How to file income tax return? A step-by-step guide

The usual time stamp for filing income tax is done around June every year. However, in a recent notification, the income tax return filing deadline for FY 2020-21 has been extended to 31 December, 2021.

Here is how you can file your return easily, and to begin with you will need to take a look at the primary source of your income. Check for the available options according to the type of employment you currently have and file your return.

Methods of filing ITR

Via Online Platform Method

Step 1 : Visit the ITR e-filing portal, click on the link to get redirected https://www.incometax.gov.in/iec/foportal

Step 2 : Proceed to log into the e-filing portal through your User ID (PAN number), password, captcha code and click on the ‘Login’ button

Step 3 : Click the ‘E-File’ menu and select the link ‘Income Tax Return’

Step 4 : You will be redirected to the ITR page

● Your PAN will be auto populated
● Click on Assessment Year
● Click on ‘ITR form number’
● Click on ‘Filing type’ and select Original/Revised Return’
● Click on ‘Submission Mode’ and choose ‘Prepare and Submit Online’

Step 5 : Click ‘Continue’

Step 6 : Be sure to read the instructions carefully before filling in the details of the
Online ITR form—the save draft button saves data in case of time out sessions and will be available for 30 days

Step 7 : Select the Verification option in ‘Taxes Paid and Verification’ tab according to the situation

Step 8 : Click ‘Preview and Submit’ and verify the data entered in the form

Step 9 : Click on ‘Submit’

Via Offline Method

The first thing you need to do while following this method is to make sure you Download the applicable ITR, ensure the correct details are filled in offline, save the generated XML file and lastly, upload it on the respective site. In order to e-file the ITR through the XML method, you will first need to download either one of the following ITR tool:

● Java Utility
● Excel Utility

Your next step is to perform the given instructions so that the Java or Excel utility is downloaded, after which the XML is ready to be generated and uploaded

Step 1 : Visit the ITR e-filing portal, click on the link to get redirected https://www.incometax.gov.in/iec/foportal

Step 2 : Go to ‘Downloads’ then click on the ‘IT Return Preparation Software’ — you can download one of the ITR utility software

Step 3 : After downloading the appropriate software, begin to extract the ITR Utility ZIP file and then open the utility from the extracted folder

Step 4 : You will end up with a form, fill in the details under the designated and mandatory fields — you can get the pre-filled XML through your account, this is for users who have made an account under the official website

Step 5 : Re-check all the details filled in the ITR Form and Calculate the tax

Step 6 : Generate the XML and save it

Step 7 : Proceed to log into the e-filing portal through your User ID (PAN number), password, captcha code and click on the ‘Login’ button

Step 8 : Click the ‘E-File’ menu and select the link ‘Income Tax Return’

Step 9 : You will be redirected to the ITR page

● Your PAN will be auto populated
● Click on Assessment Year
● Click on ‘ITR form number’
● Click on ‘Filing type’ and select Original/Revised Return’
● Click on ‘Submission Mode’ and choose ‘Upload XML’

Step 10 : To verify the ITR, you can choose DSC, Aadhaar OTP, EVC using prevalidated Bank/Demat account details and the list goes on

Step 11 : Proceed to click ‘Continue’

Step 12 : According to the verification option chosen you will need to follow the individual set of instructions so it is advised that you use a less complicated option

Step 13 : Submit the complete ITR

Conclusion

The Income Tax Department or ITD is a government agency. They are responsible for the direct tax collection of the Government of India. This agency comes under the Department of Revenue of the Ministry of Finance and is headed by the apex body called Central Board of Direct Taxes or CBDT.