Income Tax Return 2020: How to easily file ITR online, know the complete process

ITR filing options

There are three ways to file Income Tax Return (ITR).

1. Offline Download the applicable ITR form in Java or Excel format and fill it offline. Generate XML and upload it by logging into the e-filing portal. All types of ITR forms can be filled through this mode.
2. Online- Log on to the e-filing portal and prepare and submit the online return. However, only ITR-1 and ITR-4 can be filed in online mode.
3. Through tax return filing software

File ITR like this

Offline ITR file

If you want to file your ITR offline, then follow this step.

1. Go to the e-filing portal of income tax. https://www.incometaxindiaefiling.gov.in/
2. Click on IT return preparation software and after that go to the menu and click on download. Choose your assessment year and download the applicable ITR in Java or Excel format as per your convenience.
3. Fill in the ITR form. (If you do not want to spend too much time, you can also download pre-filled XML, which will have many information pre-filled. For this, log into the e-filing portal and click on Download Pre-filled XML under My Account menu. Download.)
4. Validate all the information filled in the ITR form and calculate the tax.
5. Generate and save XML.
6. Log in to the e-filing portal and select Income Tax Return under the e-file menu.
7. The pan will be pre-filled in it. Choose your assessment year, ITR form number, filing type (original or revised return) and submission mode (upload XML).
8. To verify your ITR, select any of the options mentioned below.
   • Digital Signature Certificate (DSC)
   • Aadhar OTP
   • Already generated EVC through EVC option generated under My Account.
   • I would like to e-verify later. Please remind me. (This means that you want to certify the ITR later and ask the system to give you attention.)
   • I don’t want to e-verify this Income Tax Return and would like to send signed ITR-V through normal or speed post to “Centralized Processing Center, Income Tax Department, Bengaluru-560 500” (this includes You do not want to verify ITR online and send a signed copy of Income Tax Department ITR-5 based in Bangalore through normal or speed post.)
   • Select any of these options and click on Continue.
9. Attach your ITR XML file and click Submit.
10. If you had selected the option of DSC in the eighth step, then attach your digital signature. The Aadhaar OTP was selected to fill the OTP on the mobile number registered with your Aadhaar regulator. If EVC was selected, then fill the EVC on the registered mobile number. If you had chosen the e-verify letter, ITR has been submitted to you, but it has not been verified yet. If you have selected “I don’t want to e-verify”, either you go to My Account menu and click on e-Verify Return and make e-Verify, or you sign it and send it to Bangalore.
11. Submit it to ITR.

Income Tax Return: Salaried employee will have to fill ITR-1 ‘Sahaj’ form, this time will have to give this detail

Online return file

Only ITR-1 and ITR-4 can be filed from this mode. Under this, only ITR with income from salary and (or) income from other sources or from house properties can be filed.

1. Go to the e-filing portal of income tax. Https://www.incometaxindiaefiling.gov.in/
2. Log in to e-filing and then select income tax return under e-file menu.
3. Pan will come pre-populated in it (auto-populated). Choose your Assessment Year, ITR Form Number, Filing Type (Original or Revised Return) and Submission Mode (Prepare and Submit Online).
4. Fill in the Applicable and Mandatory fields in the ITR form. (To avoid any kind of data loss, keep clicking ‘Save Draft’ for a while.)
5. In the “Taxes Paid and Verification” tab, select the verification option.
   1. I would like to e-Verify (In this you must have a valid Aadhaar or prevalidated Demat account or digital signature certificate. Digital signature certificate should be registered for e-filing with your PAN card.)
   2. I would like to e-Verify later within 120 days from date of Filing (This means that you do not want to e-verify yet and will verify it within 120 days of filing.)
   3. I don’t want to e-Verify and would like to send signed ITR-V through normal or speed post to “Centralized Processing Center, Income Tax Department, Bengaluru-560 500” within 120 days from date of filing (in It is through verification that you will send the income tax office in Bangalore through the post.)
6. Click on “Preview and Submit” to verify all the data of ITR.
7. Submit ITR.
8. E-Verification of ITR is to be done, If you have chosen the first option “I would like to e-Verify” in the fifth step, then fill the Aadhaar OTP on the mobile number registered with the Aadhaar regulator UIDAI. Fill the EVC on the registered mobile number. If you have chosen the second option “E-verify later” then ITR will be submitted but it will not be verified. If you have chosen the third option “I don’t want to e-verify”, you can either go to My Account and click on e-Verify Return, and e-Verify, or sign it and send it to Bangalore. The EVC or OTP has to be filled within 60 seconds, otherwise, it will be submitted automatically and the same process is during the e-verified letter in which to click “e-verify return” in my account.

Software

This mode can be said to be the best and all types of ITRs can be filed in it. It is easy to fill the ITR through software as it is designed according to user preferences and their needs. Apart from this, it eliminates the need to fill data repeatedly and takes the necessary data from the master data created once. The software facilitates comparison, recalcitration and error rectification. Before filing the return, the user can get the prefill i.e. pre-filled form with the help of software and rectify the mistake. This saves the user from legal hiccups.

Income Tax Officer, CBDT approved to share information of taxpayers with banks

(By- Kapil Rana, Founder & Chairman, Hostbooks Limited)