Filing Income tax return used to be a taxing task for first time filers and experienced filers alike. Although one files taxes only once a year, the 10-15 days leading to the filing day used to be traumatic for taxpayers. But that is not the case any more. The tax filers now have an online portal operated by the Income Tax Department at www.incometaxindiaefiling.gov.in where people can file their taxes, respond to tax notices and avail several other services with ease. Any taxpayer willing to file his return through this portal has to first register on the portal before proceeding to file his return.
Follow the below mentioned steps to register yourself:
Now that your account is setup, you can view your form 26as as well as income tax returns.
Form 26AS or the Tax Credit Statement is a consolidated tax statement. It is required for tax filing because it contains details such as tax deducted at source by deductors and tax collected at source by collectors on your behalf with respective TAN number. It also contains the details of your various financial transactionS reported through AIR, along with the details of refund paid to you and interest income thereof. All this information will be relevant for filing your tax return.
You can exercise three options to e-file your income tax return:
Income Tax e-filing can be done online through the Income Tax Department web portal in 2 different ways:
Taxpayers, who are over 80 years of age or individual and HUF with total income less than Rs 5 lakh, have the option to file tax return in physical (paper) form.
You can also e-file your income tax return with H&R Block.
E-filing with H&R Block is far more easy, hassle-free and faster. Also, there is no risk of error in return filing.
If you (a registered user) ever forget the password of your ITD website, you can still access your account easily and securely using one of the two methods available to reset your password.
Aadhaar card is now mandatory for filing your income tax return. The government has made changes in the tax laws and made it compulsory for taxpayers to link their PAN to Aadhaar. It is also mandatory for all the taxpayers who are eligible to get an Aadhaar to quote their Aadhaar /Aadhaar Enrolment number in their tax returns starting 1st July 2017
[ Read: Document Required for Income Tax Filing ]
Form ITR-V is the document generated by the tax department’s server soon after a return is e-filed (without a digital signature). The ‘V’ stands for verification. It contains the summary of the e-filed return.
The taxpayer is required to verify the summary in the form, print and sign the same and send it to the Centralized Processing Centre of the Income Tax Department by ordinary post or by speed post within 120 days from the date of filing the return.
The ITD has introduced electronic verification of ITR and now you can also simply verify your returns using a 10 digit alpha numeric code called Electronic Verification Code.
You can choose from the below mentioned option for the generation of EVC:
Registered e-mail ID and mobile number
Bank account number
Demat account number
You can easily avoid the hassles of sending a physical copy of the ITR to CPC Bengaluru and e-verify your return online. You can e-verify your return within 120 days of filing your return of income.