Since taxpayers may simply log on to the Income Tax Department website from anywhere, filing income tax returns (ITRs) has become a much more efficient process. It is urged that taxpayers file their ITR before the deadline because the ITR filing deadline for the financial year 2021-2022 is quickly approaching (July 31). For those who are unfamiliar with the procedure or those who want to file their ITR from their computers, here is a step-by-step instruction to electronically filing your income tax returns.
ITR 1 and ITR 4 filings can be done online, it should be mentioned. In the case of clubbed income tax returns, where a spouse or a minor is included, ITR-1 is filed by individuals who receive income of up to Rs. 50 lakh from: salary/pension, one house property (excluding cases where loss is brought forward from prior years), income from other sources (excluding winning from lottery and income from race horses), and in cases where loss is brought forward from previous years.
If a person is qualified to declare income and gains from a company or profession on a presumptive basis under section 44AD, 44ADA, or 44AE, they must file an ITR-4. At the e-filing platform, taxpayers can simply enter and submit the pertinent data online.
How to File Income Tax Returns Electronically
Enter your user ID (PAN), password, and captcha code at the Income Tax e-Filing Portal (https://www.incometax.gov.in/iec/foportal/Login) and then click Login.
To access the Income Tax Return link, first select the e-File menu.
The Income Tax Return Page will then appear, with your PAN number already filled in.
Prior to clicking Continue on this screen, you must first pick the Assessment Year, ITR Form Number, Filing Type as Original/Revised Return, and Submission Mode as Prepare and Submit Online.
A page with several fields and a series of instructions will subsequently be presented to you. Complete all the required and pertinent fields. It is advised that taxpayers consistently click Save Draft to prevent data loss or rework caused by session timeout. The draft is available to taxpayers for 30 days following the date of saving.
Taxpayers must select the most appropriate verification option from three possibilities on the Taxes Paid and Verification tab. You have three options for e-verification: soon, within 120 days of the filing date, or by sending the signed ITR-V through regular or express mail.
Verify all of the information has been entered by clicking the Preview and Submit button before pressing Submit.