E-filing Income tax
Complete guide on how to e-file ITR
(Income Tax Returns) on the Income Tax
For a
taxpayer, it is required to file the income
tax returns in order to report the income for the complete
financial year along with the carrying forward losses and claiming the tax
refund, etc. The income tax return form lets the taxpayer state his complete
income with the tax deductions, expenses, taxes and investments etc. According
to the Income Tax Act, 1961, it is compulsory for a taxpayer to file the
returns every year.
There is
a facility provided by the Income tax department for E-filing
Income tax return. Before we go into the steps of e-filing, it is
important that you have the entire necessary document handy with you.
Steps to be followed for Income tax
e-filing
The
various steps to be followed for the Income
tax e-filing are as follows:
1. Calculation of income and tax
It is
mandatory for the taxpayer to calculate the income according to the income tax
laws applicable to the person.
2. Form 26AS and Tax Deducted at Source
(TDS) certificates
The TDS
amount should be summarized by the taxpayer from his TDS certificates for all
the quarters of the current financial year. The summarization can be done in
Form 26AS.
3. Choose the correct Income Tax form
The next
step is to make sure that the right ITR form is chosen by the taxpayer for the
task of ITR filing. Once this is done, the filing process starts. There are two
modes of ITR filing- offline mode and online mode. The online mode of ITR
filing is available in the case of ITR1 and ITR4. For the forms of any other
categories of any individual payer, this mode is not available. The offline
mode works for all cases involved in income tax forms.
4. Downloading the ITR utility from the Income
tax portal
The next
step is to visit the official site incometaxfiling now, click on the option ‘IT
Return Preparation Software’ that is available on the right-hand side menu.
Select the year and then download the offline utility software which is Java or
Excel as per your preference.
5. Fill all details in the file downloaded
Once the
offline utility file is downloaded, fill all the income details and check what
tax has to be paid and refunds that you will be receiving. All the income tax
challan details can be filled in the form.
6.Validation of the entered information
On the
right-hand side of the form downloaded, there will be a validate button. Click
on that button to make sure all the mandatory information is filled.
7. File conversion into the XML format
Once the
file gets validated successfully, the next step is to click on the button named
‘generate XML’ which is available on the right-hand side of the file. This will
get the file converted into the XML format.
8. File upload on the portal
Finally,
log into the e-filing portal and
then click on the tab ‘e-file’ and select the ‘income tax return’ option. Give
all the mentioned details like the ITR form number, assessment year, and PAN
and submission mode. Make sure that the ‘upload XML’ option is chosen against
the field ‘submission mode’.
Get the
XML file attached from your system and finally click on submit. Then choose the
verification mode available with you from EVC, Aadhaar OTP or manually signed
ITR-V.
Income
Tax Compliances
the completes the entire process of E-filing
Income tax returns.
I'm happy that you simply shared this helpful information with us. Please stay us up to date like this. Thank you for sharing.
ReplyDeleteCheck Here for Transfer Pricing Consultant Canada
Thanks for sharing such a great article with us. This surely helps me in my work.Thanks a lot
ReplyDeleteIf you require any infor regarding GST Registration Consultants in bangalore
and Auditors in bangalore
plz click on it to visit our site.
This comment has been removed by the author.
ReplyDeleteEmployment contract should be noted that it is possible to have a work contract without having an employment relationship. For example, an employer may have an independent contractor relationship with one or more employees.
ReplyDeletepaytdsonline - Among the most important aspects of financial planning is understanding your tax liabilities. Tax liabilities are determined according to the outline provided by the Income Tax Act, 1967, and may vary based on the type of income you earn.
ReplyDeleteBy depositing a check made out to the income tax on upi transaction in any nationalised bank, the tax payment may be made. Additionally, net banking is a viable option.
ReplyDeleteTo file their income tax returns, taxpayers must determine which income tax form they need. Each type of income tax form has two options for submission: online or offline.
ReplyDeleteitr filing in India
Trademark is comparable to a physical asset, an inference can be drawn that, like physical assets, so transfer ownership of a trademark is feasible. know more here https://vakilsearch.com/blog/transfer-ownership-of-a-trademark/
ReplyDeleteWhat Is the Lease Agreement - In a lease agreement, a landlord and a tenant define their rights and responsibilities. However, it does not specify how long the lease agreement can be valid for. A lease contract specifies not only the date rent will be paid, but also other terms related to the renting process, including deposits, fees, and taxes.
ReplyDelete