In this article, we will learn about the importance of taxes and the process by which we can file an income tax return. This article will also enlighten us on how we can file for taxes via online procedures.
Income Tax E-Filing
- What are taxes?
A tax is basically a monetary fee that is charged by the government of a nation to the citizens of that nation. The citizens are compelled to pay this fee as revenue to the government. The money collected from these taxes is utilized by the government in the expansion, development, and progress of the nation and its people.
- Income Tax filing 2020:
Income tax is a form of direct tax that is imposed on earning individuals by the government. Every working individual earns a salary from the work they do. A part of this salary is required to be paid as income tax to the government for various public expenditures. Hence, it is significant for every individual to file for their income tax returns before the due date. Let us now talk about the various way one can file for income tax returns.
As of today, taxpayers across the country are offered three ways using which they can file for taxes. They are- online methods, offline methods, via software. We will now elaborate on the online methods by which we can file for taxes.
- How to file income tax return online?
The process of filing for income tax returns via online methods is also known as income tax e filing. Now, income tax e-filing refers to the process of electronically filing for your income tax returns. The online process of filing for income tax returns is more convenient than the offline process as you can do this from the comfort of your home. All you would need is a computer and access to the internet. Income tax e-filing is also inexpensive as it does not require you to hire someone to file your income tax return.
It should be kept in mind that if you choose to proceed with the online method of filing for income tax returns, you can only access income tax return form 1 and income tax return form 4.
You can proceed with the process of filing for income tax returns online by using a few simple steps. The steps are explained below:
- First and foremost, you need to visit the income tax return e-filing website: (https://incometaxindiaefiling.gov.in)
- This will lead you to the income tax efiling home page.
- The next step is the income tax efiling registration In case you have already registered yourself, you can move on to the next step.
- Now, you need to complete the income tax efiling login process by using your login credentials.
- In case you had not registered yourself before, you can do so now by clicking on ‘Register Yourself’. Then you will be asked to select your ‘User Type’ and provide your recent address and permanent address. After filling all the necessary details with accurate information, you need to fill in the captcha code and then select ‘Submit’.
- Now, you will be asked to provide your personal information like name, PAN number, date of birth, etc. After you provide these details, your PAN will be verified by system and you will be asked to activate your account through a link sent to your e-mail ID. This will successfully register your income tax department account.
Now comes the main steps to file for income tax returns online:
- On the official website of the income tax return e-filing, log in using your credentials.
- Next, under the ‘e-file’ menu, you need to select the option that says ‘Income Tax Return’.
- Now, you will be asked to fill in some necessary details like your assessment year, income tax return form number, etc. You need to fill the details with accurate information and proceed to the next step.
- Here, under ‘Filing Type’, select the option that says ‘Original/Revised Return’.
- Now, under the option of ‘Submission Mode’, you need to select ‘Prepare and submit online’.
- Next, you need to fill in the necessary details including the mandatory fields of the income tax return form. Here, clicking on ‘Save Draft’ every time will help you prevent data loss.
- Now, under the tab that says 'Taxes Paid and Verification,' you need to choose the verification method that is most convenient for you.
- In order to proceed with electronic verification, you need to make sure that you have a valid aadhaar/ verified demat account/digital signature certificate which is registered in e-filing against your PAN.
- Now, you need to click on ‘Preview and Submit’ so that you can verify and check all the information that you have entered.
- Next, you need to submit the income tax return that you just filled.
- Lastly, the e-filing of your income tax return will be complete as soon as you finish your electronic verification process.
- How can you check your income tax refund status?
You can check your income tax refund status using two methods. They are as follows:
- You can check your IT refund status using the e-filing online portal. The steps are:
- Visit the official website. (incometaxindiaefiling.gov.in)
- Proceed to log into your Income-tax department account using your credentials like your PAN, password, and captcha code.
- Now, you need to select ‘View Returns/Forms’
- Next, you need to click on ‘Income Tax Returns’ and select ‘Submit’.
- You need to now click on your acknowledgement number which is a hyperlink to the relevant assessment year.
- This will redirect you to a new webpage displaying all the details of your income tax return filing. This will also display information like assessment year, refund status, mode of payment, and reason for failure if any.
- You can also choose to proceed with checking the refund status of your income tax return by using the TIN NSDL website. The steps are as follows:
- First, you need to visit the official website of TIN NSDL. (https://www.tin-nsdl.com/)
- Now, under the tab of ‘Services’, select the option that says ‘Status of Tax Refunds’.
- When you select this option, you will find a drop-down menu on the left side of your screen which will have the option of ‘Refund Tracking’. You need to select this option
- Next, you will be asked whether you want to proceed with PAN or TAN. Click on PAN and continue.
- Now, you will be asked for your PAN details and the assessment year. You need to fill in the required details and then fill in captcha code and then click on 'Proceed'.
- This will display the details of your income tax refund status on your screen.
Also read : What is income tax return mean?
1) What are the different Income Tax Return forms that are available to taxpayers?
According to Income Tax Law, there are 7 income tax return forms available to taxpayers. They are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7.
2) What is the income tax e filing last date?
The final extended deadline to file your income tax return, online or offline, is 31st December 2020.
3) What is the official income tax e-filing link?
The official website for income tax e-filing is: https://incometaxindiaefiling.gov.in
4) How are E-payment and e-filing different?
E-payment refers to the process of electronically paying your taxes by using State Bank of India’s credit/debit card or by net banking. E-filing, on the other hand, refers to the procedure of electronically filing for income tax returns.
5) How can I contact the income tax e-filing customer care?
You can get all the necessary information to contact their customer care simply by visiting the following website: https://www.incometaxindiaefiling.gov.in/main/contactUs