Filling an income tax return demonstrates your financial understanding and integrity like nothing else. Even the filing is not as tough or gregarious as it sounds to be. Industry Freak has taken the initiative to help people understand the online filing of ITR.
A stepwise guide to understanding each phase of online filing of income tax returns is hereby presented in bonafide of people.
Table of Contents
File ITR Online (Step by step guide)
1. Go to the website:
Firstly, click on this attached link to open the income tax e-filing website: https://www.incometaxindiaefiling.gov.in/home
2. Download excel utility:
You will see a dialog box on the right side of your screen naming downloads, click on “IT Return Preparation Software” known as excel utility.
3. Fill the ITR form:
Select the appropriate ITR form depending on the type of income mentioned in the description field and save it in Microsoft Excel format.
4. Log in or register:
Log in to the income tax portal, if you are new then you have to register to the income tax portal.
5. Download and import XML:
Once you have logged in to the portal, go to “My Account” and click on “Download Pre-filled XML”. Choose the Assessment Year for which you are filing the return. Select the ITR Form Number for which excel utility has been downloaded previously.
The Excel and XML utilities will be saved in your PC’s downloads folder. By selecting “Import from XML” in the excel tool, you may import data from the pre-filled downloaded XML file.
6. Calculate and pay the tax:
To calculate tax, check the auto-filled details then fill the required details in the excel utility. When all the details are submitted, tap on “calculate tax”.
If you have a payment of tax, go to the “Taxes paid and Verification” tab and click on “e-pay Tax”. You will be redirected to the NSDL website on the same tab. Select the relevant payment option to pay the taxes. The challan will be generated.
7. Generate and fill XML file:
For generating XML file, enter the challan details in excel utility under “TDS” tab “Sr No 21 IT – Details of the Advance Tax and Self-Assessment tax payments”. Tap on the “Validate” option on each sheet and then “generate XML file”. A summary tab will appear on your screen with an option to “save XML”. Then you can save it on your device.
Filing the XML file, you have to login into your account and you will see the “Income tax return” option under the “e-file” tab on your portal. Choose the relevant assessment year, ITR form number, filing type, and submission mode as Upload XML. Upload the XML file and click on Submit. (Don’t forget to choose e-verify the return).
8. E- verify the return:
To E-verify the return through Aadhar or Net banking OTP. In case the user does not want to e-verify the return, ITR has to be sent to CPC Bangalore within 120 days. Income tax acknowledgment will get generated, once the return gets successfully uploaded.
How to register to the income tax portal?
If you are new to e-filing, you have to register yourself to the portal. You will find an option to “Register yourself” on the upper right side of the home window. The registration process will take less than 10 minutes if you have all the information handy.
You have to select user type and fill in the required details necessary to proceed with your online filing of ITR. Once you have filled in the essential information validate the registration and you are done.
This is a one-time process, so from next time onwards you can simply log in to your account and file the ITR online.
FAQ
Yes, definetly one can file their ITR themselves. The process is easy to understand and quick. Industry freak have tried to simlplify the procedure for better understanding of common man.
When you have to do payment of taxes, mulltiple options will appear on the screen. An option “Net banking” will also be available to create challan and pay the taxes.
The process is exactly same for everyone, with just one diffrentiation. The prescribed form for every class of inividual is diffrent.
The process to verify tax return is very simple. First you have to login to your e-filing account, on the portal you will get an option to verify your tax return. Select the ITR to verify it, then click on “Already generated EVC through bank ATM”. Submit the EVC and your tax return will be verified.
