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How to File an Income Tax Return Online with Ease?


The Income Tax Act, 1961 makes it mandatory for every individual with an annual income of over Rs.2.5 lakh to file ITR as per their income tax slab.  However, filing income tax is often considered tedious and prone to manual errors that often delay the filing process or lead to ITR rejection.

Notably, delaying the filing process subjects taxpaying entities to a late fee of Rs.10,000. To resolve such issues and make ITR filing simpler, individuals should consider filing their returns of income tax online.

Process of filing income tax returns

By following these instructions, one can make the process of filing ITR online easy -

       Log in or get registered

Registered entities have to click on the ‘Login Here’ option. In case an individual is not registered on the IT portal, he/she should click on the ‘Register Yourself’ button to use the income tax login option.

       Collect essential documents

Taxpaying entities must accumulate documents like TDS certificate, capital gains statement, interest certificate, salary slip, etc. These documents will come in handy for computing gross taxable income and will also provide insight into TDS.

       Identify and rectify errors in Form 26AS

Firstly, download Form 26AS then check it for errors and rectify them readily. In case the tax amount mentioned in the TDS certificate and the Form 26AS does not match, the taxpayer will not be able to claim a credit on the deducted tax.

       Compute total income and tax liability

Individuals can find out total income by adding earnings generated from all 5 sources and subsequently by claiming the applicable deductions like home loan tax benefits for under-construction property and then proceed to set off losses.

After computing income, individuals have to calculate tax liability with the applicable rate as per their income tax slab. Once the tax liability is computed, individuals should deduct the amount that has been paid in the form of Advance Tax, TDS and TCS. Subsequently, they must add interest payable under Section 234C, 243B and 243A and pay the liability of income tax online to avoid penalty.

       Select the relevant form

Taxpaying entities must fill up the relevant form from any of these to initiate the filing process.

       ITR 1 – It is filed by entities that generate income from salary, pension or other income sources.

       ITR 2 – It is filed by entities who own multiple properties.

       ITR 3, 4 and 4S – Professionals and business owners file these.

One must note that filing ITR using the wrong form is treated as a ‘defective return’ and taxpayers have to go through the hassle of refiling it to avoid penalty or other repercussions. Also, ITR forms serve as one of the vital documents one needs for a home loan, so intending borrowers should keep it handy during the application process.

Ideally, one should pick a lending institution that extends a simple home loan application process and is transparent in levying charges.

Leading HFCs also provides pre-approved offers to make the borrowing experience less cumbersome. Such offers are available on home loans, loans against property, etc. Check your pre-approved offer online with name and phone number.

Individuals may also consider calculating their home loan eligibility in just a few clicks and finding the other requirements to streamline the process.

       File ITR

Individuals can file ITR by simply downloading the Java or EXCEL software, fill up the relevant form and upload the same from their Income tax India login account. On the other hand, taxpayers filing ITR-1 and ITR-4 can carry out the process online, and they do not need to download any software to complete the same.

Once the ITR form is submitted, taxpayers will receive an acknowledgement number. Taxpayers who have filed ITR without attaching a signature will be required to verify the ITR-V within 120 days from filing their income tax online returns. In case, one fails to verify the same, he/she has to file tax returns again.

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