As 31st July is just a few days away. It is high time to file your ITR (Income Tax Return) now. Here is a step by step guide on How to File Income Tax Return Online. This is an easy and handy step by step guide to file your income tax return online. Read how to file your ITR (Income Tax Return) in an easy and quick method.
1. If you are a first-time return filer, then firstly you have to register yourself on the income tax department’s official E-filing website www.incometaxindiafiling.gov.in.
Your permanent account number (PAN) will act as your user ID.
2. Keep main documents handy, including the Form 16, Form 26AS (tax credit statement), copy of returns filed last year, bank statements, capital gains statement from mutual funds as well as brokers.
3. Go to ‘Downloads’ tab to download the ITR preparation software (JAVA or Excel utility) for the pertinent assessment year.
4. If tax is due, make the payment instantly and enter the details in correct schedule. Repeat above step so that tax payable turns ‘zero’.
5. Enter all data and click on ‘Calculate’ to compute the tax and interest charge and final figure of refund or tax payable.
6. Prepare the return using the downloaded software application; pre-populate the personal details and tax payments/TDS by clicking on the ‘pre-fill’ button. Compare with the information you have to ensure that nothing is left out.
7. Generate and save the ITR data in XML format.
8. Login to the e-filing website, go to ‘e-file’ and click on ‘Upload Return’.
9. Select the relevant ITR, Assessment Year and XML file saved.
10. In case of physical verification, you will have to send the printed and signed ITR-V form to the IT department’s CPC in Bengaluru- 560100, Karnataka by post within 120 days of e-filing your return; an acknowledgement from the department confirming receipt will complete the process via email id entered in the return form.
11. If you have not used DSC, ITR-V will have to be downloaded, you can also select to generate electronic verification code through your bank ATM/net banking or use Aadhar-based OTP for e-verification.
12. Upload Digital Signature Certificate (DSC), if you have got one and it is registered with the official website, and click on ‘Submit’ button. In this case, your process will now be considered complete.