Deadline of filing income tax return is just a week away and most of us have not filed our tax return yet. CBDT has made efiling so easy that even a first timer can file his/her tax return hassle free. Here I have compiled steps to e-file income tax return through Income Tax Efiling website.
Efiling of Income Tax Return
Step 1: Register Yourself
First you have to register yourself on the income tax efiling website (incometaxindiaefiling.gov.in) by entering your Permanent Account Number (PAN), Date of Birth and your desired password. Your PAN will be your user id.
Step 2: Selecting the Requisite Form
The most important step of efiling tax return is choosing the correct form.
ITR-1: For tax payers earning income from salary, pension or house property or source other than lottery.
ITR-2: For Tax Payers having income source mentioned in ITR-1 plus capital gains.
ITR-2A: For Tax Payers having income source mentioned in ITR-1 but owning more than one house property.
ITR-3, 4 and 4S: For Professionals, Business Owners or Entrepreneur.
Step 3: Keep the Documents and Data Ready
You will have to gather all the requisite documents and data before starting to efile your tax return. The documents which you will be needing are PAN, Form 16, Interest Statements, TDS Certificates, Form 26AS, Investments Details, Insurance Premium Receipts and Demat Statement.
Step 4: Mode of efiling tax return
You can either efile your tax return online by selecting quick e-file option or download requisite form (excel utility or java utility) and fill and upload it later.
Quick e-file option is only available for Form ITR-1 and Form-4S, if any other form is applicable to you than you will have to download the form and fill the details and upload it.
If you have chosen to download the form than you have to fill in the details and then click on ‘Generate XML’. Now go to the income tax efiling website and click on Upload XML button to upload the generated xml file.
Don’t Forget to Fill Colum AL
If your earning per year is Rs.50 lakh or more than from this year you will have to fill an additional column “AL” or Assets and Liabilities. Both assets and liabilities have to be disclosed and assets have to be declared at cost.
Step 5: Verify your TDS Details
Once you fill all your details and computed tax liability, don’t forget to recheck and validate your tax return with Form 26AS to check your tax liability and take accurate credit of your tax paid in form of TDS.
Step 6: Verify ITR-V aka Acknowledgement
On submitting your tax return, an acknowledgement form is generated which is to be verified within 120 days of filing of return. There are 5 ways in which you can verify your tax return:
- Send Signed ITR-V to CPC.
- Through Electronic Verification Code (EVC) received on registered mobile and mail id.
- Through Aadhar OTP.
- Login to e-filing through Net Banking.
- Bank Account based validation.