How to File Income Tax Return aka ITR Online in 2019
In this article i tell will tell you, How to File INCOME TAX RETURN (ITR) aka ONLINE in 2019 .
Almost every people who have income are required to file INCOME TAX RETURN aka ITR. Filing INCOME TAX RETURN in INDIA is fairly simple process for many people. You can file ITR online for free easily via THE INCOME TAX DEPARTMENT’s official site or you can use any other website also for filing INCOME TAX RETURN. The deadline for return online this year was 31 August 2019. The process of filing INCOME TAX RETURN is different for people in India. It varies due to different ages, different sources of Income e.g. salary, house property, capital gain, profit from business and other sources etc. And in most of cases some income generated from a particular source will fully exempted e.g Income generated from Agricultural land used for agricultural purpose only, Uniform Allowance (if fully used for official purpose) etc , In Some other cases income generated from a particular source will be partially exempted ( Partially taxable incomes) e.g. House Rent Allowance, Education Allowance (max for 2 child upto 100/child/p.month), Hostel Allowance (Max for 2 child upto 300/child/p.month) etc. and some other income which are fully taxable (not fully or not even partially exempted) e.g.
Before we begin the part where we tell you how to file INCOME TAX RETURN in INDIA, There are four types of INCOME TAX RETURN (ITR) forms to consider. These are:
- ITR-1: Salaried people with income under Rs 50 lakhs per year should file INCOME TAX RETURN-1 (ITR-1). Here you’re allowed to declare income from one house property, agricultural income upto 5,000 and income from other sources.
- ITR-2: Normally INCOME TAX RETURN-2 (ITR-2) applies to those people whose income above 50 lakhs but if you have any capital gain to declare (such as income from mutual funds), then you need to file ITR-2. There are certain other types of incomes such as foreign income, multiple house properties, etc. that fall under this one.
- ITR-3: In addition to the types of income mentioned under ITR-2, if you have income generated from business or profession then you need to file ITR-3.
- ITR-4: If all of your income sources are listed under ITR-1 but income generated is above 50 lakhs per year, then you need to file ITR-4.
This is the basic information i gave you to decide which ITR to file, but be sure to double-check this. It’s best to consult with a CHARTERED ACCOUNTANT ( CA) if you are not sure or if you have income types not mentioned above.
This article will guide to filing INCOME TAX RETURN for salaried people, specially those who fall under ITR-1.
HOW TO FILE ITR (INCOME TAX RETURN) ONLINE
Now that you know which type of ITR to file, you can do this easily this for free in the INCOME TAX DEPARTMENT e-filing website. Follow these steps:
- you need to create an account on the IT department’s website first. You can click here to do it. For most people The type of user has to be Individual. Just follow the on-screen prompts ad fill the necessary details. Once your account is created follow the next step.
- Go to INCOME TAX E-FILING WEBSITE and log in to your account.
- Click on Filing of INCOME TAX RETURN.
- On the next page you need to select your Assessment year: The assessment year is the year after the financial year of your return, for example: If you are filing ITR for Financial 2019-20, the Assessment year will be 2020-21.
- Next select the ITR form Number, Filing type (should be original/revised return), and then submission Mode. For the last one we selected Prepare and submit online.
- Then select Continue.
- This year the income tax department has made it really convenient to file ITR online by pre-filling a lot of information about your income. So if you are salaried person with no other source of income and you declare your investment and expenses (such as rent, PPF etc.) to your company, you may not even have to fill in any data In our case the form was pretty much pre-filled and all we need to do was enter our bank details.
- To do this, Click on Taxes and Verfication tab to add your bank details. Now scroll down to D21. Bank Account Details, add the information and click Add. This is mandatory and will help you get income tax refund credited to your bank account directly form IT department. Once you have made sure that these are next be sure to scroll to the bottom and click Save Draft.
- Next go through each of the tabs starting with General Information. Make sure Name, Address, and other information given by you is correct.
- Now click the Income Details tab. This is where all of your salary information will be pre-filled. In case, it is not, get form-16 from your employer and manually key all your income details.
- Now scroll down to section B5. Gross Total Income. Here you can double-check if all the deductions are correctly entered. Things such as Life insurance premium, PPF, NPS, investments, Health insurance premium, etc. should be filled here. Dont forget to check C15.80TTA Interest on saving bank accounts and key interest earned throughout the year from your savings accounts.
- Finally check C18. Total Deduction and C19. Taxable Total Income. Once you have made sure that these are correct, be sure to scroll to the bottom and click save draft.
- You need to check the 80G Tab now and declare charitable donations, if you have made any.
- once again, go through all the tabs and see if there is any information you need to add or edit. Click I would like to e-verify and then click preview and submit.
- Now click OK in the configuration box.
- The next page will show a preview of the entire ITR so please read carefully and make sure all details are correct. Then click Submit.
- Now you will see a pop-up where you can select how you want to e-verify you ITR select Aadhaar OTP if Aadhaar and phone number are linked. Else select Net Banking. Then Click Continue.
- Now Click Submit.
Congratulations. If this process was successful you will see this confirmation message: “Your Return has been successfully uploaded.” If You have not e-verified it yet, but you can do that up to 120 days after you file your ITR. It’s a simple process via net banking and even simpler via e-verify. Now Folow the step 17 above and you are done.
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