepare your ITR.
A new tab as per the selected ITR form will now open. Add your details in the relevant sections after going through the general instructions. Once done, click on the ‘preview and submit’ button to check your prepared tax return.
Alternatively you can also go to the download section and download the tax preparation software on your computer. You can then prepare the ITR using the software and upload the same using the drop down menu.
Step 5: Preview And Submit Your ITR
Double check your ITR post clicking on the ‘preview and submit’ button. Ensure the tax payable amount, if any, matches your calculations. Once satisfied click on the submit button. You have now successfully filed your ITR for the financial year.
Step 6: E-Verify Your ITR
The last step involves e-verification of your filed ITR. For easy e-verification select the option ‘I would like to generate Aadhaar OTP to e-Verify my return’. You will then receive an OTP on your Aadhaar-linked phone number. Submit the OTP for successful e-verification of your ITR.
Online filling of ITR has been made easy to ensure that a person with even a minimum technical knowledge can easily file tax returns.