Hey guys, since it is the Tax season, I thought of sharing the most required thing, that helps Taxpayers to file their returns smoothly. So here I come with a brand new article: How to File Income Tax Return online in a step-by-step procedure?
Sounds interesting right!! So without any further delay let’s check this complete guide on how to file an Income tax return(ITR) in a safe and easy way.
Before we begin to file the return, it’s advisable to keep all the required documents ready in hand. So we can file faster without any hassle.
Now, let's see what are the documents required to file the return!!?
Documents required before filing Income Tax Return are:
PAN Card
Aadhar Card
Bank Account Details
Form 16
Form 16A
Form 26AS
Salary Slips
House Rent receipts
Bank statement for interest on savings account
Interest account statement for FD's
Capital Gain Statement
Receipts/Documents for all the Investments made (LIC, PPF, ELSS, NSC, ULIPS, children tuition fees, Medical, Donation, stamp duty and registration charges, etc.)
Documents for all the interest payments on home loans, education loans, etc.
Note: Not all the documents are applicable for everyone.
Now let’s see how we can file Income Tax Return online:
The process is really simple but you have to be of utmost care.
Income tax department has made our job very easy by pre-filling most of the details. All we need is to check, verify and confirm them. If you need to update anywhere kindly update that particular column
and save it.
But let's know in detail how to fill in, what to fill and where to fill out our details from the beginning.
Let's go step-by-step:
Step 1: Go to Income Tax e-filing portal.
https://www.incometax.gov.in/iec/foportal/ So when you click on the link it takes you to the income tax portal and appears in the below way.
Step 2: If you are filing the return for the first time then you have to register yourself first on the Income tax portal.
If you have already registered on the portal then click on Login and enter your PAN, password, secret question, and captcha.
Registration Process:
Click on the New Registration tab and provide all the relevant details.
Click on Taxpayer and enter your PAN and click on validate. Once it's validated click on Continue.
Then fill in all the details such as your name, date of birth, gender, address, residential status, registered mobile number, and email id.
Once you fill in all the details click on continue.
Now you have to verify your details. Then an OTP will be generated and sent to your email id and mobile number.
Enter the OTP and once they are verified, go to the final step i.e., securing your account.
To secure your account, set up a password and a secure login message.
Then click on Register and there you go. You are registered successfully and you will get the acknowledgement message and email.
Now you are all set to file your First-ever Income Tax Return(ITR).
Important Note: Make sure you give an active e-mail and mobile number as all the OTPs and important information are communicated on the personal details shared by you (taxpayer).
Step 3: Once you logged into the portal, you will be taken to the dashboard page.
Then click on the e-file tab and select "File Income Tax Return"
Step 4: Select the assessment year for which you want to file income tax returns.
Step 5: Select mode of filing. Online or offline. So here Select "Online" and click on Continue.
Step 6: Then it appears the below way. Click on Start New Filing.
Step 7: Choose how you wish to file your income tax returns whether as an Individual, HUF, or Others. Select the option "Individual".
Step 8: Choose whichever income tax return form is applicable to you. I am selecting ITR - 1 here.
Click on "Let's Get Started".
Step 9: You will be asked to select the reason for filing the income tax return. Choose whichever is applicable to you from the below options.
Step 10: A pop-up will appear like the below image as soon as you begin to file. It says it has pre-filled our data that is available with the income tax department and asks us to confirm whether the details filled in each section are correct to proceed further.
*If we miss furnishing any details with the employer, we can add those here while filing the ITR.
Here comes the main process of filing and this is how it looks:
The first step in the process is to "Validate Return". For this you have to click on each section such as Personal Information, Gross Total Income, Total Deductions, Taxes Paid and Total Tax Liability and confirm all the details that are filled.
If you feel any details were missing, add them in that particular column.
Check all the details in each section and verify whether all your incomes are considered or not and cross-check with Form 16, 16A, and all other documents that are applicable to you.
Personal Information:
Check your Profile details which include your name, date of birth, PAN, Aadhar number, and then check your contact details.
After that select the nature of employment as per your employment sector and select the filing section based on the factors that are mentioned below.
Choose whether you want to opt new tax regime or not. Then based on our choice before the next question response is updated.
Then check your bank details and if you feel everything is fine then click on "Confirm".
Now move to the next section.
Gross Total Income:
Check all the details and values entered are correct.
Make sure all your incomes are considered. Update if any details were missing and then click on Confirm.
Total Deductions:
Verify all the deductions that are applicable to you and make the best use of them (of course "LEGALLY" though.. haha) within the prescribed limits.
Once after verifying and updating, click on "Confirm".
Taxes Paid:
Verify your tax paid details with your TDS forms such as form16, and 26AS.
After checking the details, click on "Confirm" and move to the last section.
Total Tax Liability:
Verify your tax liability details. Check all the details thoroughly.
Once you feel everything is correct, click on "Confirm".
Now that you confirmed all the details in each section, it appears this way.
Now click on "PROCEED" and it takes you to the next step i.e., confirm your return summary.
After confirming the return summary, click on "PREVIEW RETURN".
Once after checking, updating, and verifying income, allowances, and deductions, we need to preview the return.
Enter your name and father's name and put a tick mark in the box.
Now click on "Proceed to Preview".
Now your complete return will be displayed, Check all the details for one last time.
Once you verified every detail carefully, click on "Proceed to Validation".
If there are any errors made, they will be displayed here. If no errors, you are good to go and click on "PROCEED TO VERIFICATION".
To complete your verification, select the preferred option and click on Continue.
Now you will be directed to e-verify page. Here you will be given different options to e-verify your ITR.
It can be done in the below ways:
Aadhar OTP verification
Generate Electronic Verification Code (EVC)
Using Digital Signature Certificate (DSC)
Click on I agree to validate my Aadhar details and generate Aadhar OTP.
FINAL STEP:
Enter the OTP and click on Submit. Your ITR filing is done.
Note:
Once you click the submit button after entering the OTP there is no way you can change the return.
It can only be updated via139(5) before due date and 139(4) after due date.
You can check the status of your return on your Dashboard.
Conclusion:
You might feel like it involves so many steps or is confusing, but believe me, it isn't. Just go step by step.
I have attached screenshots to every possible extent.
It might look like a lengthy process but trust me it is super easy and I made sure it's easily understandable without any confusion.
If you are stuck anywhere or if you have any doubts feel free to comment and get your queries resolved.
I hope this article helped you in filing your return and gave some insight and knowledge on tax filing and tax concepts.
To know more about tax concepts read this article:
If you found this article helpful, please share it with your friends and family. Thank you!!
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