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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.
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.
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.
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.