Income tax e-filing : How to e-file Income Tax return or ITR ?
(Last Updated On: June 7, 2017)
As the due date for Income tax e-filing is approaching, you need to be prepared towards filing your income tax return avoiding any delays . The general question that worries us is How to e-file ITR or Income Tax return in the right manner ? It is anyways advisable to approach tax professionals and experts for correct income tax return filing.
However, if you have a simple Income tax return and nothing complicated in it. You can e-file your ITR or Income Tax Return yourself as well. You just have to follow the simple and important steps of Income tax return filing in India that have been discussed in detail below…
Through this blog, we shall be specifically discussing about the Income tax return filing for a salaried individual or the one required to file Income Tax Return 1 or ITR-1 only.Although,few steps may be similar for other ITR forms as well, but you may need to submit certain additional information in such cases.
Moreover,Form 16 (as specified in the e-filing process) is issued to salaried employees and is a relevant document for the income tax return filing of salaried persons only.
Income tax e-filing : Who is eligible to file ITR-1 ?
ITR -1 Form is applicable to individuals having income upto Rs 50 lakhs. Further,as an individual you are eligible to e-filing ITR-1 if :
- You have Income from Salary or Pension : In simple words,a salaried person.
- You have Income from only One House Property.
- You have Income from Other Sources like Bank interest (this excludes winning from Lottery and Income from Race Horses).
You may also like : Tax saving tips for salaried persons !
How to e-file Income Tax return or ITR or E-return ?
- The first and foremost step is to Log on to IncomeTaxIndiaeFiling.gov.in and register yourself on the website.
- Enter your PAN as your user ID and set a password for your account. Remember, your password is confidential and should not be shared with anyone. Yes, but if you are getting your ITR filed by a tax expert he shall require access to it for e-filing your Income tax return.
- One more important thing is to link your AADHAR no. to your e-filing account. The quoting of AADHAR number while filing your Income tax return has been made mandatory w.e.f.1st July 2017. This was optional earlier.So, now you will have to update in your account and mention it in the ITR form as well.
- You can view your tax credit statement or Form 26AS. Your TDS ( Form 16) should match with Form 26AS.In fact,Form 26AS shall reflect the Tax deducted at source from your salary as well as your non-salary income. e.g. TDS on Bank interest shall also been shown in your Form 26AS.
- Click on the income tax return forms and choose the financial year for which you need to file the Income tax return.
- Download the ITR form applicable to you. Here, we are talking about salaried persons, so ITR -1 shall be applicable
- Open the excel utility (the downloaded return preparation software).
- Fill out the entire form by entering all details using your Form 16, Form 26AS, Bank statements,home loan statements(if any).Keep any other relevant documents required for e-filing your ITR, ready with you for your reference. You don’t need to submit any documents alongwith your ITR, these are just to help you in filing your ITR in the complete and correct manner.
- When you have filled the requisite details (as applicable to you), check if you have shown all your incomes like Salary, Interest etc. and availed the applicable tax deductions, TDS amount shown correctly.Now,you can check your tax liability.
- Check the tax payable amount by clicking the ‘calculate tax’ tab.
- Pay tax (if applicable) and fill in the challan details. Refund shall be reflected if your TDS exceeds the actual tax liability.
- Confirm all the data provided in the worksheet by clicking the ‘validate’ tab.
- Generate an XML file and save it on your desktop.
- Go to ‘upload return’ on the portal’s panel and upload the saved XML file.
- A pop-up will be displayed asking you to digitally sign the file. In case you have obtained a digital signature, select ‘Yes’. If you have not got a digital signature, choose ‘No’.
- The acknowledgement form, ITR Verification (ITR-V) will be generated which can be downloaded by you.
- Take a printout of the form ITR-V and sign it in blue ink.
- Send the form by ordinary or speed post to the Income-Tax Department-CPC, Post Bag No. 1, Electronic City Post Office, Bangalore, 560 100, Karnataka within 120 days of filing your returns online.
Have you filed your Income tax return ? If yes,that’s great ! If no, what are you waiting for ? Just be a responsible citizen and file your Income tax return before due date of e-filing ITRs.
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