In this article, we are going to know how you can fill online income tax return, although this process is quite easy, but maybe because you are a beginner then you have to face a lot of problem in this, then if you return income tax to any CA or If you get it filled from the accountant, then they take some of their fixed fees from you, but if you do not want to pay that, then you can also fill the income tax return yourself, then read the article till the end for that.
How To Fill Online Income Tax Return
Presently the forms are being filled for the financial year 2014-15. Although the last date for filling the form is 31st July, but this time the last date for filing income tax return has been made 31st August.
Who has to file Income Tax Return:
A person whose income is more than 5 lakhs has to file income tax return. But even if the income of the person is less than 5 lakhs, there are many situations when he has to file income tax return. For example, if you have invested in an FD, then the interest coming from it will also be your income and its return will have to be filed, if you have given your house on rent, then the income from that income also has to be filed income tax return, salary and savings account will be met. Along with the interest, even if you have income from anywhere else, you still have to file income tax return.
pay attention – A person earning income above 5 Lakhs now has to file income tax online only.
Form for filing Income Tax Return:
| IRT 1: | This form is also called Sahaj Form. This form is filled by those people whose means of income is their salary, pension or interest and the person who has a house and has taken a housing loan also has to fill the same form. |
| IRT 2: | If your sources of income are income from rent, capital gains or dividends from more than one house in addition to salary, pension and interest, then you have to fill this form. This form can also be used for HUF |
| IRT 3: | This form is for those people who are partners in any business and their source of income is only this. |
| IRT 4: | This form is for all professionals such as lawyers, doctors, CA etc. Apart from this, the person who makes professional income along with partner in any business will also have to fill this form. |
| IRT 4S: | This form is for those small businessmen whose annual income is less than 60 lakhs and such professional persons whose income is also less than 60 lakhs, they also have to fill this form. These people do not even need to get audited. |
How to File Income Tax Return online
At the end of the Financial Year 2014-15 (Assessment Year 2015-16), every person has to fill a form in the Income Tax Department. Through this form, that person fills the appropriate tax on his annual income. This tax is different for every person like income from salary and different for businessmen. By the way, it is mandatory for the person who is a salaried person to fill Form-16 every year. In this, the annual income of that person is told and the capital related investment made by him is exempted. After deducting all this, whatever amount is there, it has to be deposited in the Income Tax Department.
Similarly, every trader, whether small or big, keeps written information about his every income and expenditure. By which he prepares his balance sheet at the end of every year by himself or any professional person and tells the profit or loss in his business and pays the fair value to the income tax department.
Every person who gets an income of more than 5 lakhs now has to file income tax online. Here we are telling some easy steps which will help you in filling your online income tax.
Step 1: Create your e-filing account:
To create your income tax online account, you have to first go to the income tax website https://incometaxindiaefiling.in. And there you have to click on register yourself. All the personal details given there have to be filled and your account has to be created. Once your account is created, you can use your user ID which is your PAN card number and password at any time.
Step 2: Download Form 26AS
When you go to this site, you can go to the left side of the screen and go to Form 26AS from the quick link menu. This form is a tax statement for a person filing income tax, by which it is told that the amount is to be given for each PAN number. TDS, advance tax and self assessment tax etc. are also told by this. Your date of birth is the password to open this 26AS form. It also contains information about TDS deducted in bank FD.
Step 3: Download Income Tax Return Form:
To download Income Tax Return Form, you have to click on Download ITR link from the left side quick menu itself, then you can download Income Tax Return Form. Every person can download IRT 1, 2 or other form according to his condition.
Step 4: Filling your details in the income tax return form:
When you are filling the income tax return form, you should follow all the instructions very carefully. You have to fill all your basic information like your name, PAN, complete address, date of birth, your email id, mobile number, residential address etc. in the form. Along with this, you have to give details of all your income and expenses, if you have any extra income, then you have to show it. If any tax has been deducted by your employer or any advance tax has been paid by you, then you have to show that also. And the most important thing is to fill your bank account details in which your account number, account type, IFSC code etc. have to be filled.
Step 5: Validating your details:
In this step, you have to verify that whatever information you have given is correct, for this you have to click on the validate button. When you click on this button, if you have forgotten to fill something, then it starts showing automatically so that you can fill it.
Step 6 Calculating your tax liability:
When you fill all your details, after that you have to click on calculate tax button and if any amount is left by you to pay then it is shown and then you have to deposit the amount and return the challan detail. To be given in the form.
Step 7: Generating XML File:
When all the texts are filled by you, then after that click on generate XML button and the file which is generated through XML has to be saved in your computer.
Step 8: Submitting Income Tax Return:
To submit income tax return, you have to go to e-filling account on income tax website and click on upload return and after that you have to fill all the details of ITR form and then upload and submit the XML file. it happens. After doing all these formalities, your ITR-V is generated. And it is sent to your mail id.
Step 9: Sending ITR-V to Income Tax Department:
You have to take a print out of this ITR-V form and sign it with a blue pen and send it to the Income Tax Department by Speed Post or Ordinary Post.
Step 10: To check ITR-V receipt:
When the Income Tax Department receives the form sent to you, they inform you on the mail and you also receive a message on your mobile.
Now you can fill your tax easily by doing this online income tax filling. Filing income tax online is not as difficult as it seems and for the first time I will be a little bit troubled. But we should file our income tax return Suyam. If you have any problem in filling income tax then ask us through comment box and Deepwali team will try our best to help you.
Conclusion
The process of income tax return is quite easy, but according to every year, there are some changes in it which you must keep in mind, hope this article would have been helpful for you but if you have any question related to this then you can comment by commenting. You can ask and also if any update has come in the process of filing an income tax return, then you can ask.
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