How To Apply Income Tax Return Online: In this article, we are telling about how to file an income tax return online. Every year after the end of the financial year, every person who is obliged to pay income tax has to fill out a form in the Income Tax Department. Through this form, that person declares how much income he earned in the previous year and how much tax he has paid for that income. This is called an income tax return.
How to Fill Online Income Tax Return
Presently the forms are being filled for the financial year 2014-15. Although the last date for filling the form is 31st July, this time the later date for filing income tax returns has been made 31st August.
who has to file a tax return?
A person whose income is more than 5 lakhs has to file an income tax return. But even if the income of the person is less than 5 lakhs, there are many such situations when he has to file an income tax return.
For example, if you have invested in an FD, then the interest coming from it will also be your income and its return will have to be filed, if you have given your house on rent, then the income from that income also has to be filed income tax return, salary and savings account will be met. Along with the interest earned, even if you have income from anywhere else, you still have to file an income tax return.
Form for filing Income Tax Return
|IRT 1:||This form is also called Sahaj Form. This form is filled by those people whose means of income is their salary, pension, or interest, and the person who has a house and has taken a housing loan also has to fill out the same form.|
|IRT 2:||If your sources of income are income from rent, capital gains, or dividends from more than one house in addition to salary, pension, and interest, then you have to fill out this form. This form can also be used for HUF|
|IRT 3:||This form is for those people who are partners in any business and their source of income is only this.|
|IRT 4:||This form is for all professionals such as lawyers, doctors, CA, etc. Apart from this, the person who makes professional income along with a partner in any business will also have to fill out this form.|
|IRT 4S:||This form is for those small businessmen whose annual income is less than 60 lakhs and such professional persons whose income is also less than 60 lakhs, they also have to fill the same form. These people do not even need to be audited.|
How To Apply Income Tax Return Online
At the end of the Financial Year 2014-15 (Assessment Year 2015-16), every person has to fill out a form in the Income Tax Department. Through this form, that person fills in the appropriate tax on his annual income. This tax is different for every person like different for salary income and different for businessmen. By the way, it is mandatory for the person who is a salaried person to fill out Form-16 every year.
In this, the annual income of that person is told and the capital-related investment made by him is exempted. After deducting all this, whatever amount is there, has to be deposited in the Income Tax Department.
Similarly, every trader, whether small or big, keeps written information about his every income and expenditure. The prepares his balance sheet at the end of every year by himself or a professional person and tells the profit or loss in his business and pays the fair value to the income tax department.
Every person who gets an income of more than 5 lakhs now has to file income tax online. Here we are telling some easy steps which will help you in filling out your online income tax.
Step 1: Create your e-filing account:
To create your income tax online account, you have to first go to the income tax website https://incometaxindiaefiling.in. And there you have to click on register yourself. All the personal details given there have to be filled and your account has to be created. Once your account is created, you can use your user ID which is your PAN card number and password at any time.
Step 2: Download Form 26AS
When you go to this site, you can go to the left side of the screen and go to Form 26AS from the quick link menu. This form is a tax statement for a person filing an income tax, by which it is mentioned that the amount is to be given for each PAN number. Through this, TDS, advance tax and self-assessment tax, etc. are also told. Your date of birth is the password to open this 26AS form. It also contains information about TDS deducted in bank FD.
Step 3: Download the Income Tax Return Form:
To download the Income Tax Return Form, you have to click on the Download ITR link from the quick menu on the left side itself, then you can download the Income Tax Return Form. Every person can download IRT 1, 2, or another form according to their condition.
Step 4: Filling your details in the income tax return form:
When you are filling out the income tax return form, you should follow all the instructions very carefully. You have to fill in all your basic information like your name, PAN, complete address, date of birth, email id, mobile number, residential address, etc. in the form.
Along with this, you have to give details of all your income and expenses, if you have any extra income, then you have to show it. If any tax has been deducted by your employer or any advance tax has been paid by you, then you have to show that also. And the most important thing is to fill in your bank account details your account number, account type, IFSC code, etc. have to be filled in.
Step 5: Validating your details:
In this step, you have to verify that whatever information you have given is correct, for this, you have to click on the validate button. When you click on this button, if you have forgotten to fill something, then it starts showing automatically so that you can fill it.
Step 6: Calculating your tax liability:
When you fill in all your details, after that you have to click on calculate tax button and if any amount is left by you to pay then it is shown and then you have to deposit the amount and return the challan detail. To be given in the form.
Step 7: Generating XML File:
When all the texts are filled by you, then after that click on generate XML button and the file which is generated through XML has to be saved in your computer.
Step 8: Submitting Income Tax Return:
To submit an income tax return, you have to go to the e-filling account on the income tax website and click on upload return after that, you have to fill in all the details of the ITR form and then upload and submit the XML file. it happens. After doing all these formalities, your ITR-V is generated and sent to your mail id.
Step 9: Sending ITR-V to Income Tax Department:
You have to take a print of this ITR-V form and sign it with a blue pen and send it to the Income Tax Department by Speed Post or Ordinary Post.
Step 10: Check ITR-V Receipt:
When the Income Tax Department receives the form sent to you, they inform you in the mail and you also receive a message on your mobile.
Now you can fill out your tax easily by doing this online income tax filing. Filing income tax online is not as difficult as it looks and for the first time, I will be a little bit troubled. But we should file our income tax return, Suydam. If you have any problem filling out income tax then ask us through the comment box and the Deepawali team will try our best to help you.
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