Most individuals who’ve an revenue are required to file revenue tax return aka ITR. Submitting revenue tax returns in India is a reasonably easy course of for many individuals. You possibly can file ITR on-line totally free simply through the Revenue Tax Division’s official web site or third-party IT return submitting web sites as effectively. The deadline for returns on-line this yr is August 31, 2019. The method for submitting revenue tax returns is totally different for various individuals in India.
Earlier than we start the half the place we inform you how you can file revenue tax return on-line in India, let’s take a fast have a look at which ITR to file.
Which ITR to file
For people trying to file revenue tax returns in India there are 4 forms of revenue tax return (ITR) kinds to contemplate. These are:
- ITR-1: Salaried individuals with revenue underneath Rs. 50 lakhs per yr ought to file ITR-1. Right here you are allowed to declare revenue from one home property, agricultural revenue as much as Rs. 5,000, and revenue from different sources.
- ITR-2: Usually ITR-2 applies solely to individuals whose revenue is above Rs. 50 lakh however you probably have any capital beneficial properties to declare (akin to revenue from mutual funds), then it’s good to file ITR-2. There are particular different forms of incomes akin to international revenue, a number of home properties, and so forth. that fall underneath this one.
- ITR-3: Along with the forms of revenue talked about underneath ITR-2, you probably have revenue from enterprise or career then it’s good to file ITR-3.
- ITR-4: If your whole revenue sources are listed underneath ITR-1 however your whole revenue is above Rs. 50 lakhs per yr, then it’s good to file ITR-4.
That is the essential data it’s good to resolve which ITR to file, however make sure to double-check this. It is best to seek the advice of with a chartered accountant when you’re undecided or you probably have revenue varieties not talked about above.
This information is will cowl submitting revenue tax returns for salaried individuals, particularly those that fall underneath ITR-1.
The best way to file ITR on-line
Now that you already know which sort of ITR to file, you are able to do this simply and totally free on the Revenue Tax Division’s e-filing web site. Comply with these steps.
- You might want to create an account on the IT division’s web site first. You possibly can click on right here to do it. For most individuals the kind of consumer must be Particular person. Simply observe the on-screen prompts and fill the mandatory particulars. As soon as your account is created observe the subsequent step.
- Go to the Revenue Tax e-filing web site and log in to your account.
- Click on Submitting of Revenue Tax Return.
- On the subsequent web page it’s good to choose your Evaluation 12 months. This generally is a bit complicated however here is what it’s good to know — the evaluation yr is the yr after the monetary yr of your return. For example, in case you are submitting an IT return for the monetary yr 2018-19, the evaluation yr is 2019-20.
- Subsequent choose the ITR Type Quantity, Submitting Sort (must be authentic/ revised return), after which Submission Mode. For the final one we chosen Put together and submit on-line.
- Then choose Proceed.
- This yr the revenue tax division has made it actually handy to file IT returns on-line by pre-filling numerous details about your revenue. So in case you are a salaried particular person with no different supply of revenue and also you declared your investments and bills (akin to hire, PPF, and so forth) to your organization, you might not even must fill in any knowledge. In our case the shape was just about pre-filled and all we would have liked to do was enter our financial institution particulars.
- To do that, click on the Taxes and Verification tab so as to add your financial institution particulars. Now scroll right down to D21. Financial institution Account Particulars, add the data and click on Add. That is obligatory and can show you how to get revenue tax refund credited to your account. As soon as you have made positive that these are right, make sure to scroll to the underside and click on Save Draft.
- Subsequent undergo every of the tabs beginning with Basic Data. Be certain that your title, tackle, and different data is right.
- Now click on the Revenue Particulars tab. That is the place your whole wage data will likely be pre-filled. In case it isn’t, get Type-16 out of your employer and manually key in your whole revenue particulars.
- Now scroll right down to part B5. Gross Whole Revenue. Right here you’ll be able to double-check if all of the deductions are accurately entered. Issues akin to life insurance coverage premium, PPF, NPS investments, medical insurance premium, and so forth. must be crammed right here. Remember to test C15. 80TTA Curiosity on saving financial institution accounts and key in curiosity earned all year long out of your financial savings accounts.
- Lastly, test C18. Whole Deductions and C19. Taxable Whole Revenue. As soon as you have made positive that these are right, make sure to scroll to the underside and click on Save Draft.
- You might want to test the 80G tab now and declare charitable donations, you probably have made any.
- As soon as once more, undergo all of the tabs and see if there’s any data it’s good to add or something was missed. As soon as all of that is completed, go to Taxes Paid And Verification and scroll to the underside. Click on I wish to e-verify after which click on Preview and Submit.
- Now click on OK within the affirmation field.
- The following web page will present a preview of your total ITR so please learn every part rigorously and ensure all particulars are right. Then click on Submit.
- Now you will see a pop-up the place you’ll be able to choose the way you wish to e-Confirm your IT return. Choose Aadhaar OTP in case your Aadhaar and cellphone numbers are linked. Else choose Web Banking. Then click on Proceed.
- Now click on Submit.
Congratulations. If this course of was profitable you will note this affirmation message: “Your Return has been efficiently uploaded.” If you have not e-verified it but, however you are able to do that as much as 120 days after you file your IT return. It is a easy course of through web banking and even less complicated through Aadhaar OTP. Simply log in to your IT e-filing account and click on My Account > e-Confirm Return > e-Confirm. Now observe step 17 above and also you’re completed.
For extra tutorials go to our How To part.
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