How to File Income Tax Returns aka ITR Online in India

Most individuals who have an earnings are required to file earnings tax return aka ITR. Filing earnings tax returns in India is a reasonably easy course of for many individuals. You can file ITR on-line totally free simply through the Income Tax Department’s official web site or third-party IT return submitting web sites as effectively. The deadline for returns on-line this yr is August 31, 2019. The course of for submitting earnings tax returns is totally different for various folks in India.

Before we start the half the place we inform you how to file earnings tax return on-line in India, let’s take a fast have a look at which ITR to file.

Which ITR to file

For people wanting to file earnings tax returns in India there are 4 sorts of earnings tax return (ITR) varieties to contemplate. These are:

• ITR-1: Salaried folks with earnings beneath Rs. 50 lakhs per yr ought to file ITR-1. Here you are allowed to declare earnings from one home property, agricultural earnings up to Rs. 5,000, and earnings from different sources.
• ITR-2: Normally ITR-2 applies solely to folks whose earnings is above Rs. 50 lakh however if in case you have any capital features to declare (reminiscent of earnings from mutual funds), then you definately want to file ITR-2. There are sure different sorts of incomes reminiscent of overseas earnings, a number of home properties, and so forth. that fall beneath this one.
• ITR-3: In addition to the sorts of earnings talked about beneath ITR-2, if in case you have earnings from enterprise or career then you definately want to file ITR-3.
• ITR-4: If all your earnings sources are listed beneath ITR-1 however your complete earnings is above Rs. 50 lakhs per yr, then you definately want to file ITR-4.

This is the fundamental information you want to determine which ITR to file, however make sure to double-check this. It’s finest to seek the advice of with a chartered accountant in the event you’re undecided or if in case you have earnings sorts not talked about above.

This information is will cowl submitting earnings tax returns for salaried folks, particularly those that fall beneath ITR-1.

How to file ITR on-line

Now that you already know which sort of ITR to file, you are able to do this simply and totally free on the Income Tax Department’s e-filing web site. Follow these steps.

1. You want to create an account on the IT division’s web site first. You can click on here to do it. For most individuals the kind of person has to be Individual. Just comply with the on-screen prompts and fill the required particulars. Once your account is created comply with the subsequent step.
2. Go to the Income Tax e-filing website and log in to your account.
3. Click Filing of Income Tax Return.
4. On the subsequent web page you want to choose your Assessment Year. This is usually a bit complicated however this is what you want to know — the evaluation yr is the yr after the monetary yr of your return. For occasion, if you’re submitting an IT return for the monetary yr 2018-19, the evaluation yr is 2019-20.
5. Next choose the ITR Form Number, Filing Type (needs to be authentic/ revised return), after which Submission Mode. For the final one we chosen Prepare and submit on-line.
6. Then choose Continue.
7. This yr the earnings tax division has made it actually handy to file IT returns on-line by pre-filling a number of information about your earnings. So if you’re a salaried individual with no different supply of earnings and also you declared your investments and bills (reminiscent of hire, PPF, and so forth) to your organization, it’s possible you’ll not even have to fill in any knowledge. In our case the shape was just about pre-filled and all we would have liked to do was enter our financial institution particulars.
8. To do that, click on the Taxes and Verification tab to add your financial institution particulars. Now scroll down to D21. Bank Account Details, add the information and click on Add. This is necessary and can enable you to get earnings tax refund credited to your account. Once you’ve got made positive that these are right, make sure to scroll to the underside and click on Save Draft.
9. Next undergo every of the tabs beginning with General Information. Make positive your title, deal with, and different information is right.
10. Now click on the Income Details tab. This is the place all your wage information will probably be pre-filled. In case it isn’t, get Form-16 out of your employer and manually key in all your earnings particulars.
11. Now scroll down to part B5. Gross Total Income. Here you may double-check if all of the deductions are appropriately entered. Things reminiscent of life insurance coverage premium, PPF, NPS investments, medical health insurance premium, and so forth. needs to be crammed right here. Don’t neglect to examine C15. 80TTA Interest on saving financial institution accounts and key in curiosity earned all year long out of your financial savings accounts.
12. Finally, examine C18. Total Deductions and C19. Taxable Total Income. Once you’ve got made positive that these are right, make sure to scroll to the underside and click on Save Draft.
13. You want to examine the 80G tab now and declare charitable donations, if in case you have made any.
14. Once once more, undergo all of the tabs and see if there’s any information you want to add or something was missed. Once all of that is completed, go to Taxes Paid And Verification and scroll to the underside. Click I would love to e-verify after which click on Preview and Submit.
15. Now click on OK in the affirmation field.
16. The subsequent web page will present a preview of your complete ITR so please learn the whole lot rigorously and ensure all particulars are right. Then click on Submit.
17. Now you may see a pop-up the place you may choose the way you need to e-Verify your IT return. Select Aadhaar OTP in case your Aadhaar and telephone numbers are linked. Else choose Net Banking. Then click on Continue.
18. Now click on Submit.

Congratulations. If this course of was profitable you will notice this affirmation message: “Your Return has been successfully uploaded.” If you have not e-verified it but, however you are able to do that up to 120 days after you file your IT return. It’s a easy course of through web banking and even less complicated through Aadhaar OTP. Just log in to your IT e-filing account and click on My Account > e-Verify Return > e-Verify. Now comply with step 17 above and also you’re completed.

For extra tutorials go to our How To part.