A taxpayer needs to register themselves on the Income Tax Department's Website. While registering, you need to share your PAN (Permanent Account Number) and wait for validation. You need to share personal details, such as your name, address, gender, residential status, date of birth, mobile number, and e-mail ID.
Select how you want to file an ITR
There are two ways in which a taxpayer can file an ITR:
1. Through an offline method:
A taxpayer needs to download an appropriate ITR utility and fill in the applicable and mandatory details. You need to validate the ITR form and calculate the tax amount prior to generating an XML file. Finally, you need to upload this file back on the site.
2. Filling ITR details online at e-filing portal:
Here, a taxpayer can file ITR-1 and ITR-4. You can fill an ITR form online by selecting the quick e-file option on the portal.
Select the required tax form
There are several types of ITR:
1. ITR 1:
A resident individual who has an income up to Rs. 50 Lacs. This income can be from salary, house property (one), other sources (interest), family pension, and agricultural income.
2. ITR 2:
An individual and HUF (Hindu Undivided Family) who do not have income from profit or gains from business and profession. This income needs to derive from private companies or unlisted Equity Shares of these companies. It can also be used by someone who has more than one house.
3. ITR 3:
An individual or a Hindu Undivided Family that earns money through an active business or professional activity can make use of this form.
4. ITR 4:
An individual, HUF, or Firms (other than LLP) who have income up to Rs. 50 Lacs and are a resident of India. This income will be calculated under Sec. 44AD, 44ADA, and 44AE.
Upload documents for ITR calculation
Besides PAN (Permanent Identification Number), you need to upload Form 16, Interest Documents, TDS Certificates, investment papers, other expenses or Liabilities for the ITR calculation. You need to download ‘Form 26AS’, which summarizes your tax liability against your PAN. If your income is more than Rs. 50 Lacs, you need to fill an additional column of assets and liabilities. Here, you need to declare your assets at Market Cost.
An acknowledgment number will be generated post your ITR submission for your tax submission. This tax number is needed if you submit your application with a digital signature. If you submit your ITR without a digital signature, an ITR-V will be generated and sent to your registered e-mail ID.
The ITR-V is an important step because it must be verified and signed in order for the process to be completed. It can take upto 120 days to complete this process.
With digitalization in place, you can fill an Income Tax Return through your mobile phone or computer. Filing an ITR has become robust and hassle-free. Moreover, it has helped the government in bringing transparency to the taxing system.
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