How to file Income Tax Return

• Posted by Bhuvnesh Kumar March 4, 2023 Filed in Business #income tax return filing online  43 views
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  Lets understand income tax return filing
  
  Income Tax Returns in India are filed under section 139(1) of Income Tax Act, 1961. It is the charging section of Income Tax in India. Income Tax in India are to be paid on incomes earned from 5 sources i.e Salary, House Property, Capital Gains, Business and/or profession and Other sources.

   

  Is it compulsory to File Income Tax Return (ITR) in India ?

   Following are the cases in which it is compulsory to file Income Tax Return mandatorily u/s 139(1) of Income Tax Act:

  1- Every Company or a Firm needs to file the Income Tax Return

  2- Individuals, HUF and any other person other than Company or a Firm in case his total income exceeds (Rs 2,50,000 for Individuals less than 60 years, Rs 3,00,000 for Individuals in the age bracket of 60-80 and Rs 5,00,000 for individuals having more than 80 years age) in a particular Financial Year needs to file Income Tax Return

  3- Individuals, HUF and any other person other than Company or a Firm in case total income is less than Rs 2,50,000 but fulfils any of the following conditions:

  1.   a)  incurs an expenditure of fifty thousand rupees or more towards consumption of electricity
  2.   b) is in occupation of an immovable property exceeding a specified floor area, whether by way of ownership, tenancy or otherwise,  as may be specified by the Board in this behalf
  3.  c) is the owner or the lessee of a motor vehicle other than a two-wheeled motor vehicle, whether having any detachable side car having extra wheel attached to such two-wheeled motor vehicle or not; or
  4.  d)  [***]
  5.  e)  has incurred expenditure for himself or any other person on travel to any foreign country; or
  6.  f) is the holder of a credit card, not being an “add-on” card, issued by any bank or institution; or
  7.  g)  is a member of a club where entrance fee charged is twenty-five thousand rupees or more

   

   

  How to File Income Tax return online yourself?

   

  Step 1: Go to the Government website by  using the following URL https://www.incometax.gov.in/iec/foportal.

   

  Step 2: The second step is to register yourself on the Income Tax Portal. If you are already registered then proceed to step 3. If you are not registered then make sure you have a VALID PAN Number with you, if you do not have a PAN Card then you can simply have one using Instant PAN facility by going to the Government website by using the following URL https://eportal.incometax.gov.in/iec/foservices/#/pre-login/instant-e-pan. Once you have a VALID PAN with you, proceed as follows:
  Click on register which is available on the right top corner then enter your PAN number and continue. You will be required to fill in the details such as your address, mobile number and email ID. You are also will be asked to create password. Once you fill in the details, OTP will be sent on both email and mobile number. On entering the OTP, the account on Income Tax Portal gets created, Congratulations, you can now move on to step number 3 !!

   

  Step 3: Once you are registered, go to the Government website again using the the following

  URL https://www.incometax.gov.in/iec/foportal and click on Login at the right top corner. You will be required to enter your PAN Card as your user ID and Password which you created in step 2 to proceed further. (note: In case you do not remember your password or you cant recall if you have already registered on the portal or not then you can simply enter your PAN and click forgot password as well. The password can easily be reset through Aadhar otp or otp received on registered email & mobile). So how did we proceed in this step ?
  Click on login – Then enter your PAN number and Click on Continue – Then check the box which says please confirm your secure access message displayed above, enter password and click on continue to move forward to step 4.

   

  Step 4: After you are logged in – Take your cursor to e-file tab – then on Income Tax Returns and then click on File Income Tax Return.

   

  Step 5: Select the Assessment Year for which ITR needs to be filed, Select the filing type i.e Original Return, Revised Return, Belated, Updated Return and check on yes or no on the question are you audited u/s 44AB or political party as per section 13A as the case may be > Select the mode of income tax e filing or Offline (Online mode is recommended for self income tax filing online mode is usually done through software’s) and click continue  > and Start new filing.

   

  Step 6: Selection of Status > Choose ITR Form to be filed (i.e ITR 1 or 2 or 3 etc).
  
  Step 7: Some information will be prefilled already on the basis of TDS statements, 26 AS and Annual Information Statement and some income information is to be filled (it is advisable to avoid answering to the questions and straight forward proceed to fill in the Income details for better income tax filing online experience).

  
  Step 8: Once all the information and income detail is filled, verify the information with form 26 AS, Annual Information Statement, your salary slips, Form 16, bank statements, GST Returns (if any) as well to cross check everything and file the return.

  
  Step 9: Once the return is filed, it is needed to be verified which can be done through an otp within the statutory time limit.