Are you curious to know more about income tax e-filing? Do you want to file income tax return online but need some help? If the answer to both these questions is yes, then you would be wise to read on. Here you can know how you can complete efiling of income tax return in a hassle-free manner.
The Registration Stage
If you are a newbie, you need to register on the official website of the Income Tax Department, i.e., www.incometaxindiaefiling.gov.in . For the registration, you will need to provide some basic data like your full name, your date of birth and your PAN number. You will then be asked to set a password. Make sure to note it down for the future.
Making a Choice
After you have registered yourself, you will have two choices. First, you will need to download the necessary form and keep it on your desktop. Second is to fill all the details offline and then upload the form on the website by choosing the quick e-file option.
Choosing a Form
There are many forms available on the IT website, you need to pick one that meets your criteria. For instance, ITR 1 is for people who earn a pension, salary, income from other sources except for lottery while ITR 2 is for people who have capital gains and ITS 3, 4, and 4S are for professionals and business owners.
You will need the following for income tax return filing
- Your PAN Card
- Your Bank Interest Statements
- Income tax Form 16
- Details of all Investments
- Insurance Papers
- Home Loan Details
- TDS Certificates
Filling and Uploading
If you have opted to fill the form offline, you will need to select the Generate XML option and then go the then website and click on upload XML option. After that, you will just need to click on submit.
After you have filed the ITR form and submitted it, an acknowledgment number will be made available to you. If you have used a digital signature, you will need to save the acknowledgment number. In contrast, if you haven’t used a digital signature, the acknowledgment number will automatically be sent to your registered email address.
Your ITR V must be verified to ensure that the process of efiling income tax return in India is complete. It is sent to your email after you e-file the return and you need to download, print, sign and send it to Income Tax Department - CPC, Post Box No - 1, Electronic City Post Office, Bangalore - 560100, Karnataka so that the department can process the return.
Who Needs to File Income Tax Return?
Now that you have learned how to file income tax return, you should know whether you need to file it or not. According to law, a person needs to file an ITR if the below-mentioned conditions are applicable:
- If you are less than 60 years of age and your gross annual income is more than INR 2,50,000
- If you are more than 60 years of age but less than 80 years of age and your annual income exceeds INR 3,00,000
- In case you are more than 80 years of age, and your annual income is more than 5,00,000
- If you need to claim a tax refund
- In case a loss under a head of income must be carried forward
- If it’s a company or firm
- If you have a financial interest in any entity outside India and you are a resident of India
- In case you are a signing authority in a foreign account along with being a resident of India
- If you are applying for a visa or loan
- In case you get income from a property associated with any authority, body, trust or institution
- If an NRI is deriving any income from Indian sources, the person needs to file an income tax return.