e-filing of Income Tax Return 2019-20: It's that time of the year again when you are expected to file your income tax return (ITR), the last date for which is the 31st July. The online filing, or e-fling of ITR, is quite a simple exercise which can be done from the comfort of your home or office. Read on as we guide you through the various steps of e-filing ITR with a few handy tips on things to watch out for along the way.
What you need to do before you file your income tax returns online
There are a few things you need to do before you e-file your ITR:
# Register yourself on the Income Tax Department website (https://www.incometaxindiaefiling.gov.in/home). Make sure that you enter the correct mobile number and email ID when you register. All future communication will be sent to the number and email you provide.
# Get your Digital Signature Certificate (DSC) on the I-T Department website and register it. If you don't have a DSC, you can file your returns and then send an email to the I-T Department's Centralised Processing Centre (CPC).
The process of e-filing your ITR
Given below is a step-by-step procedure of how you can file your ITR online:
# Log on to the official website using the User ID and password you used to register yourself. The User ID is your Permanent Account Number (PAN).
# Once you're logged in, click on 'e-file' to get the 'Income Tax Return' options. Click on this.
# On the page that opens up, select the type of ITR, the relevant Assessment Year (AY2019-20 for FY2018-19), and how you want to submit the form (choose the 'prepare and submit online' option).
# Some of your details will be automatically filled by the website based on your account information and government records. You can also choose the details that you want to be filled automatically. After this, click on 'Continue'.
# You will now get a page where you will be able to fill up a form. Before doing this, make sure you read the 'General Instructions' to ensure you do this correctly.
# After this, fill the required details such as General Information, Income Details, Taxes Paid and Verification, Tax Details, and 80G.
# Once you're done filling in these details, check your entries again. Make sure there are no errors. Then, click on 'Preview and Submit'.
# You will now be able to preview your form before you do the final submission. Verify the details once again to make sure they're all accurate. This is extremely important.
# Once you're sure of all the entries, submit the form. Your return will be uploaded, and you'll have to then verify it. You can verify your ITR in the following 3 ways:
1. Through the Electronic Verification Code (EVC) method, or
2. Via Aadhaar-linked One Times Password (OTP), or
3. By taking a printout of ITR-V, signing it, and physically mailing it to CPC, Bengaluru. This must be done within 120 days of the e-filing date.
# Your ITR-V is the acknowledgement of your tax return being successfully uploaded on the website. This will immediately be sent to your email ID. You can also download this acknowledgement from your e-filing account on the website.
# Once you've verified the ITR you've submitted, it will be processed by the I-T department. You will get updates about this on your registered mobile number and via email as well.
This ends the filing process.
The benefits of filing your ITR online
There are various benefits of filing your ITR online. These include:
# It is fast and convenient.
# You can access any past data that's available. Your form can be pre-filled with relevant data.
# The multiple checks rule out errors or keep them to a minimum.
# The process is completely secure.
# All your details are kept entirely confidential.
# You get an immediate receipt of your form submission.
# Getting your Tax Deducted at Source (TDS) refund — if any — becomes easier as well.
Here's what you need to remember while e-filing your ITR
Although this is an easy process, there are a few things you need to keep in mind while filling up the ITR. Take a look at the following pointers:
# You need to submit various documents while filing your return online. Keeping them ready will help save time. These documents include: Your bank statements, bank account details, proof of tax-saving investments you've made, PAN card, Aadhaar card, Form 16 and TDS certificate
# Make sure you mention any exempt income you've received during the year.
# Don't forget to include any eligible deductions that you may have missed out on.
# Ensure all your TDS details and amounts match with those mentioned in your Form 16.
# Verify the bank details you give. Check the account number, IFSC, branch, and other details.
# If you're sending a physical copy of your ITR-V to CPC, make sure you do it within the 120-day time limit. Beyond this limit, your filing will be incomplete, and you may have to pay a penalty for it.
# Most importantly, make sure you file your returns by the due date.
I hope the above information is enough to help you successfully file your returns online this year. Here's wishing you all the best!
(The author is CEO, Bankbazaar.com)