Income Tax (IT) is among the few revenue streams for the Government of India (GOI) where it can be used to repay in the form of better infrastructure, better standard of living, and so on. Every person in India earning more than INR 2.5 lacs is required to file an Income Tax Return (ITR). With the current ITR filing date for the financial year, 2021-22 has a deadline of July 31st, taxpayers are advised to hurry and submit their ITR forms before it is late or else they will have to pay the penalties on the taxes.
Taxpayers can file their ITR 1 and ITR4 online. Those earning an income of up to Rs 50 lacs (ITR-1) from pension/salary, one housing property, other income sources, etc, must fill their ITR form as well. You can check out more information on the website of the Income Tax Department.
How To E-File Your Income Tax Returns Online?
Let’s see exactly how you can e-file your income tax returns online using these step-by-step instructions.
Step #1: First up, go to Income Tax e-Filing Portal at https://www.incometax.gov.in/iec/foportal.
Step #2: You will have to log in using the user ID (PAN), password, and captcha and hit the “Login” button. In case you are a new user, you will have to register and you can find all the relevant information you need on the website itself.
Step #3: Next up, tap on the “e-File” option on the navigation bar and select “Income Tax Return”.
Step #4: Select “Assessment Year, ITR Form Number, Filing Type” as “Original/Revised Return”. Change the “Submission Mode” to “Prepare and Submit Online” before you can click on “Continue”.
Step #5: A form with all the information you need to provide will be available here that you need to fill up and submit. You can use the Save Draft option to save the form for 30 days after which, all the data will be lost. You need to make sure all the data as asked is provided and without any discrepancies.
Step #6: Go to the “Taxes Paid and Verification” option on the nav bar. You will get three options for verification. You need to select “choose to e-verify” or “e-verify within 120 days from the date of filing” or you can select the third option where you need to send a signed ITR-V through normal or speed post within 120 days from the date of filing.
Step #7: Once you have mentioned all the details and information as asked, tap on “Preview and Submit” and it will surely ensure that all the data is saved and submit it to the Income Tax Department of India and that’s pretty much all.
Note: If you select to e-verify, you have four options to verify the Income Tax Returns (ITR) that are Aadhaar OTP, Prevalidated Bank Account, Prevalidated Demat Account, and EVC generated through ATM or “My Account” section. In case you have chosen any of the other two methods, you will have to complete the procedure in order to complete the filing of ITR.
