The e-filing of an income tax return is quite compulsory for all income-earning individuals in India. To file your taxes online, all you have to do is to submit your income tax returns on the portal as e-filling of your taxes is hassle-free and convenient. As per the section 139(1) of the Income Tax Act, 1961 in the country, the individuals whose total income during the previous year exceeds to the maximum amount not chargeable to the tax, they should have to file their income tax returns.
This whole process of electronically filing income tax returns is called e-filling. If you need then you can either seek the help of the professionals or can directly file your returns yourself at the comfort of your home by registering on the income tax department website or other websites as well. Nothing proves your financial wisdom and ethics like tax compliances timely filing of ITR. Filing your income tax return is not difficult as it sometimes sounds to be.
Before we discuss the steps that are needed to file your income tax/returns, let us first have a brief knowledge about e-filling and its benefits as:
What is e-filing?
Electronic filing or e-filing of returns is basically the submission of individual income tax returns online. The filing of returns can be done in two prominent ways the one is the conventional offline route and to do it manually and the other one of to file the returns on the internet. This has been gaining a lot of popularity in recent years and all thanks go to the advancement of technology. This is also relatively easier in comparison with offline filing as it does not involve the difficult paperwork and can be done from the comfort of your home or office.
Benefits of e-filling
E-filling is preferred to the online filing among a large number of taxpayers in India, therefore below are some of the major benefits of filing your income tax returns electronically as:
- Quick processing
When you file your returns online, then they will be easily acknowledged by the income tax departments. One of the major and prominent benefits of e-filing is that if there are any refunds, then they will be processed much easier and quicker in comparison with the returns that are filed on the paper.
You can file your returns anytime, anywhere as long as you have mobile devices or the laptop and an internet connection which is most. This facility is open for 24/7 which makes it a more convenient option in comparison with the manual filing of returns.
The software created for the e-filing of returns comes with the built-in electronic connectivity and validations that makes it seamless and the software also helps in reducing the errors to a considerable extent. Since filing up your returns manually can leave the door open to the human error, this can ensure that there is no manual error.
Steps to file your Tax/Returns
Below are the 7 steps given how to file your tax/returns in a simple and quick manner as:
Step 1: ITR E-filing- Login & required document
Before you start filing your income tax returns, you must have the following documents at the hand to quick up the process of income tax filing. The required documents are PAN card, Aadhar card, bank account details, Form 16, Investment details.
Now login to your account and click on upload form 16 pdf, if you have your form 16 in PDF format. If you do not have the form 16 in PDF format, then you can click on “continue here”.
Step 2: Enter your personal information
Enter your personal details like your PAN card no, aadhar card no, bank account details, date of birth, father’s name, etc.
Step 3: Enter your salary details
Now enter the details of your salary. First, fill in your employer name and type. Secondly, provide your salary and TDS information. For entering the breakup of your salary in detail, click on the button “click here”.
Step 4: Enter the details of claiming the deduction
Now, you have entered the details in claiming the deduction, therefore, entered the investment details for the deduction to be claimed like PPF, LIC, etc and thus claim other tax benefits here.
Step 5: Enter the details of taxes paid
Now, you have to enter the details of taxes paid. Here if you have any non-salary income say, interest income or freelance income, then add tax payment which is already made. Here, you can also add these details by uploading form 26AS.
Step 6: E-File
Now, it’s time to enter your bank account details and you can proceed towards e-filing. If you see “refund” or “no tax due” then you should click on proceed to e-filing. You will get the acknowledgment number on the next screen.
Step 7: E-Verify
Finally, once your return is filed with e-verify your income tax return. Hence, you’re done!
Hope the above points will help the users to file your income tax returns, if they do not know how to file, they can go through the points described above and can clear all your taxes in an easy and quick manner.