How to File ITR on Income Tax Portal
An income tax return is a form that enables a taxpayer to declare his income, expenses, tax deductions, investments, taxes etc. The Income Tax Act, 1961 makes it mandatory under various scenarios for a taxpayer to file an income tax return.
An income tax return is a form filed to report the annual income of a taxpayer. There may be various reasons for filing an income tax return even in the absence of income.
A taxpayer may want to file his income tax return for reporting his income for a financial year, carrying forward losses, claiming an income tax refund, claiming tax deductions, etc.
The Income Tax Department provides the facility for electronic filing (e-filing) of an income tax return. Before discussing the steps involved in the e filing of income tax return, it is essential for a taxpayer to keep the documents for calculation and reporting data in ITR.
Calculation of Income and Tax
The calculation should take into account income from all sources such as salary, freelancing and interest income. The taxpayer can claim the deductions such as tax-saving investments under section 80C and so on.
Also, a taxpayer should take into account credit for TDS, TCS or any advance tax paid by them.
Tax Deducted at Source (TDS) Certificates and Form 26AS
Download ITR utility from Income Tax Portal
Choose the assessment year and download the offline utility software, i.e. Microsoft Excel or Java, or JSON utility based on your preference. The excel and java utility are discontinued by the income tax department from AY 2020-21
Fill in your details in the Downloaded File
Upon downloading the offline utility, fill in the relevant details of your income, and check the tax payable or the refund receivable as per the calculations of the utility. The details of income tax Challan can be filled in the downloaded form.
Validate the Information Entered
You can see a few buttons on the right-hand side of the downloaded form. Click on the ‘Validate’ button to ensure all the required information is filled.
Convert the file to XML Format
Upon successfully validating, click on the ‘Generate XML’ button on the right-hand side of the file to convert the file into XML file format.
Upload the XML file on the Income Tax Portal
Now, log in to the income tax e-filing portal and click on the ‘e-File’ tab to select the ‘Income Tax Return’ option.
Provide the necessary details such as PAN, assessment year, ITR form number, and the submission mode. Remember to choose the option ‘Upload XML’ from the drop down corresponding to the field name ‘Submission Mode’ as given in the image below.
Now, attach the XML file from your computer and click on the ‘Submit’ button.
Choose one of the available verification modes—Aadhar OTP, electronic verification code (EVC), or sending a manually signed copy of ITR-V to CPC, Bengaluru.
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