Process of ITR Preparation and Filing

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Process of ITR Preparation and Filing


The Income Tax department has made it convenient for all taxpayers to file their income tax returns online, which is also called e-filing or electronic filing. Comparing with the conventional method of offline filing, the e-filing is relatively easier as it does not involve any complex paperwork and can be done from the comfort of any place.

The IT portal has an exclusive software designed for filing seven ITR forms, out of which ITR1 and ITR4 can be done online without installation of any such software. Filing of ITR1 is mandatory for all individuals whose source of income from salary, property, and other sources is up to Rs 50 lakhs. ITR4 is compulsory for individuals and Hindu Undivided Families (HUF) opted for presumptive income scheme per Section 44AD, Section 44ADA and Section 44AE.

Forms ITR1 and ITR4 can be completely filed online by following the below-mentioned steps:

Step 1: Access the https://incometaxindiaefiling.gov.in/

Step 2: If you are a first-time user you need to register by selecting “Register Yourself”on the right-hand side. The required information like user type, PAN no., name, DOB, and residential status have to be fed

Step 3: Create a user ID and password with relevant email ID and mobile number as the RoC sends important notifications through email

Step 4: Complete the registration by clicking the link sent to the email id and verifying the OTP

Step 5: Click “Login”tab and enter the User ID, password, and Captcha. Click “Login

Step 6: On the displayed dashboard, on the ë-file” tab, select “Income Tax Return”

Step 7: Enter the PAN, select the assessment year, form name ITR1 or ITR4 and for “Submission mode” select “Prepare and Submit One”

Step 8: Next, for e-verification of returns can be done either by Aadhar OTP where the OTP will be sent from UDAI and is valid for 30 minutes; or through generated EVC or bank ATM valid for 72 hours

Step 9: Alternatively, you can send the duly signed ITR-V through post to Centralized Processing center, IT Dept in Bangalore

Step 10: Click “Submit” after choosing the desired verification mode

Step 11: The webpage for filing the form will be displayed. All the “General instructions” like has to be read well. It is important to remember that Back button must not be pressed while filing and all the information has to be saved frequently

Step 12: Next step would be to fill all the required information pertaining to tax, income, taxes paid, 80G, etc.

Step 13: Cross-check the entered data and click “Preview and Submit”

Step 14: Once the ITR is successfully uploaded, verify the returns with the desired option

Step 15: An acknowledgement email will be sent to the registered email id. You can also download the same from your account on the website

Step 16: The IT returns will be processed in 5 days after which you will receive a confirmation through SMS and email to the registered mobile number and email ID

Benefits of e-Filing


1. Easy to use: The portal is intuitive in such a way that the taxpayer can file it without any struggles. To ensure the process is smooth, detailed instructions have been given.

2. Confidentiality: There is no fear of data leaking out which is against filing on paper where there are potential chances and online filing is much safer.

3. Convenient: The returns can be filed any time, anywhere as it requires only laptop and Internet connection.

Who should file an income tax return and when?

Why Vakilsearch


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