Income tax return is a form which a person is supposed to submit to income tax department of India. It is a collection of person’s income and taxes to be paid during a year. filing income tax return is no longer the difficult it used to be. There is no need to stand in long queues to make up the income tax deadline. With online filing it is now easy to fill your ITR from thr confines of your home /office at a very short period of time. lets discuss the steps to file your Income tax online.
Please make a note that taxpayers can file ITR 1 and ITR 4 online
Steps to follow to fill ITR Online
1. Visit Income tax e filing Portal https://www.incometax.gov.in/iec/foportal/
2. Login the portal by entering your UserID (Pan), password, capcha code and click on login Button.
3. visit e file menu and click on Income Tax return Link.
4. When you visit on the income tax page Pan will be auto populated you have to select the Assessment year and ITR form Number select the filing type as original/Revised return and after that select submission mode as prepare and submit online.
5. Click on the continue button
6. Now Read the instructions with care and fill the mandatory fields to fill the online ITR form.
7. Click on save Draft button Periodically to save the entered details as a draft otherwise you will loss the data/work due to session time out.
8. Choose the appropriate verification option in the taxes Paid and verification tab you have to choose among the three options one is I would like to e verify second is in would like to e verify within 120 days from the date of filing or I don’t want to e verify and would like to send signed ITR-V through normal or speed post to centralized processing centre income tax department Bangalore 560500 within 120 days of filing.
9. now click on preview and submit button you can verify all the data entered in ITR here
10. Submit the ITR
11. if you choose i would like to e verify option e verification will be done through any of the following methods by entering the EVC/OTP when asked for
EVC generated through bank ATM/ generate EVC option under my account
Prevalidated bank account
Prevalidated demat account.
12. you have to enter the EVC /OTP within 60 seconds and the income tax return will be auto submitted. The submitted ITR will be verified later by using My account e verify return or by sending ITR-V to CPC.
If you want to review the uploaded ITRs you can visit income tax e filing portal
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Major benefits of filing ITR
1. ITR acts as a legal document as it is a record with the government you can use it as identity proof while applying for aadhar card or any other document. Government accepts it as address proof as well. This is your proof of income which is required for the purchase of any property
2. Government allows some deductions to taxpayers. These deductions will help in reducing tax and moreover TDS and rebates can be claimed back.
3. it is an important document for applying home loans . Generally banks need proof of your income for giving you home loan .they will ask the ITR of consecutive three years. Banks want to access your financial situation before providing you any loan.
4. it helps in getting easy visa approval if you want to go and settle or study abroad. If you have a history of filing income tax returns it improve your chance of getting visa approved. It gives clear idea of your financial condition to the embassy.