Income Tax Return (ITR) filing online:-
Income Tax Return (ITR) is a document in which taxpayers report their taxable income, deductions, and tax payments in compliance with the applicability of the form. The pattern ranges from ITR 1 to ITR 7. The system by which the ITR form is completed and submitted to the income tax department is known as income tax filing. This article is all about Income Tax Return (ITR) filing online. Please read the full article very carefully.
You have to measure the gross income tax you owe to the government when filing the ITR. So, if you have paid more tax than required for the financial year, your verified/pre-validated bank account will be refunded by the income tax department for the extra money. And, for the financial year, if you have underpaid taxes, then you need to pay the outstanding amount before filing your income tax returns.
For the most part, the specifics of your Form 16 are pre-populated in the ITR form when you file your return online. This is why it is easy to file returns from the confines of your home or office, even at very short notice, with online filing.
Income Tax Return (ITR) filing online has become very quick and easy today, enabling one to do it alone instead of relying on a tax practitioner.
The due date for furnishing individual taxpayers’ Income Tax Return (ITR) filing online for the 2019-20 financial year has been extended from 31 December 2020 to 10 January 2021.
So, if you have not yet filed your ITR or you are confused about filling out your return form, you can Income Tax Return (ITR) filing online.
Additional read: Download Aadhaar Card online
Mandatory Income Tax Return (ITR) filing online
As per income tax laws, if the total income of a resident person during the financial year exceeds the basic exemption cap, Income Tax Return (ITR) filing online must be mandatorily filed. Know, an individual’s basic exemption limit depends on his or her age. The specific exemption cap is as follows for FY 2019-20:
|Age of an individual||Basic exemption limit (Rs)|
|Below 60 years of age||2,50,000|
|Between 60 and 80 years of age (Senior citizen)||3,00,000|
|80 years and above (Super Citizen)||5,00,000|
Therefore, if your gross total income reaches the amount alluded to in the table above (depending on your age), you will have to file a tax return on your income.
Steps for Income Tax Return (ITR) filing online:
- With the support of your Permanent Account Number, log into the Income Tax Department website Click here
- If you are not already a registered user, you will be forced to “Register Yourself” for the first time, otherwise under the registered user option you will have to click “Login Here”.
- If you are a new user, you will need to pick your user form and enter your PAN, surname, middle name, first name, date of birth and residential status after clicking on ‘Register Yourself.’
- Fill out the registration form now and confirm your registration.
- Log in again after effective registration. You must remember that the user ID serves as your PAN. Select the income tax return filing option after logging in successfully.
- Select AY 2020-21, then select the appropriate ITR form number from the drop-down menu.
- You will have to provide all the key documents in the requested format and carefully review and provide all your personal income information.
- Tap on ‘prepare and apply online’ after this in the submission mode. The tax owed on income and interest (if any) will be automatically determined.
- Pick your bank account after that. This is the bank account where the tax refund will be issued to you (if any).
- You will finally be asked to validate your return. Using the Electronic Verification Code (EVC) or Aadhaar OTP or digital signature certificate, this can be achieved.
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