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How to file Income Tax Returns online?

Here is a step-by-step guide to direct you to the process of filing income tax returns online. All you need to do is follow these steps.  Step 1: Download the ITR form to fill it offline The Income Tax Department allows taxpayers to fill in the ITR-related details through an offline tool. All you have to do is to click here to download the tool, fill out the form, and get it ready in ‘.json’ format.  ALSO READ: Digital Voter Card: Here’s how to download a digital copy of your voter ID card online Step 2: Visit the official income tax portal  Open a web browser on your laptop and go to the e-Filing portal page i.e. https://eportal.incometax.gov.in/iec/foservices/#/login  Step 3: Login to the portal To start the process, log in on the income tax portal with credentials like PAN, AADHAAR or user ID and password. It also lets users log in with their net banking method with a preferred bank. Once you provide your net banking credentials, the page will automatically take you to the portal. Step 4: Choose the ‘File your income tax return’ option Head to the e-File menu at the top-left corner, go to Income Tax Returns option and tap on ‘File Income Tax Return’ to proceed. Step 5: Start filling in details The next steps will ask you to fill in basic details like assessment year, filing mode, filing, and ITR type. Do it and tap on the ‘Continue’ button.  ALSO READ: How to send an anonymous message on Instagram Step 6: Upload your pre-filled ITR form Get your filled ITR form from Step 1, click on the ‘Attach File’ option and upload the form in ‘.json’ format.  Step 7: Follow and fill the instructions under Schedule Summary Once the ITR form is uploaded, you will be headed to a page comprising different fields. Provide the mandatory details and follow other applicable instructions. ALSO READ: How to close Zerodha account permanently online? Step 8: Verification process At this step, you need to verify yourself and provided details through different methods including OTP with Aadhaar or generating Electronic Verification Code (EVC) via net banking, Bank account, Demat account or ATM machine. You can e-Verify this within 120 days from the date of filing. Once done with the verification, click on the ‘Continue’ button. Step 9: Get the form preview The next step will take you to the form’s preview. Check the form thoroughly for any possible mistake or missing information and get it corrected. Step 10: You’re done Once done with all the above steps, click on the ‘Submit’ button for the last time to complete the ITR filing process. 

ITR 1, ITR 2, ITR 3, and ITR 4 definition

An individual taxpayer is required to select one out of four ITR forms that include ITR 1, ITR 2, ITR 3, and ITR 4. If you are new to doing taxes on your own, then you might find yourself in a dilemma about which ITR form is for you. Not to worry, here’s a quick introduction to let you know under which category of taxpayer you fall.

ITR 1

ITR 1 form is for Indian resident individuals who have an annual income of fewer than 50 lakhs. The nature of earning can be salary, pension, house property, or unregistered business like agriculture.

ITR 2

It covers individuals and Hindu Undivided Families (HUF) having an income greater than Rs 50 lakhs from sources including capital investments, foreign income, directorship, unlisted shares in a company, or more than one house property. HUFs and individuals earning income from other sources, dividend income, or borrowed money for investment also fall under ITR 2.

ITR 3

The form ITR 3 is from an individual or a HUF doing any profession or business with a presumptive income exceeding Rs 50 lakhs. Income source and capital gains under ITR 2 are also covered by ITR 3.

ITR 4

ITR 4 form is applicable for individuals, HUFs, and firms wishing to offer their income on a presumptive basis. Also, non-residents cannot use the form even if the income is below Rs 50 lakhs or has income taxable on a presumptive basis. Directors in a company or shareholders of unlisted companies are not allowed to choose the ITR 4 form.

How to e-Verify ITR

As we mentioned earlier, it is necessary to e-verify the ITR process and the department allows taxpayers to do so within 120 days of the ITR filing date. Otherwise, the complete process is treated as invalid. If you need to e-verify ITR, here’s how you can do it:

How to check ITR status

If you wish to check the status of your ITR filing, the department offers a quick way to do it. Here’s how you can check your ITR status online: What is the last date for filing ITR? The last date for filing income tax return for the financial year 2021-22 is July 31. Also, unlike previous years it seems that government will not extend the deadline this year, so it is strongly recommended to file your ITR before July 31 in order to avoid heavy penalties. What are other ways to file ITR? There are various online platforms that offer affordable service to file income tax returns in India. The leaders in domain are ClearTax, VakilSearch, TaxSmile, MyITReturn, TaxBuddy, and H&R Block. Who are eligible to file ITR?

Individuals with more than below-mentioned basic exemption limit in their income:

Professional income exceeding Rs 10 lakhBusiness with sales turnover Rs. 60 lakh and aboveAccount deposited with at least Rs. 50 lakhAmounts exceeding Rs. 1 crore in bank accountSpending above Rs. 12 lakh on a foreign country travelElectricity bill exceeding Rs. 1 lakhIncome from foreign sourcesWhen gross total income is higher than the exemption

What can be done in case of not receiving Income Tax refund? Taxpayers can file complaint through official portal of Income Tax Department incometax.gov.in. You can also dial the toll-free number – 1800-103-4455 to lodge complaints.

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