Filing Income Tax Return is important for every taxpayer, it is the sign of a responsible citizen.
What is Income Tax Return?
Income Tax Return is form that is filed by a taxpayer, who earns a taxable income. It is one of the biggest proofs of a taxpayer’s Income in India. There are various tax slabs as per which a taxpayer files Income Tax Return in India.
What is e-filing of Income Tax Return?
The e-filing of income tax returns is compulsory for all income-earning individuals in India. To file Income Tax Return online, you will have to visit the Income Tax Department’s Official E-filing Portal. Electronic filing or e-filing of income tax returns, as it is also called, is basically the submission of an individual’s income tax returns online.
Easy Steps to File Income Tax Return
- In order to file your income tax returns online, go to Income Tax Department’s Official e-filing portal and create your e-filing account. Your PAN will be your login ID
- Login using your PAN and password.
- You are supposed to link your Aadhaar with your E-filing Account
- The same needs to be done by choosing the option of “Link Aadhaar” under the Profile Settings tab.
- Details including your name as per Aadhaar card, Aadhaar number etc. are to be filled to complete the linking process
- Open Form 26AS under the Quick Link menu. Form 26AS is a summary of the taxes you have paid for the relevant financial year. It will include TDS, Advance Tax and Self-Assessment Tax
- Download the correct ITR form or Income Tax Return form, as per your source of income
- Upload your Digital Signature Certificate (DSC), if applicable
- Click on “Submit” button
- On successful submission, ITR-V would be displayed (if DSC is not used). Click on the link and download the ITR-V
- ITR-V will also be sent to the registered email
- If ITR is uploaded with DSC, the return filing process is complete. After you successfully file your Income Tax Return, you are supposed to verify your ITR either manually or electronically within 120 days of ITR filing.