How to e file ITR on Income Tax Government Portal

Every year, when the time for filing income tax returns (ITR) comes, people rush to their chartered accountants to file their returns. However, instead of hiring an individual and paying them a hefty fee, you can opt to e-file ITR on your own from the comfort of your home or office. Moreover, with an increasing dependency on contactless transactions and a rising relevance of the digital world, it is crucial to know how to apply ITR online. s

Here’s a simplified guide on how to file an ITR return online on the income tax government portal.

• Register on the income tax website: The first step to e-file ITR is to register yourself on the portal. Log on to the income tax website and click on the ‘Register Yourself’ button on the right-hand side. Select the type of taxpayer, like an individual, a Hindu Undivided Family, etc. Next, enter details like your PAN card, date of birth, name, mobile number, address, etc. You will then be asked to select a username and password. An OTP will be sent to your number, and your registration will be complete.
• Download the form 26AS: After successfully registering, you can access and download your form 26AS. This form contains information on the Tax Deducted at Source (TDS).
• Calculate your own tax: In this step, you need to calculate your tax liability. You can take your gross income from your job, freelancing opportunities, and interest earned from investments. You can also claim deductions from your investments, savings, and expenses, such as life insurance, ELSS, ULIPs, etc., under Section 80C , health insurance under Section 80D, Section 80DD, etc.
• Select the suitable tax form:The next step in how to file ITR online is a crucial one. You must select the right tax form as per your profile. To file an online return, you need to select ITR 1 or ITR 4. All others need to be filed physically. The form can be submitted in two ways:

1. Download the Excel Utility ITR: You can click on ‘IT Return Preparation Software’ to download the Utility ITR Excel format. Select the assessment year you are filing the ITR for and download the file. Now, fill this file with the correct data as asked. Remember to click on ‘Validate’ after filling the form.
Convert to XML and upload: After filling up the form, convert the file to an XML format. Now, upload this file by clicking on the ‘e-File’ button and selecting the ‘Income Tax Return’ option. You will again be asked to fill your pan number and assessment year, along with the form number and submission mode (XML). You can click on submit after adding this information.

(OR)

2. Fill the form online: You can also choose to simply fill the form online without downloading the Excel version. However, remember to keep saving the form after regular intervals to avoid losing all the added information. This method is great if you have a steady internet connection, are adept with online forms and have all the necessary information ready.
Submit the form: Once you have inputted all the information, validate the data once again. You can still check and edit any field or information added. If you are satisfied with the information, Submit the form.

• Verify your return: After submitting the form, you will be asked to verify your return. If you wish to verify the form online, an OTP will be sent on your mobile number linked to your Aadhaar card. You can also send a physical copy of your return ITR-V to CPC, Bengaluru, Karnataka for verification. This copy must be signed by you.

Important note:

It is vital to know the due date for filing the ITR to avoid any penalties later. The due date can differ each year based on several factors. This date has been extended for FY 2020-21 to 31st December 2021 for individuals and 15th February 2022 for audit cases, due to the pandemic

Kotak’s tax savings guide

Kotak presents a tax savings guide that can help you make better decisions while filing your ITR. Topics like how to e-file ITR with the applicable deductions, using investments and insurance policies to reduce your tax liability, etc. have been discussed by financial experts to make tax filing a hassle-free experience for you.