To e-file your ITR online is the latest trend and also convenient at the same time. Most of the businesses and even the individuals are filing online ITRs these days because of the ease and time-saving it provides apart from many other related benefits. Besides, the latest mandate issued by the Income Tax Department says that individuals earning Rs. 5 lacs per annum or more need to file their tax returns online or electronically.
A Step-by-Step Guide To File ITR online
Step 1 : Creating your E-filing Account
Firstly, you need to create an e-filing account for which you need to visit the Income Tax Department’s e-filing website, the link to which has been given above in the blog. Now, click on “Register Yourself” which will take you to a form where you need to fill in your personal details. Once the account gets created successfully, please login using your login credentials i.e. user ID(PAN Card No.) and password.
Step 2 : Form 26AS Downloading
Now, on the left-hand side of the e-filing website under the “Services” section, you need to click on the fourth option which is “View Form 26AS(Tax Credit)”. This will generate the Form 26AS for you which is a consolidated tax statement issued to every taxpayer and provides for the sum of money paid against each PAN number. It also depicts the Advance Tax, TDS, Self-assessment tax paid in your name. Over here, it’s important to note that the password for opening Form 26AS is your DOB in format “ddmmyyyy”.
Step 3: Downloading ITR Form Online
On the right-hand side of the e-filing website of IT Department under the Downloads section, click on the first link which shows with the name “ITR Forms – AY 2016-17”. After clicking on this option, a list of different downloadable ITR forms will show up on the screen. Download the correct ITR form from the list that appears before you. ITR 1 option is for the salaried/pensioners or the individuals having one house property income.
Likewise, ITR-2 form must be downloaded only by those having income from more than one house property or via capital gains or the income earned through assets abroad or claiming tax treaty benefits. After you have downloaded the ITR form successfully, a zip file will get saved on your computer automatically.
Step 4 : Filling Details in The ITR Form (while Filing ITR Online)
From the downloaded zip file, extract the excel form utility and try to enable macros in the Excel form. From here onwards, simply follow the instructions to fill in the personal details :
- You need to mention the basic details like your PAN card no., e-mail ID, address, DOB, mobile no., original or revised return, residential status etc.
- E-filing ITR also requires you to provide details regarding tax deducted on the employer side and self-assessment /advance tax, if paid.
- You might need to refer to Form16 or form 26AS while filing tax online. You also need to mention the other sources of income which are taxable, if any.
- Also required is your bank details while filing ITR online including name of bank, IFSC code, bank acc. no., type of bank account etc.
Step 5 : Validating The Details Provided in the ITR Form
After you have done all this, now is the time to confirm all the details that you have provided while filing ITR online on the e-filing site of the IT Department. To do this, you need to click on the “Validate” button that is provided on all the form pages. In case you miss any information which is mandatory to fill, the system will automatically prompt you to the concerned section where the details are found missing.
Step 6 : Calculating Tax Liability
For this, you need to click on “Calculate Tax” after you have filled in all the required details. If there is any tax that shows up on the return form as payable income tax, then you should deposit that amount and also the challan details need to be mentioned in the return form.
Step 7 : XML File Generation In Context of the ITR Filed Online
While filing returns online after all taxes have already been paid, you need to click on “Generate XML” tab and afterwards the xml generated file should be saved on the computer.
Step 8 : Submission of Online ITR
In this step of e-filing tax returns, you need to go to your e-filing account on the same Income Tax Department’s website and ought to click on “Upload Return”. Now fill in the ITR form, Assessment Year and Name. After this, upload the previously generated XML file and then click on “Submit” button. Now, an ITR-V will get generated and an e-mail on your registered email ID will be sent automatically. ITR-V is basically a kind of acknowledgement or verification of your filed taxes online.
Step 9 : Sending the Signed ITR-V to the IT Department
Take a print of the ITR-V that got generated and sign it using a blue ink pen. After signing in, you need to send it to the “Income Tax Department” by ordinary or speed post at the Address specified below :
“Income Tax Department – CPC, Post Bag No. – 1, Electronic City Post Office, Bengaluru – 560100”
Here, the point worth noting is that the signed ITR-V must be sent within 120 days of “return uploading” date in order to successfully complete the process called “e-filing ITR”.
Step 10 : Checking the Receipt-Status of ITR-V
After the successful receiving of your ITR-V by the Income Tax Department, an acknowledgement mail will be sent to you stating that your filed e-ITR has been processed. Also, you will be receiving an acknowledgement in the form of a confirmation SMS on your phone number.
I hope by now you must have clearly understood the whole e-filing process of paying your taxes. Further, if still there comes any problem, you can contact us anytime and our experts will be glad to file ITR on your behalf. Moreover, we would also like to take this opportunity to make you aware of us being experts at Filing ITR Online as we provide expert services related to e-filing of ITRs for individuals and businesses.