Income Tax Return (ITR) may be described as a record providing the tax collector information about the taxpayer’s tax accountability. Taxpayers who are earning more than 5 lakhs taxable income it is compulsory for E-filing of income tax return. Income tax is basically a percentage of income that is paid to the government. All taxes are levied which is based on the passing of a law and the Income Tax Act, 1961 governs the provisions for our income tax. You can easily file your Income Tax Return within a day.
To Upload ITR , please follow the below steps:
Download the ITR preparation software for the pertinent evaluation of year to your PC / Laptop from the “Downloads” page.
Prepare the Return using the downloaded Software.
- Gather all the information regarding your income, tax payments, deductions etc.
- Pre-populate the personal details and tax payments/TDS by clicking on the ‘Pre-fill’ button. Compare with the information you have to ensure that nothing is left out.
- Enter all data and click on ‘Calculate’ to compute the tax and interest liability and final figure of Refund or Tax payable
- If Tax is payable- remember to pay immediately and enter the details in appropriate schedule. Repeat above step so that tax payable becomes zero
- Generate and save the Income Tax Return data in XML format in the desired path/place on your PC/Laptop
Login to e-Filing website with User ID, Password, Date of Birth /Date of Incorporation and enter the Captcha code.
Go to e-File and click on “Upload Return”.
Select the appropriate ITR, Assessment Year and XML file previously saved in Step 2 (using browse button).
Upload Digital Signature Certificate (DSC), if applicable. Please ensure the DSC is registered with e-Filing.
Click on “Submit” button.
On successful submission, ITR-V would be displayed (if DSC is not used). Click on the link and download the ITR-V. ITR-V will also be sent to the registered email. If ITR is uploaded with DSC, the Return Filing process is complete.
Who should file ITR?
Any individual who has a taxable income should file a tax return. Currently, if an individual is below the age of 60 and have an income up to Rs.2 lakh, he/she is exempted from tax. Any income above Rs.2 lakh is taxable. And he/she has to file the return irrespective of whether he/she has paid tax or not. So, if anyone was under the impression that since your employer has deducted the required taxes and deposited with the central government on your behalf, it is not necessary for you to file any return, then you are wrong.
Why is it important to file ITR?
- Filing of income tax return in India is not an uncomplicated task.
- Filing of income tax return of preceding years is also available.
- Filing of Income tax return helps to create a strong financial background.
- Filing of Income tax return saves your money, as non filing of returns attracts a penalty with minimum Rs. 5,000 and interest under section 234A.
- Submitting income tax returns of past three years even if it is a NIL return to banks or financial institutions for smooth processing of Loans like housing, education, vehicle etc.
What are the ways Taxes can be collected by the government ?
Taxes may be collected by the government in 3 ways:
- Advance tax and self- assessment tax.
- Taxes Deducted at Source.
- Taxes Collected.
What are the different types of income ?
Income from Salaries : Income received from an employer by an employee is taxable.
Income from House Property : If the assessee is the owner of a property that’s been given out on rent then income received from house property is taxed.
Profits and Gains of Business or Profession : These taxes are applicable for income from business or professional services rendered.
Income from Capital Gains : These taxes are applicable on income that appears when capital assets are transferred.
Income from Other Sources :
- Interest on Government securities, bonds and debentures