How To File Income Tax Online
Filing your Income Tax can often be a confusing process for most people. This process which most people hire a Chartered Accountant can be done by yourself from the comfort of your home.
Here are 10 simple steps to file your Income Tax online:
Taxpayers can log onto Income Tax portal eportal.incometax.gov.in and register through their PAN Card.
After registration, click on the tab e-file and then on File Income Tax Return.
This will allow them to choose the assessment year and whether they want to file it online or offline.
Once the assessment year is selected, the taxpayers can choose to file their returns as an individual, a Hindu Undivided Family (HUF) or Other.
After selecting the category, they will be required to choose an ITR form. ITR forms 1 and 4 cover salaried individuals, while ITR form 2 is filed by individuals and HUFs who do not have income from a business or profession.
ITR 1 covers income from salary, one house property, and other sources (except casual income), while ITR 4 covers all of this plus presumptive business income.
Those who have to file income tax returns can calculate their income tax liability as per the provisions of IT laws. Form 26AS is used to summarise TDS payment for all four quarters of the assessment year. The Income Tax Department (ITD) has defined categories under which taxpayers fall.
After this, they have to fill in the details of bank account and validate it.
This will lead the taxpayers to a page where all the information is filled in, and they must check if the details are correct.
The final step is to e- verify the returns and submit the entry.
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