How To Prepare And Submit An Income Tax Return Online, Which Form To Use

Edited by Anshul

15 Aug 2019, 01:49 PM IST

The Income Tax Department has established an independent portal for filing income tax returns online.

The due date for assessees to file their income tax return (ITR) for assessment year 2019-20 (financial year 2018-19) is August 31, 2019. ITR is a prescribed form through which the particulars of income earned by an assessee in a financial year are communicated to the Income Tax Department. Individuals having an annual income of Rs 2.5 lakh or more are mandatorily required to file ITR, according to the Income Tax Department's website - incometaxindia.gov.in. For senior citizens (those between 60 years and 80 years of age), the limit is Rs 3 lakh, and for very senior citizens (aged above 80 years), the limit is Rs 5 lakh, according to the taxman.

Under the current income tax laws, several forms are available for different types of assessees. The taxman provides seven different forms for assessees to file their income tax return for financial year 2018-19 - ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.

Here's a step-by-step guide for assessees to prepare and submit their income tax return (ITR) online:

The Income Tax Department has established an independent portal for e-filing of income tax returns. The taxpayers can log on to incometaxindiaefiling.gov.in for filing the income tax return online.

Step 1: Log in to e-filing website using the user ID and password, and details such as date of birth.

Step 2: Click on the "prepare and submit ITR Online" link under the "e-file" section.

Step 3: Select the relevant income tax return form and assessment year.

Step 4: Fill in the details and click on the "submit" button.

Step 5: Upload a digital signature certificate (DSC), if applicable.

Step 6: Click on the "submit" button.

On successful submission, the form ITR-V is displayed (if DSC not used). The user can then click on the link and download the ITR-V.

The ITR-V, which is used for verification, is also sent to the registered email. If the ITR is uploaded with a DSC, the return filing process is complete.

If the return is not uploaded with a DSC, the ITR-V form is required to be printed, signed and submitted to Central Processing Centre (CPC) within 120 days from the date of e-filing. The return is processed only upon receipt of signed ITR-V, according to the taxman.