Don’t Miss ITR Deadline. Late Filing Fee is Upto ₹ 10,000

Last Updated at: Feb 02, 2021
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At 12:34 PM on Jan 10, 2021, the Income Tax Department took to twitter to inform about statistics of Income Tax Returns filed. It said that 5, 03,415 ITRs were filed up to 1200 hrs  on 10th January, the deadline. Earlier, on Dec 30, the Government had extended the deadline to file ITR for individuals by 10 days to January 10, 2021. The deadline for filing tax returns by businesses too has been extended till February 15.

 

On 13th May 2020, the Government provided a much-needed breather for the taxpayers facing hardships amidst the COVID-19 disruption. It has extended the deadline for doing ITR filing by 4 more months. Now, the taxpayers can file an ITR filing return file for the Financial Year 2019-20 (Assessment Year 2020-21) till November 30th, 2020. Usually, the last date for ITR filing return is 31st July, which is 4 months after the completion of a particular Financial Year.

So, file your ITR and save yourself from a penalty.

An ITR or Income Tax Return is a form that enables a taxpayer to declare his investments, expenses, income, taxes, tax deductions, etc. As per the Income Tax Act 1961, every taxpayer in India must do ITR filing return every financial year. The Department of Income Tax has made the ITR filing process much simpler these days 

How Vakilsearch helps you in filing your ITR filing

  1. Our agents collect the data from you like Form 16, salary certificate, interest certificate. 
  2. Our expert accountants prepare the return 
  3. Finally, the same is filed. 

Hope the above-mentioned procedure will help you e-file your ITR. File it before the due date and remain on the right side of compliance.  , with the introduction of the ITR e filing facility. 

 free file your ITR

What are the documents required for ITR filing return?

You need to keep the below-mentioned documents ready while doing ITR filing- 

    • PAN number
    • ITR of the last Financial Year
  • Bank statements of all your bank accounts ( including accounts of minors clubbed with you)
  • Form 16 (TDS certificate) issued from your employer. If you have changed your jobs more than once during the Financial Year, Form 16 from all the employers are required.
  • Form 26 AS- statement of tax deposited and deducted by your employer on your name, self-assessment tax, and advance tax
  • Tax receipts of self-assessment tax and advance tax deposited by you. You need to deposit quarterly advance tax if your net tax liability after TDS exceeds Rs 5000 in a year. 
  • Challan 280 for taxes you have paid during the Financial Year
  • Receipts of our tax-saving investments (such as LIC, NSC, PPF, medical insurance, and so on)
  • Home loan tax deduction certificate (with the break-up of principal and interest)  issued from your lender

Please note: PAN and Aadhaar linking is mandatory for ITR filing. 

How to do ITR filing online

 Here is the step-by-step procedure to do ITR filing online. 

1. Summarise your TDS

 You need to calculate your taxable income as per the applicable provisions of the Income Tax Act, 1961. The TDS certificates you have received, along with the Form 26 AS will help you summarise your TDS amount.

2. Ascertain the correct Income Tax form applicable to you

You need to ascertain the correct ITR e filing form applicable to you before proceeding with ITR filing. If you want to file your ITR in online mode, only ITR-1 and ITR-4 will apply to you. 

3. Visit the Income Tax Department Web Portal

Visit the official website of the Income Tax Department. Click on the ‘IT Return Preparation Software’ tab on the right menu. 

Visit the official website of the Income Tax Department

 

4. Download the ITR preparation software from the Income Tax Portal

Choose the assessment year for ITR filing return and download the ITR preparation software, i.e. Java or Microsoft Excel utility based on your requirement.

Download the ITR preparation software from the Income Tax Portal

5. Fill in relevant details

Using the offline utility, enter the relevant details related to your income. The software will calculate the tax payable or the refund receivable by you. The details of your income tax challan can also be filled in the downloaded e-form.

6. Validate the details filled in

After you have filled in the relevant details, click the ‘Validate’ button on the right-hand side of the form. This is to ensure that none of the required information is left un-filled.

7. Convert to XML

After you have validated the ITR e filing details successfully, click the ‘Generate XML’ tab on the right-hand side of the e-file. The file will get converted to the XML format. 

8. login to the Income Tax e-Filing portal

Now, visit the income tax e-filing portal again and log in with your credentials. Click the ‘e-File’ tab and select the ‘Income Tax Return’ option.

Log in to the Income Tax e-Filing portal

9. Upload the XML file

On the next page, fill in necessary details such as your PAN, assessment year, and ITR form number. From the drop-down menu, select the submission mode as ‘Upload XML’. Click ‘Continue’ to proceed.

Upload the XML file

Now, you will be directed to attach the XML file from your computer. After attaching the file, click the ‘Submit’ button. 

Choose one of the following verification modes to verify your ITR filing return-

  • Electronic Verification Code (EVC)
  • Aadhaar OTP
  • Submitting a signed copy of ITR to CPC, Bengaluru