How To File ITR Online In India, Guide File ITR Online For AY20-21:-
Filing Income Tax returns is compulsory for everyone. However, no filing is required in those aged below 60 years and who have an income source but not more than 2.5 lakhs before claiming any deductions. Below are the steps for filing an ITR online. If your income is less than 2.5 lakhs, then you can file a nill return.
How to file ITR online?
Online Filing of ITR has become very easy today. Follow the steps if you are interested in filing ITR yourself.
- Navigate to the Income Tax e-filing website using the following link.
- Download excel utility under Download section and then click on IT Return Preparation Software.
- Select the relevant ITR form as appropriate, based on the type of income mentioned in the description box, and then download it in Microsoft Excel in Microsoft Excel.
- Log in to the income tax portal.
- If you are a new user, click on “Register Yourself.” (To Register: select user type and fill in the necessary details and validate the registration.)
- If you are an existing user, click on “Login Here.”
- Download the XML File.
Procedure To File ITR Online For AY2020-21
Once the login has been done, navigate to “My Account” and then select, “Download Pre Filed XML”.
Select the Assessment Year for which return u need to file. Select the ITR form number for which excel utility has been downloaded in previous step. (Step 2).
Import data in excel utility.
Excel and XML will get saved in the downloads section of the PC. Open the excel utility and import the data from pre-filed downloaded XML file by just clicking on “Import from XML”.
Generating the XML File.
Check the auto filled details and fill the necessary details in excel utility. Once all the necessary details have been filled, click on “calculate tax”. In case if there is a payment of taxes, navigate to “Taxes paid and Verification” tab and click on “e-pay Tax”. You will be redirected to the official NSDL website. Select the relevant options and pay the taxes then, the challan will be generated. Now, enter the challan details in excel utility under “TDS” tab> “Sr No 21 IT – Details of Advance taxes and Self-Assessment tax payments”. Click on “Validate” button in each sheet and then “generate XML file”. You will see an Summary tab with an option to “save XML”.
Now, just save the XML file.
Filing the XML file
Once the XML file has been saved, just login to the portal and, select the option of “Income tax return” under the “e-file” tab. Select the assessment year, filing type, ITR form number and submission mode as Upload XML. Also select the option to e-verify the return. Upload the XML file and then click on Submit.
Download the XML file.
Once the login has been done by you, go to “My Account” and then select “Download Pre-filled XML”. Select the Assessment Year for which you are filing return. Select the ITR Form Number for which excel utility has been downloaded in previous steps. (Step 2).
E-verify the return.
Now the last step is to just E-verify the return through Aadhar OTP or Net banking OTP. In case if the user not want to e-verify the return, ITR has to be sent to CPC Bangalore within 120 days. Income tax acknowledgement will be generated on successful upload of return.
What is ITR?
ITR stands for Income Tax Return. It is a form which an individual needs to submit to the Income Tax Department of India. It contains data about the persons’s income and duties to be paid on it during the year. Data documented in ITR should pretain to a specific financial year, for example beginning on 1st April and finishing on 31st March of the following year.
Incomes can be from various structures and forms, for example
- The income comes from salary, where you work.
- Income from your business or shops.
- Income from properties or real estate.
- The income from YouTube, Blogging or any other online earning sources.
- Income from different sources like winning on lottery, royalty income, interest on deposits, dividend, etc.
Why should you file an income tax return?
Apart from the benefits of filing your income tax returns on time, it is also pocket friendly. You can avoid paying the penalties imposed due to delay in tax return filing. Filing your ITR before the year’s deadline makes you liable to pay a maximum penalty of ₹ 10000.
What is E-filing?
E filing stands for Electronic filing or you can say it is a short form of electonic filing of income taxes. When you file your income tax returns online by visiting their official site, this process is called e-filing. Now, you no longer need to visit Income Yax Department’s office to file your income tax returns physically. Instead, you have to just login to their website and do your job.
Applicability of all ITRs
- ITR-1 :- ITR-1 is also known as Sahaj. ITR 1 is to be filed by resident individuals who earns or have a total income of ₹ 50 lacs from salary, house properties, agricultural income upto ₹ 5,000 or have any other sources of income excluding winning from lotteries and income from horse races.
- ITR-2 :- ITR-2 is to be filed by Individuals and HUFs who are not eligible to file form ITR-1 and don’t have income from profits and gains from any business or their profession.
- ITR-3 :- ITR-3 is to be filed by Individuals and HUFs having income from profits and gains from any business or their profession.
- ITR-4 :- ITR-4 is also known as Sugam. ITR-4 is to be filed by resident individuals, HUFs, firms (other than LLP) who are residents having total income upto ₹ 50 lacs and having income from business or profession computed under section 44AD, 44ADA or 44AE.
NOTE:- It is compulsory for Individuals to file ITR through online mode.
Due Date of All ITRs
- The Due Date for a person (not works in a company) not covered under tax audits is 31st July.
- Due Date for a person covered under tax audits is 30th September.
- The Due Date for a person who has undertaken international transactions and is liable to report under 92E is 30th November.