Complete Guide on How to File Income Tax Returns
May 29, 2019
Before we get into the process of how to file income tax return, let us first understand what is income tax return. It is a statement of your income in the last financial year. One may file a return even if they don’t have taxable income in case, they wish to submit their IT returns along with an application for loan as proof of income. It is recommended that you learn how to file income tax return online to save yourself the hassle of printing multiple forms and redoing forms if you make a mistake while writing, and posting it to the IT Department. Simply follow our step-by-step guide to know how to file ITR online:
There are two ways of going about this. The first is:
- Download the ITR software to prepare your return.
- Follow the instructions within the software to fill the form.
- Enter the data, choose ‘Calculate’ to find out the tax liability and income tax refund.
- If there is any tax to be paid, do the needful.
- Save the income tax return data in XML format.
- Log in to the official government e-filing website.
- Under the ‘E-File’ tab, select ‘Upload Return’.
- Choose from the appropriate income tax return form - ranging from ITR 1-7. The Form will depend on the nature of the tax payer - whether it is an individual or an enterprise, and the nature of income.
- Select the correct Assessment Year.
- Upload the filled XML data sheet from your computer.
- Submit the form along with the Digital Signature Certificate (DSC), if you have one. Otherwise, download the ITR-V, fill and sign it, and post it to the Centralised Processing Centre (CBC) within a hundred and twenty days of printing. Only when the CBC receives it, will it be considered that your income tax return filing has been completed.
The other way of easy IT return filing online entails the following steps:
- Register or log in to the official government e-filing website.
- Head to the e-file section on your account page and select ‘Prepare and Submit ITR Online’.
- When you are doing the e-filing of income tax return, ensure that you choose from the appropriate income tax return form - Only ITRs 1 and 4S can be filled through this method.
- Choose the correct Assessment Year.
- Fill the details.
- Click on ‘Submit’.
- Similar to the previous online income tax return filing way, you will either submit your income tax return with a DSC or print the ITR-V and send the signed document to the CBC.
Now that you have successfully filed your income tax online, you would be keen to know the income tax return status. To check the status, simply log in to the official government IT e-filing website and select the correct Assessment Year from the options given to know the status.
Learning how to file income tax return is a skill that each one of us must have.
The contents of this document are meant merely for information purposes. The information contained herein is subject to updation, completion, revision, verification and amendment and the same may change materially. The information provided herein is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would (by reason of that person‘s nationality, residence or otherwise) be contrary to law or regulation or would subject lClCl Bank or its affiliates to any licensing or registration requirements. This document is not an offer, invitation or solicitation of any kind to buy or sell any security and is not intended to create any rights or obligations. Nothing in this document is intended to constitute legal, tax, securities or investment advice, or opinion regarding the appropriateness of any investment, or a solicitation for any product or service. Please obtain professional legal, tax and other investment advice before making any investment. Any investment decisions that may be made by you shall be at your sole discretion, independent analysis and at your own evaluation of the risks involved. The use of any information set out in this document is entirely at the recipient's own risk. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith by lClCl Bank and from sources deemed reliable. There can be no assurance that such projections will prove to be accurate. lClCl Bank does not accept any responsibility for any errors whether caused by negligence or otherwise or for any loss or damage incurred by anyone in reliance on anything set out in this document. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith and sources considered reliable by lClCl Bank. In preparing this document we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us or which was otherwise reviewed by us. Past performance cannot be a guide to future performance. 'lClCl ' and the 'I-man' logo are the trademarks and property of lCICl Bank. Misuse of any intellectual property, or any other content displayed herein is strictly prohibited.