efiling Income Tax Return in India

When you file your ITR (Income Tax Returns) online, the method is termed as e-filing and due to its convenience, it’s gaining popularity lately . ITR Filing is mandatory for all Indian citizens with annual earnings of a particular amount and in contrast to earlier, you would like not visit the direct tax Department to file your returns. Instead, you’ll do an efiling of your returns from the comfort of your home or office.

Steps to Follow Filing ITR Online

    • Visit the portal of the income tax department (www.incometaxindiaefiling.gov.in) and login using your User ID, password, and enter the captcha displayed.

ITR Login Online

    • If you’re a new user, you’ll register using the ‘Register Yourself’ button.

Register ITR Online

    • Once you login, you’ll find the ‘e-file’ section under which you’ll have to select ‘Income income tax return .’ Please note that you simply can fill only ITRs 1 and ITRs 4S online.

Select Income Tax Return

    • Choose the assessment year, Direct Tax Return Form ITR 4S/ITR 1 and ‘Prepare and Submit ITR Online’.

‘Prepare and Submit ITR Online

    • Check the bank details and Hit the “Continue” button.

Select Continue

  • If you have a Digital Signature Certificate (DSC), upload it. Make sure that your Digital Signature Certificate is registered with e-filing.
  • Click on the ‘Submit’ tab.
  • If you’ve not used a DSC, your ITR-V are going to be showed you on successful submission. You can then download the ITR-V form from the link displayed, sign it, and submit it to the CPC before 150 days from the e-filing date.
  • If you’ve uploaded your DSC, then your ITL filing process is complete.

Due Date for Efiling

Income Tax Returns (ITR) are required to be filed before the deadline that’s marked by the Direct Tax Department (ITD). The due dates for filing of ITR for different categories of taxpayers for the financial year 2018-19 are listed in the table below. The following dates will be applicable for the income earned by a taxpayer between 1 April 2018 and 31 March 2019.

Category of Taxpayer Deadline for filing tax returns
Individual 31st July, 2019
Body of Individuals (BOI) 31st July, 2019
Hindu Undivided Family (HUF) 31st July, 2019
Association of Persons (AOP) 31st July 2019
Businesses (Requiring Audit) 30th September 2019
Businesses (Requiring TP Report) 30th November 2019

New Rules for ITR Filing

The new Direct Tax rules implemented by Nirmala Sitharaman in the 2019 Union Budget require taxpayers to link their Aadhaar to their PAN. In the announcement, the Finance Minister said that income tax returns can be filed using your Aadhaar Card or PAN Card. However, you can only do so until the 30th of September 2019 as it is the deadline to link your Aadhaar to your PAN.

Consequences of Filing ITR with Only Aadhaar

In case you are doing not have a Permanent Account Number, you’ll file your direct tax return using Aadhaar. Furthermore, your Aadhaar Card is mandatory when applying for a new PAN. Under the new direct tax rules, taxpayers who file their returns using their Aadhaar card are going to be allotted PAN after their demographic data has been obtained from the Unique Identification Authority of India (UIDAI).

What happens if your Aadhaar and PAN are not linked?

The Central Board of Direct Taxes issued a warning that on 31 March 2019 consistent with which taxpayers were urged to link their Aadhaar with their PAN before 30 September 2019. Failure to link your PAN with Aadhaar will prevent you from filing your direct tax returns after the required deadline.

The Government of India has introduced the new rule out order to boost tax compliance while easing the tax payment process for taxpayers. As of now, it is compulsory for everyone for taxpayers to quote their PAN when filing their returns. Going forward, however, it will be compulsory to link your Aadhaar and PAN to file your returns.

Benefits of efiling Income Tax Returns

The main benefits of efiling tax Returns are mentioned below:

  • Tracking the status: Individuals who efile the ITR can easily check the status on their mobile through online. Earlier, it had been time-consuming to see the status and therefore the status would only be sent by post. However, efiling ITR enables the individual to see the progress of the appliance with ease.
  • Processing of refund: Just in case individuals efile their ITR, the method to receive the refund is straightforward and is far quicker. Earlier, the refund process wasn’t very convenient and was very time-consuming. However, public can update the bank details online and receive the refund much quicker.
  • Reduction of errors: Due to the amount of calculations that has to be made when computing ITR, it’s common that errors are made. However, when efiling ITR, there’s a mechanism where the computation of ITR is completed by the system, therefore reducing the amount of errors.
  • E-Verification: The verification of ITR are often done online if individuals efile their ITR. Earlier, the ITR would need to be sent to the CPC in Bengaluru.
  • Convenient: The method of efiling ITR is extremely convenient, easy, and therefore the process takes very less time. Earlier, the method to file ITR was very tedious as individuals had to go to the tax Department. However, the method to efile ITR are often done from the comforts of an individual’s home.
  • Access to documents: Just in case individuals efile the ITR, they’re going to need to upload the required documents online. Therefore, individuals are going to be ready to view the documents at any given time. The manual process of efiling ITR doesn’t provide such benefits.
  • Compilation of records: Earlier, individuals were required to fill many forms just in case they wanted to file the ITR. The process to fill the forms was very complex also . However, efiling ITR removes the complexity of the method as all the info is auto-populated during the initial process and therefore the ensuing steps become very simple.
  • Cost-efficient: Just in case individuals wish to file their returns manually, they could need to hire knowledgeable to compute their returns. This could cost money just in case they want to rent knowledgeable . However, individuals could do away with these expenses just in case they efile their ITR because the computation are often done online.
  • Receipt of proof: Individuals who efile their ITR will receive a receipt at the time of filing returns and once returns are filed also . The receipt will be sent via email.
  • Electronic banking: The process to make payments and refunds is simple. It are often done via direct debit for the payment of tax and direct deposit for the receiving of refund. There are options available where investors can file their returns now and make the payment at a later date also . Taxpayers can choose the day when they would like the payment to be made.

Who Should file ITR?

Under the conditions given below, it’s mandatory for people to file ITR:

  • Any firm or company must file ITR although they may create a profit or undergo a loss.
  • In case individuals wish to use for a loan or a visa.
  • In case individuals invest in other country assets or earn from foreign assets.
  • In case individuals wish to say a refund from the direct tax Department.
  • In case individuals earn rent from house property, etc.
  • If the gross annual income of the individual exceeds the main points mentioned within the table below:
Age of the individuals Gross annual income (Rs.)
Individuals who are below 60 years old 2.50 lakh
Individuals above the age of 60 years but below the age of 70 years 3.00 lakh
Individuals who are above the age of 80 years 5.0 lakh

Documents required for ITR filing

In case individuals wish to file ITR online, the below-mentioned documents are required:

  • The Permanent Account Number (PAN) of the individual.
  • The Aadhaar number of the individual. The Aadhaar number must be linked with the PAN.
  • The bank account details (bank account number, IFSC code, and bank branch) of the individual.

In case individuals file their ITR supported their salary, the below-mentioned documents are needed:

  • Form 16
  • In case HRA (House Rent Allowance) is being claimed, the rent slips must be given.
  • Salary Slips

In case individuals wish to say deductions, the below-mentioned documents are required:

  • Proof of income like capital gains income and house property income.
  • Any details about investments that are liable for deductions.
  • Details of home loans and insurance
  • Deposit account and savings account interest certificates.

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