Income Tax e filing Guide Portal in India
What are ITR forms?
ITR Forms refers Income Tax Return forms. An ITR form is a provided form through which you need to communicate the details of your income earned, deduction claimed and taxes paid in a financial year to the Income Tax Department. It also provides you to carry forward the losses and claim TDS deducted throughout the year.
WHICH ITR FORM TO FILE WHOM?
ITR form type depend on income, the category, the taxpayers falls under (individual, LLP, company, HUF, etc). In case tax payers choose the wrong form, they will have to go through the process of filing the income tax returns.
Which ITR form related to whom?
For Individuals being a Resident (other than NRI) having Total Income upto Rs.50,00,000. Income can includes Salaries, One House Property, Other Sources (Interest etc.), and Agricultural Income upto Rs.5,000 (Not applicable in case of Individual who is either Director in a company or has invested in Unlisted Equity Shares)
For Individuals and Hindu Undivided Family’s not having income from profits and gains of business or profession
For individuals and Hindu Undivided Family’s having income from profits and gains of business or profession
For Individuals, Hindu Undivided Family’s’ and Firms (other than Limited Liability Partnership) being a Resident having Total Income upto Rs.50 lakhs and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE
(Not for Individuals who are either Director of a company or has investments in Unlisted Equity Shares)
ITR-5 files by persons other than:-
(ii) Hindu Undivided Families,
(iii) Companies and
(iv) Person who are filing Form ITR-7
ITR-6 files by Companies other than companies claiming exemption under sec 11
ITR-7 files by companies required to furnish return under sec 139(4A) or 139(4B) or 139(4C) or 139(4D)
HOW TO FILE INCOME TAX RETURN ONLINE
The assessee can file Income Tax Return in two ways:
- Online Method
Step 1: Go to Income Tax portal, www.incometaxindiaefiling.gov.in
Step 2: Log in to the income tax portal by using the user id and password.
Step 3: Click on “e-file” menu and choose Income Tax Return and then click continue.
Step 4: Read the instruction carefully and fill the applicable and mandatory fields in the form. Choose the appropriate verification option.
Step 5: Pay tax> Choose any one of the options ( I would like to e-verify, I would like to e-verify later within 120 days from the date of filing, i don’t want to e-verify and would like to send singed ITR V through normal or speed post)
Step 6: Click on “Preview and submit” option > Click “Submit” the ITR
Step 7: By choosing 'I would like to e-Verify' option, e-Verification can be done through any of the following methods by entering the EVC/OTP.
- Offline Method
By downloading the ITR form, fill the form, save the generated XML file and then upload it.
Step 1: Go to the income tax website www.incometaxindiaefiling.gov.in
Step 2: Download the appropriate ITR Utility under “Downloads> IT Return preparation software”
Step 3: Extract the Utility then open the form and fill the applicable and mandatory form.
Step 4: Validate all the tabs of the ITR form, calculate the tax. If tax liability is arising then pay the tax> enter the challan details in form> Generate and save the XML.
Step 5: Log in to income tax portal by using user id and password.
Step 6: Click on “e-file” menu and choose Income Tax Return> click continue with choosing verification option (OTP/DSC verification)
Step 7: Attach XML file> attach signature file generated by using DSC management utility
Step 8: If Aadhar OTP is verification option then enter the Aadhar OTP received on mobile number registered with UIDAI.
Step 9: Submit ITR.
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