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An Expert Guide To File ITR Online

Aug 04, 2021 Alankit

India’s Income Tax Laws are framed by the Government. The Government imposes a tax on taxable income of all persons who are individuals, Hindu Undivided Families (HUFs), companies, firms, LLP, an association of persons, a body of individuals, local authority, and any other artificial juridical person.

In the modern world, there is no other way to prove your financial wisdom and ethics unlike how good you are at timely filing your tax compliance. However, the process of ITD filing is simpler than it sounds. We will help you to understand what ITR is and how to file it in the simplest way possible.

Let us start by understanding what exactly is Income Tax Return?

What is Income-Tax Return?

Fundamentally, going by the official definition, “an Income Tax Return is a form that is used to file information about income or taxes to the govt.” It is mandatory to file ITR at the end of each fiscal year as per the Income Tax Law.

Who Is Liable To File The Return?

It is very important to understand who is supposed to file ITR online or offline.

  • All of us whose total income is above Rs. 2.5 lakhs in a financial year are liable to file Income Tax Returns. Except for senior citizens in the age bracket of 60-79 years whose limit starts from Rs. 3 lakh per annum as well as for super senior citizens (aged 80 and above) for whom the limit starts from Rs. 5 lakhs per annum.
  • All the Companies, LLP, or Partnership Firms
  • The individual who needs to claim a refund of Taxes.

Sources of Income

The income of an individual basically is divided into five different heads according to the Income Tax Act 1961 namely:

  • Salary or Pension
  • Business Income / Professional Income
  • Income from other sources (commission income or Interest income)
  • Capital Gain (Profit on sale of the property)
  • Housing Income (rent)

What Are The Documents Required To File ITR Online:

There are certain documents that an individual taxpayer of the country needs to submit which will further be held as a piece of evidence under the Income Tax Act, 1961 as well as Income Tax Rules 1962.

  • Form 16 – if salaried
  • Form 26AS (TDS details)
  • Bank Book / Pass Book
  • Details of Tax Saving Investment if any made (For example, LIC or PPF or FDR or Interest certificate or Mediclaim)

Types of ITR Forms

In order to encourage you to stay determined to your tax liabilities, pay your taxes as well as claim your returns (in case you had paid extra taxes) the Income Tax Returns has tried to keep its forms simple and have bifurcated the forms in different categories to suit your income type and requirement. Ergo, a taxpayer needs to know the form that suits their ITR requirements.

  • ITR-1: Sahaj or ITR- 1 is to be filed individuals being a resident having total income up to Rs.50 lakh, who have Income from Salaries, one house property, other sources (Interest, etc.), and agricultural income up to Rs.5 Thousand.
  • ITR-2: This form is to be filed by Individuals and HUFs who do not have income from profits and gains of business or profession or having income from a two-house property.
  • ITR-3: This form is for those individuals and HUFs who are having income from profits and gains of business or profession.
  • ITR-4: (Sugam): In case your business attracts plausible income for you, then this is the form for you. This form is to be filed by Individuals, HUFs, and Firms (other than LLP) who are a resident having total income of up to Rs.50 lakh from business and profession which is computed under sections 44AD, 44ADA or 44AE.

How to File ITR Online?

The practice of filing Income Tax Returns (ITR) via the use of the internet is coined as E-Filing. It is a pretty easy and quick process and can be completed at the comfort of the taxpayers’ office or home. The online filing of ITR helps an individual to save money in comparison to the traditional offline filing of ITR.

A Step-By-Step Guide on How to Login or Register on the e-filing portal

Step 1: Visit the e-filing website

Step 2: Register or Login to e-file your returns

In case you are already registered, click on the ‘Login Here’ button.

Other non-registered taxpayers click on the ‘Register Yourself’ button.

Step 3: Click on ‘Taxpayer’ and then enter the particulars needed such as your PAN and click on ‘validate’. Next, click on ‘Continue’.

Step 4: Fill in details such as your name, address, gender, residential status, date of birth, etc.

Step 5: Enter your Email ID and registered mobile number.

Step 6: Click on ‘Continue’ once the form has been filled up.

Step 7: Fill in the 6-digit One Time Password (OTP) sent to your registered mobile number and Email address to verify the details.

Step 8: provide the OTP and follow the instructions mentioned to complete the registration process successfully.

Step 9: A new window will open where you will have to verify the details provided by you once the OTP has been verified. In case you have entered an incorrect detail or information by mistake, you have the privilege of modifying it, following which another OTP will be sent to validate the change on your registered mobile number and email address.

Step 10: Set up a password to secure your login message as the last step to complete the process.

Step 11: Click on ‘Register’ following which you will receive an acknowledgment message stating that the registration process has been completed successfully.

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