The process of filing income tax returns is online which is known as e-filing. The Income tax returns can be filed self or through the help of professional by registering on the income tax department website. E-filing is easier & popular as it doesn’t involve tedious paperwork and can be done easily from home or office.
ITR filing process: How to prepare and File ITR Completely Online :
- Register or log in on income tax site i.e. IncomeTaxIndiaeFiling.gov.in
- Choose the applicable Income tax form and choose the financial year.
- Download the
Income taxReturn form
- Open the downloaded form in excel utility
- Fill in the details
- Check your tax credit statement
- Claim 80G, savings certificates, and other deductions
- Check the tax payable amount by clicking the ‘calculate tax’ tab and pay the tax (if applicable).
- Fill in the challan details in the Income tax form
- Confirm all the details filled in the worksheet by clicking the ‘validate’ tab.
- Create an XML file and save it on the desktop.
- Go to ‘upload return’ on the income tax site (IncomeTaxIndiaeFiling.gov.in) and upload the saved XML file.
- In case you have a digital signature, select’˜Yes’ otherwise, choose ‘No’.
- On submission the XML file of the income tax form, the acknowledgment form, ITR Verification (ITR-V) will be generated which will automatically be received in your registered email or the same can be downloaded by you.
- Take a printout of the form ITR-V (acknowledgment form) and sign it in blue ink.
- Send the form by ordinary or speed post to the Income-Tax Department for e verification-CPC , Post Bag No. 1, Electronic City Post Office, Bangalore, 560 100, Karnataka within 120 days of filing your returns online (Or e verification can also be done through online through electronic verification code or Aadhaar-linked one-time password, within 120 days of e-filing the return as mentioned on portal).
TECHNICAL TIP: The system should be equipped with Java Runtime Environment Version 7 Update 6 or above
List of Documents required for e-filing of tax returns
The checklist of documents required for filing ITR is provided below :
- Bank account details
- PAN Number
For salary income:
- Rent receipts for claiming HRA
- Form 16
- Salary slips
For House Property income:
- Address of the house property
- Details of the co-owners (including their share in the property) and PAN details
- Certificate for home loan interest
- Date when the construction was completed, in case under construction property was purchased
- In case the property is rented, Name of the tenant and the rental income
For capital gains:
- Stock trading statement with details of purchase, if there are capital gains from selling the shares
- In case a house or property is sold, details of sale price, purchase price, registration and capital gain is required
- Mutual fund statement, debt funds, sale and purchase of equity funds, ELSS and SIPs
For other income:
- Bank account statements are required
- In case of interest accumulated in
savingsaccount, A deduction for up to Rs.10,000 is allowed on interest earned on savings accounts.
- Interest income from tax saving bonds and corporate bonds
- The details of income earned from post office deposit
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Chartered Accountant by profession, CA Sanket Agarwal has an experience of above11 years in Cross Border compliance , Import Export , International Taxation & is a passionate content creator.