Income Tax e-Filing – Complete Procedure for ITR

Income Tax e-Filing - Complete Procedure for ITR

An income tax return is a document that allows a taxpayer to report their income, expenses, tax deductions, investments, and other financial information. The Income Tax Act of 1961 makes filing an income tax return a requirement in a number of situations.

Every single taxpayer (including businesses, organisations, and societies, among others) is qualified to file income tax forms electronically. Super elderly citizens (those over the age of 80) are given special consideration and may submit their IT either on paper or online.

Now, if you are wondering how to file ITR returns, this blog will take you through the entire steps to do the same in an effortless manner.

How to File Income Tax e-filing?

Follow the given steps carefully to do Income tax e-filing easily:

Step 1: Navigate to the official website of the Income Tax Department.

Step 2: Create an account with PAN, which will serve as your user ID. Registered users can log in by clicking on the ‘Login Here’ button.

Step 3: Go to e-file and select “Income Tax Return.”

Step 4: Select the ITR form number and AY from the drop-down menus. You must choose the filing type “Original/Revised Return” and the submission mode “Prepare and Submit Online.”

Step 5: Press the ‘Continue’ button.

Step 6: Fill in the required information on the ITR form.

Step 7: Determine the amount of tax due.

Step 8: Select the appropriate option from the ‘Taxes Paid and Verification’ tab.

Step 9: After that, click ‘Preview and Submit.’

Step 10: Complete the verification process by using Aadhaar OTP, electronic verification code (EVC) through bank account details, bank ATM, and Demat account details, or by sending a filled ITR-5 (either speed post or regular mail) to the IT Department.

Step 11: To complete the submission, enter the OTP/EVC that was sent to your registered mobile number during its validity period and follow the instructions.

Read More: Income Tax Slab Rate for FY 2021-2022 & AY 2022-23

What are the Documents Required for IT Return Filing?

Here is a list of all the necessary documents for IT returns based on your income type. Determine your income category and keep all the necessary documents ready:

Employment Type
Documents Required
Income from other sources
  • Bank account/passbook statement for savings interest,
  • Rent agreement or TDS certificate (if necessary),
  • Interest or TDS certificate for bank FD interest,
  • Dividend warrant (in case the income is generated from dividend),
  • Additional documentary proof (as required)
Salary income
  • Form 16
Capital gains income
  • Immovable property purchase and sale agreement,
  • All applicable capital asset purchase and sale proofs/receipts Demat account statement,
  • Contract note
Income from profession or business
  • TDS certificates,
  • Audited financial records, balance sheets (as needed),
  • Income tax payment (self-assessment tax/advance tax)
  • Challan copy
Tax savings investment
  • Receipt of health insurance,
  • Payment of the life insurance premium, Certificate of loan repayment,
  • Passbook for the Public Provident Fund (PPF),
  • Receipt of a fixed deposit,
  • Certificate of donation,
  • Certificate of payment for tuition,
  • Mutual fund consolidated account statement (CAS)
Deduction of tax on medical expenditure
  • Bill of medical expenses
Leave travel allowance
  • Tickets and receipts for purchased tickets
HRA exemption
  • Receipts for paid rent

Read More: Tax Deduction Under Section 80DD

FAQs

What happens if you do not file income tax?

If an eligible taxpayer fails to file an IT return, serious consequences may follow. Tax laws can result in prison terms of three to seven years, a minimum fine of 50% of the tax, and interest on the tax debt from the moment the IT Department notifies you until the return is filed.

Who is eligible to file the return offline (on paper)?

Only Super Senior Citizens have access to the offline mode (individuals who are 80 years or older during the fiscal year, have an annual income of less than Rs 5 lakh, and do not need to claim a refund in the return).

Is there a time limit for e-verifying returns?

Yes, e-verification of returns is required within 120 days of filing.

Is it possible to e-file my ITR without Form 16?

Yes, even if you don’t have Form 16, you can still e-file your Income Tax Return. You must enter the necessary information into the software and then submit the ITR.

How do I figure out how much tax I have to pay?

Using Paytm Income Tax Calculator, you can quickly calculate your tax. Simply fill in the required information in an orderly manner, and you will be given the amount that must be paid as tax.

What is the consequence of failing to file income taxes?

In accordance with Section 234F of the Income Tax Act, a late penalty fee for filing IT returns will be assessed beginning in FY 2018-19. If you submit an IT return after the deadline but before the end of the fiscal year, you will be charged a Rs. 5,000 late filing fee. If you pay after December 31st of that year, you will be assessed an Rs.10000 penalty. However, if your income is less than 5 lakhs, the late fee will be no more than Rs.1000.

How do you fix an ITR filing error?

Taxpayers can file a revised return under Section 139(5) of the Income Tax Act to correct a mistake made while filing ITR. A tax return can be revised three months before the end of the fiscal year for which it is filed.

Is it required to e-verify returns?

Yes, e-verification of returns is required for the IT Department to process refunds successfully.

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