E-filing is the process of filing income tax returns or ITR by using the internet. The procedure is quick, easy and can be completed in the comfort of an individual’s office or home. E-filing an ITR can also help in saving up money as you would not have to hire an individual to file ITR.
Registration process
An applicant must follow the steps mentioned below in order to login or register on the e-filing portal:
- Visit the official e-filing website https://www.incometax.gov.in/iec/foportal
- If you are already registered yourself on the portal earlier, click on the ‘login here’ option
- However, if you have not registered yourself on the portal, click on the ‘register yourself’ option
- Click on the ‘taxpayer’ option and then enter the details of your PAN
- Click on ‘validate’ and then on ‘continue’
- Then, you will have to verify the details for which a 6 digit one-time password or OTP will be sent to your registered mobile number as well as your email address
- The OTP has been verified, you will be directed to a new window where you will have to verify the details provided by you.
- In case any of the details given is incorrect, you can change it for which another OTP will be sent to validate the change
- The last step is to set up a password and Secure login message
- Lastly, click on ‘register’ after which you will receive an acknowledgement message stating that the registration process is done successfully
E-filing procedure
Your Income Tax liability has to be calculated as per the provisions of the income tax laws. In order to summarise your TDS payment for all the four quarters of the assessment year, you must use Form 26AS. According to the definition provided by the Income Tax Department for each ITR form you must determine the category that you fall under and choose an ITR form accordingly
In order to file your income tax returns, you must follow the steps mentioned below:
- Visit the official portal of Income Tax e-filing and click on the ‘login’ option
- Then, enter your username and click continue after entering your password
- Once you are logged in into the portal, go to the tab e-file and then click on file income tax return
- Select the relevant year for which you wish to file your income tax return and then click on ‘continue’
- Then you will be asked whether you wish to file your income tax online or offline.
- Select the recommended mode of tax filing which in this case is the former one
- Then, you must choose whether you wish to file your income tax in an individual, Hindu Undivided Family or HUF, or others. Choose the option ‘individual’
- Select the income tax returns you wish to file. For instance, ITR 2 can be filed by individuals and HUFs who do not have income from business or profession. In the same way, an individual can choose the option ITR1 or ITR4.
- In the next step, you will be asked the reason for filing your returns above the basic exemption limit or because of the seventh provision under Section 139(1). In accordance with the section, If the aggregate Amount deposited by the individual is more than Rs 1 crore in one or more current accounts during the year, more than Rs 2 lakh on a foreign trip, or if payment of more than Rs 1 lakh is paid on electricity bills, then the person can file their income tax returns. It is important that you choose the correct option
- Fill in the details of a bank account. In case you have already provided the details of a bank account then pre-validate it
- Then, you will be taken to a new page to file your income tax returns. This page already contains a lot of information. Hence it is important that you make sure all the details mentioned are correct. Confirm the summary of your returns and validate it
- Lastly, verify your returns and send a hard copy to the Income Tax Department. This verification process is compulsory.
