Most people prefer a convenient and user-friendly option to file their Income Tax Returns (ITR). The e-filing of income tax is simple, easy to understand and also saves a lot of time. Even though the ITR date for AY 2020-21 is extended to November 30, 2020, it is always beneficial to begin your e-File ITR process in-time to avoid last-minute complications.
Here is a complete guide on how to file ITR return online.
Pre-requisites of e-filing for individual taxpayers
Before you understand how to apply ITR online, keep these details handy:
Tax payable details
TDS certificates and Form 26AS
How to file ITR return online?
The e-File ITR facility is only available for ITR 1 and ITR 4.
Step 1: Go to the official tax-filing portal.
Step 2: Log in with your user ID (PAN Number) and Captcha code.
Step 3: Select the ‘e-file’ menu and then choose ‘Income Tax Return’.
Step 4: On the ITR page, your PAN will be auto-populated. Enter the other details like assessment year, ITR form number, filing type and submission mode. Remember to choose ‘Prepare and Submit Online’ from the ‘Submission Mode’ dropdown.
Step 5: Continue and read the given instruction carefully to fill the given fields on the online ITR form. To resume the process later, you can use ‘Save Draft’.
Step 6: Select the suitable verification choice in the 'Taxes Paid and Verification' label.
Step 7: Choose any of the ITR verifications options, including:
e-Verify. If you choose to e-Verify, you will need to enter the Aadhar OTP, EVC, prevalidated bank or Demat account, or DSC.
e-Verify later within 120 days from date of tax filing.
Send signed ITR-V to "CPC, Income Tax Department, Bengaluru" within 120 days from date of tax filing.
Remember to enter the EVC or OTP within 60 seconds else the ITR will be auto-submitted.
Step 8: The submitted ITR should be verified later through ‘My Account’ à ‘E-Verify returns’ or by sending a signed copy to CPC, Bengaluru.
Postal Address for CPC Bangalore - Income Tax Department - CPC, Post Box No. 1, Electronic City Post Office,Bangalore-560500, Karnataka.
If you are not confident about your e-File ITR, you can choose to file your income tax return offline and take professional help in the process.
How to file ITR return offline?
Step 1: Go to the official tax-filing portal and download Excel or Java utility ITR utility from the Download>IT Return Preparation Software on the right side.
Step 2: Extract and open the offline utility from the extracted folder.
Step 3: Ascertain your applicable income tax form and fill in the required details like income, deductions, etc.
Step 4: Check information in all tabs and calculate your tax payable or refund.
Step 5: Click on ‘Validate’ on the right corner of the form.
Step 6: Once validated, click on ‘Generate XML’ and save the converted XML file.
Step 7: Go to the income tax portal and log in using user ID (PAN Number) and Captcha code.
Step 8: Click on the ‘e-File’ tab and choose the ‘Income Tax Return’ option.
Step 9: On the ITR page, your PAN will be auto-populated. Enter the other details like assessment year, ITR form number, filing type and submission mode. Remember to choose ‘Upload XML’ from the ‘Submission Mode’ dropdown.
Step 10: Choose any of the ITR verifications options, including Aadhar OTP, Digital Signature Certificate (DSC), Electronic Verification Code (EVC), etc. You can also send signed ITR-V to CPC, Income Tax Department, Bengaluru. The Postal Address is - Income Tax Department - CPC, Post Box No. 1, Electronic City Post Office,Bangalore-560500, Karnataka.
Step 11: Continue and upload your XML file and enter the verification credentials like DSC, Aadhar OTP, etc.
Step 12: Submit the ITR.