Income Tax Return e-filing Process

An income tax return does not just mean providing information regarding your annual earnings to the Income Tax Department of India. There are numerous benefits to filing income tax returns online. Some of them are listed below.

• Track Status Easily:

Unlike before, when individuals had to wait for weeks to verify the status, which was only shared over email, now anyone can check the status easily through the online e-filling portal. The overall process of filing returns has become more efficient and user-friendly.

• Quick Refunds:

The refund process is as quick and simple as the process of filing an ITR electronically. Earlier, people used to waste a lot of time going to the offices of the Income Tax Department for refunds. However, at present, you can simply update the bank details and get a refund without any hassle.

• Minimize Errors:

When calculating ITR, errors are frequently made since there are so many calculations that must be executed. However, there is a mechanism that allows the system to calculate the ITR when it is filed electronically, thereby limiting the likelihood of errors.

• Cost-Efficient:

People may need to employ a professional to calculate their returns if they want to file their taxes manually. As a result, this can be expensive. However, if they e-file their ITR, people could save on these costs because the computation can be done there.

Listed below is a quick guide on the process of e-file an income tax return online in India.

• Log in to the portal of the Income Tax Department and register through your PAN number, which further will be considered as a User ID.
• Choose from the following categories as Individual, Hindu Undivided Family (HUF), and others.
• Under the download section, visit e-filing for the pertinent assessment year. Choose an appropriate ITR form.
• Provide bank account details or prevalidate in case the information is already shared by you.
• New web page will open where you can cross-verify all the details provided by you. Check thoroughly and edit it if required.
• After verification, confirm and validate the process.
• Confirm the returns and submit the original copy to ITD.

Income tax e-filing is mandatory under the circumstances that are listed below.

• All companies are required to file an ITR regardless of whether they are profitable or incur losses.
• Any individual who is planning to apply for a visa or loan.
• If anyone has invested in or received income from foreign assets.
• Individuals who want to claim a refund from the Income Tax Department.
• Any person who is earning income from house property and more.
• In case the gross annual income of a person exceeds the amount mentioned in the table below.

Note: A person may need not file an income tax if their annual income is not taxable.

Listed below are the documents required by an individual for filing an income tax return online.

• Permanent Account Number (PAN)
• Aadhaar number is linked with the PAN.
• Bank account details such as bank account number, branch address, and IFSC Code
• Salary slips of working professionals
• Form 16, which serves as a source deduction for tax
• Rent slips if House Rent Allowance (HRA) is claimed

If any individual claims for the deduction, they may require to submit additional documents including income proof, investment details that are applicable to deductions, information regarding home loans and insurance policies, and certificates of your deposit and savings account.

Any individual who wishes to check income tax return filing status can visit the e-filing home page of the Income Tax Department. You can either use your acknowledgement number or login credentials to know the status. Here are the instructions that you can follow in both cases.

• Process To Check Income Tax e-filing Status Through Acknowledgement Number

1. Browse the official website of the Income Tax Department.
2. Go to ‘Income Tax Return Status’ and click.
3. Enter your PAN number, acknowledgement number, and verification code.
4. Click ‘submit’.
5. The status of your income tax return will be displayed.

• Process To Check Income Tax e-filing Status Through Login Credentials

1. Log in to the e-filing income tax returns official website.
2. Go to ‘view returns/ forms’ and click on it.
3. Choose income tax return and assessment year from the drop-down box.
4. The status will be displayed on your screen.