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The advancements in technology and use of internet in financial and fiscal affairs across the globe has enabled the e-filing or online filing of IT Returns in India.
E-filing is the process of filing tax documents through the internet by registering with the IT department website.
The e-filing of income tax returns in India was introduced in September 2004. It was initially introduced on a voluntary usage basis for all categories of income tax assesses. Since 2013, it has become compulsory for individuals with than 10 Lakhs of income to file their income tax returns online.
What is Income Tax Return?
An Income Tax Return, in simple terms, is the tax form or forms or statement used to file income tax with the income tax department.
The income tax return usually consists of a predefined worksheet format. The income figures used to calculate tax liability can be written on the document itself.
Income tax returns need to be filed by:
- An individual whose gross total income exceeds the exemption limit.
- A company or firm, LLP, AOP or BOI irrespective of the profit or loss made in a financial year.
- Hindu Undivided Families or HUFs.
Why should you File your IT Returns Online?
There are various benefits of filing your Income Tax return online, Some of them are as follows:
- Filing an IT return helps in getting speedy accidental claims in Third Party Insurance.
- An individual gets eligibility to apply to all loan applications from Banks.
- Filing an IT Return adds value to the immigration profile for a person obtaining visa outside India.
- For obtaining government tenders, and registration on panels.
- For obtaining LIC/GIC or other agencies of government institutions or public/private sector undertakings.
- An individual can get startup funding with ease when he/she files an IT Return.
Here is How an Individual Can File IT Returns Online in 6 Simple Steps:
Step -1
Login to the Income Tax website with your User ID, Password, and Date of Birth/Date of Incorporation.
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In case of new users, the User ID is their PAN and they can enter the chosen password to create the account.
Step – 2
Go to e-File and click on “Prepare and Submit ITR Online”. It should be noted that only ITRs 1 and 4S can be filled online. Select the Income Tax Return Form ITR 1/ITR 4S and the Assessment Year.
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Choose the assessment year for which you are paying the tax and then select the applicable or suitable ITR form and then click on the continue tab to go to the next panel.
Step – 3
Fill in the details and click the “Submit” button. Upload Digital Signature Certificate (DSC), if applicable. You must ensure that your Digital Signature Certificate is registered with e-Filing.
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You can complete the process on the portal itself by using the ‘Quick e-file ITR Link’.
Step – 4
The taxpayer can click on the submit button by filling in the challan details and then confirming all the data provided on the worksheet. Following that, click on the validate tab.
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Step – 5
On successful submission, ITR-V would be displayed (if DSC were not used).
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You can download the ITR-V now. The ITR-V will also be sent to your registered email ID. In case the Income Tax Return is uploaded with DSC, the Return Filing process is deemed to have finished.
Step – 6
In case the return is not annexed with DSC, the ITR-5 Form must be printed, signed, and submitted to Central Processing Center or CPC within 120 days from the date of e-filing.
Only upon the receipt of signed ITR-5 will the return be processed. The concerned assessee should check their respective emails/SMS for reminders on non-receipt of ITR-5.
