Instructions to Apply for Income Tax Return Filing Online
Filing an income tax return is an act of declaring all taxable income earned in a financial year. Users can complete this process by visiting the official government portal and initiating income tax login.
With digitalisation, individuals can file their income tax online and claim deductions without undertaking the hassle of downloading the Form, filling it up, and then submitting it in an XML format.
The government has launched a new portal for e-tax filling. This new portal is more interactive and user friendly. The last date to pay taxes has been extended to 31st September following the current situation.
Moreover, under the new income tax regime, individuals with an annual income of up to Rs.5 lakh are exempted from paying any tax. At the same time, salaried taxpayers have the flexibility to opt from either of the two tax regimes while filing ITR for 2020–2021.
Since there are new updates and regulations, taxpayers should know the process to file the taxes using this new portal.
How to file income tax online?
The online process to file ITR involves these steps -
Step 1 — First-time users need to register on the official portal with their PAN as user ID and create a password. Entering these details would allow them to continue with the income tax login process.
Step 2 — Next, select the e-file tab and click on ‘File income tax returns’.
Step 3 — Select the assessment year of filing the tax and select the ITR online option.
Step 4 — Answer questions like reasons for filing, whether filing as a HUF, etc.
Step 5 — After analysing the instructions, fill up application form with the requisite details.
Step 6 — One has to enter bank account and other necessary details.
Step 7 — Users will be guided to tax payment, where most details will be pre-filled.
Step 8 — Taxpayers need to select a verification process from available options.
Step 9 — After reviewing the application, submit it.
Nonetheless, individuals comfortable with offline ITR filing can follow the steps mentioned below -
Step 1 — Follow the similar online tax login method and select the offline tax filing method.
Step 2 — Download the ITR Form.
Step 3 — Fill in the Form with necessary details.
Step 4 — Assess mentioned details and income tax slabs under a selected regime.
Step 5 — After completion, generate and save the XML file.
Step 6 — Visit the official IT Department website and upload the XML file and IT return application form.
Step 7 — Verify and complete the process via Aadhaar, OTP, DSC and other authentication.
Step 8 — Finally, submit it.
Irrespective of the option an individual chooses, he/she should keep documents of IT return filing handy. This is a crucial document to substantiate credibility when availing advances like home loans.
This would further help them gain tax benefits under different Sections like 80C, 80D, 24 (b), etc. Individuals can easily claim deductions on the principal amount or interest paid. For instance, the tax benefits on a joint home loan allow borrowers to gain additional benefits of upto Rs.2 lakh if the property owner is a woman.
One can avail these benefits after paying the tax obligations via income tax login. It is imperative to know that taxpayers are also required to submit certain documents to substantiate the authenticity of their details.
The documents to submit are -
· Interest certificates
· Salaried individuals have to submit salary slips
· Self-employed individuals need to submit bank statements
· TDS certificates
· PAN
· Form 16
Keeping the mentioned documents handy would be helpful for a home loan or related credit form applicants. Individuals should know that HFCs consider Form 16 a vital document for loan disbursal. In this matter, having a basic idea about the tax savings and other advantages offered by home loans would be efficient.
Tax benefits only add to the advantages offered under home loans. Borrowers also stand to benefit from a low interest rate, ease of application, pre-approved offers, etc.
HFCs extend these pre-approved offers on financial products like home loans, loan against property, etc., to make their application process more streamlined. You can check your pre-approved offer by providing details like your name and contact number.
These are the basic factors that every new and old taxpayer must know of before filing their taxes. With the introduction of a new portal, one can easily file the taxes after initiating the income tax login. One must remember to pay the taxes on time and, for a more streamlined process, check updated rules and tax slabs beforehand.