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Income Tax Return e-filing Process

With the introduction of e-filing, filing income tax returns is now simpler than ever. In addition to being secure, submitting taxes online is easier and more convenient than going in person to the income tax office. As a responsible Indian citizen, you are required to file your income tax returns (ITR), and you can do this online from the convenience of your home. Read on to find out the process of e-filing income tax returns.

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Benefits of e-filing Income Tax Return

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.

Process To Register as Tax Payer on e-filing Website?

Here are the steps that you can follow to register yourself as a taxpayer on the e-filing income tax return website.

  • Browse the official website of the e-file income tax return.
  • Go to ‘register yourself’ and click on it.
  • Choose the user type as ‘individual’.
  • Enter all the information such as PAN number, residential address, and others.
  • Click ‘continue’.
  • Provide all the necessary details including your contact number and click ‘submit’.
  • Enter the OTP that was received on your registered mobile number.

Steps To Follow for e-filing Income Tax Return Online

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.

Eligibility Criteria for Income Tax Return e-filing

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.

Individual’s Age

Gross Annual Income (Rs.)

Below 60 Years

2,50,000

Above 60 Years and Below 80 Years

3,00,000

Above 80 Years

5,00,000


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

Documents Required For e-filing Income Tax Return

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.

How To Check the Status of Your Income Tax Return e-filing?

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.

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FAQs

  • Can I get a refund for the extra tax paid by me?

    Yes, a refund for the extra tax is paid either through a bank transfer or a cheque. You can know the status of your income tax refund through the e-filing portal.

  • Is it possible to do income tax return filing by myself?

    You can do an e-filing of your income tax return by yourself in a few easy steps. All you need to do is collect certain documents and understand the process thoroughly.

  • What is the use of Form 16 in e-filing income tax returns?

    Form 16/ 16A, which is issued upon taxable income by the employers on behalf of the employees, is the certificate of tax deduction at source. These certificates provide information related to TDS/TCS for various transactions that happened between the deductor and the payee.

  • What happens if I forget to file my income tax return timely?

    If any individual fails to do income tax return filing within the due date may be penalised by the Central Board of Direct Taxes (CBDT). The maximum fine for late electronic submission is Rs. 10,000. A fine is imposed in accordance with Section 234F.

  • Whom can I contact in case of any queries related to TDS or Form 16?

    If you have any questions, you can contact the TDS reconciliation analysis and correction enabling system (TRACES).

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