It is the time of the year when you need to file your income tax return. Filing Income Tax Return is very important for you if you are an assessee. The due date of filing income tax return for individuals is November 30, 2020. In this post, I will discuss the process of e-filing Income Tax Return online.
Table of Contents
ITR Filing – Income Tax Filing
Filing income tax return is once a year activity and you should file it before the due date otherwise there would be a penalty for late filing. The IT Department has made the process of filing ITR very easy and hassle-free by introducing e-filing.
What is e-Filing?
The short form of “Electronic Filing” is e-filing. The process of submitting your income tax returns online is known as e-filing. In this method, you e-file your returns through the internet. The e-filing portal allows you to file your income tax returns online hassle-free. Just log in to your e-filing account and do the job.
Prepare and File Income Tax Return Online
You can prepare and file ITR online yourself without consulting a CA or tax consultant. The e-filing ITR online is particularly very simple process for the salaried individual.
The IT Department has informed that ITR 1, 2, 3 & 4 for AY 2020-21 is available for e-Filing. Other ITRs will be available shortly.
ITR 1 Form (Sahaj) can be filed by salaried individual taxpayers to furnish basic details of their salary and income from house property. Basic details of your salary are available in your Form 16.
ITR 4 Form (Sugam) can be used by individuals and Hindu Undivided Families (HUFs) for presumptive income from business and profession.
Must Read: Income Tax Slabs for FY 2020-21 (AY 2021-22)
Documents needed while filing ITR online
While filing ITR, keep few documents readily available with you like – PAN card, Aadhaar number, bank details, Form 16, Form 16A, Form 26A, and other investment documents.
You may not require all these documents as the requirement of documents vary on a case by case basis. If you have all your documents in place, you can now file your ITR online.
You also need not upload any documents when you e-file your ITR. However, you must retain the relevant documents to be provided to IT department officials if requested.
e-Filing Income Tax Return Online
You can easily file income tax returns online through the e-filing portal using the following simple steps.
Step 1
Visit the IT Department’s e-filing website. Click on the “Login Here” tab and it will take you to a new page. Login to your account using your user Id (PAN number), password, and captcha code.
However, if you are a first time user or e-filing your ITR for the first time then you have to register yourself on the IT Department’s website (www.incometaxindiaefiling.gov.in).
Click on the “New Registration” tab and fill your PAN number, name, and date of birth and choose a password. Once your registration is complete, you can log in to your account with your user Id and password. Your Permanent Account Number (PAN) will be your user Id.
Must Read: How to register on income tax efiling website to file ITR?
Step 2
Post successful login, click on the “Income Tax Return” option in the “e-File” drop-down menu. It will again take you to a new page where you can file income tax returns.
Step 3
Here select the assessment year (For example AY 2020-21), ITR form number, filing type, and submission mode (Prepare and Submit Online).
Next, select the bank account for income tax refund credit. Click on the “Continue” tab.
Next, after reading the “Prefill Consent”, click on the checkbox to agree to it.
Step 4
Here read the “General Instructions” carefully before starting the ITR efiling online process. Here I am showing the steps for ITR 1 (Sahaj).
Step 5
Part A – General Information: In this part, you need to fill the required personal information.
Step 6
Part B – Gross Total Income: Here, fill the income details to compute the gross total income.
Part C – Deductions
and Taxable Total Income: In this part, fill all the deduction details to compute your net taxable income.
Computation of Tax Payable – Part D: Here, compute the tax payable.
Step 7
Tax Details: Here, check all the tax details and fill the details not entered previously.
Step 8
Taxes Paid and Verification: In this part, your tax details are mentioned including total taxes paid, the amount payable, and the amount refunded.
Step 9
Schedule DI – Details of Investments: Here mention all deductions attributable to investment/expenditure made between 01.04.2020 to 31.07.2020.
Schedule 80D: In this part, mention all the deduction in respect of health insurance premiums.
80G Schedule: In this part, mention donations to certain funds, charitable institutions, etc.
Schedule 80GGA: In this part, mention certain donations for scientific research or rural development.
Step 10
After completing all the steps mentioned above, check the tax payable shown matches your calculation. You can preview your filled ITR form by clicking on the “Preview and Submit” tab before final submission. Also, run an automated check for any error that might have occurred. Click on the “Submit” tab.
Step 11
Once submitted, your ITR will be uploaded and you have to verify your ITR using one of the offline or e-verification methods.
Step 12
After successful e-verification, an acknowledgment of the same will be sent to your registered email address by the IT Department.
Due Date for Tax Filing
The last dates for ITR filing for the FY 2019-20 (AY 2020-21) stand extended to November 30, 2020, for all types of taxpayers due to the Coronavirus pandemic.
Penalty for Late ITR Filing
A penalty will be applicable for filing your returns after the due date under section 234F.
- If you file your ITR after the deadline but on or before 31 December, a penalty of Rs 5000 will be levied.
- If you file your ITR after 31 December but before the end of the relevant assessment year, a penalty of Rs 10000 will be levied.
- There is relief from the IT department for small taxpayers. A small taxpayer whose gross total income does not exceed Rs 5 lakh then the maximum penalty is Rs 1000.
Also Read: How to invest in Direct Mutual Funds in India?
Final Thoughts
In India, every individual who earns income above a certain limit has to pay tax and file income tax return. If you don’t file your ITR within with the due date then you have to pay a penalty for the late filing of income tax returns. Therefore, always file your returns before the due date.
The process of e-filing income tax return online is quick and easy. The e-filing portal allows you to file your ITR online from the comfort of your home or office. Just log in to your e-filing account and do the job.
Note: This post was originally published on June 6, 2018 and has been completely updated for accuracy and comprehensiveness.
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