Hiring a professional for a task as simple as filing an income tax return is a thing of the past. Today, anybody having access to a computer with an Internet connection can easily file IT returns online in a few minutes.
To regularly pay income tax, you must file income tax returns every year. However, filing income tax returns can be beneficial for those who do not come under the purview of taxation. Besides, IT return filing has become so easy that you might as well enjoy the experience once you know the whole process.
Things Required Before Commencing with IT Return Filing
- Permanent Account Number (PAN)
- Aadhaar Number
- All bank account details with accounts statement of the financial year
- Form 16
- Investment and Donation Details
Steps to Register on the Income Tax Portal
- Visit the newly launched income tax portal https://www.incometax.gov.in/iec/foportal
- Click on the “Register” button on the top right corner of the website.
- Select “Register as a taxpayer”.
- Enter Your PAN details and click on “Validate”. Now click on “Continue”.
- Provide all the necessary details like your full name, gender, residential address, date of birth, etc. Remember that your date of birth should be the same in your PAN and Aadhaar card.
- Provide your email id and the mobile number that is registered with your PAN card details.
Ideally, you should use the same mobile number for PAN and Aadhaar to save yourself from possible hassles, but it is not mandatory.
- Recheck all the details entered in the form and click on “Continue”.
- You will receive a 6-digit OTP (One Time Password) at your registered email id and mobile phone number.
- Enter this OTP to verify the details.
- Set up your password and secure login message to complete the registration process.
Steps to Follow While Filing ITR Online
Once registered, you can easily file your IT returns online using the following steps.
- Visit the income tax portal mentioned earlier.
- Click on the “Login” button on the top-right side of the screen.
- Enter your PAN and password to log in to the portal.
- Click on the “e-file” tab and select “File Income Tax Return” from the drop-down list.
- Select the assessment year for which you wish to file returns and continue.
Assessment year is the year that comes immediately after the financial year. Therefore, you need to select the assessment year 2021-22 to file tax returns for FY 2020-21.
- Select the online mode of filing tax returns.
- Select your status as “individual” and continue further.
- Select the ITR form as per your income source. It would be mentioned against each form.
- Alternatively, you can also click on the option “Help me decide which ITR form to file” and proceed.
- Add your bank details or pre-validate previously filled details.
- You will now get directed to a page with many filled in information. Check all the information carefully and submit the form.
- You can now e-verify your ITR with your Aadhaar and phone number. This is a faster process and doesn’t require taking the printout and sending the hard copy to the IT department.
While it is strongly advised to file your ITR in time, you might sometimes miss the deadline due to various reasons. In such a situation, you can consider the late filing of your tax returns by filing your ITR online quickly without any hassle.
Once you get accustomed to the ease of online filing, you are likely to continue filing online ITR without even thinking about any other mode of filing returns.