Tax Talk: Know how to e-file your income tax return : 09-09-2020

The income tax return (ITR) filing season for AY 2020-21 has started. The last date for ITR filing for AY 2020-21 has been extended to November 30, 2020 for all taxpayers because of the Covid-19 pandemic. The CBDT had notified ITR Forms 1-7 for AY 2020-21.

ITR-1 or Sahaj, which is the most simple form, is for resident individuals whose total annual income is less than Rs 50 lakh and have income from salaries, one house property, interest income and agricultural income up to Rs 5,000. However, if the taxpayer has incomes from business, profession, capital gains or has more than one house property, he cannot use ITR-1 form.

Many people get confused at the time of filing their return online on the e-filing portal. Here’s a step-by-step procedure for e-filing of ITR.
Step 1: Go to the Income Tax e-filing portal, www.incometaxindiaefiling.gov.in
Step 2: Login to e-filing portal by entering user ID (PAN), Password, Captcha code and click ‘Login’
Step 3: Click on the ‘e-File’ menu and click ‘Income Tax Return’ link.
Step 4: On Income Tax Return Page:

  • PAN will be auto-populated
  • Select assessment year (AY)
  • Select ITR Form Number
  • Select filing type as original/revised return
    Select submission mode as ‘prepare and submit online’

Step 5: Click on ‘continue’
Step 6: Read the instructions carefully and fill all the applicable and mandatory fields of the online ITR form.

Note: To avoid loss of data/rework due to session time out, click on ‘Save Draft’ button periodically to save the entered ITR details as a draft. The saved draft will be available for 30 days from the date of saving or till the date of filing the return or till there is no change in the XML schema of the notified ITR (whichever is earlier).

Step 7: Choose the appropriate verification option in the ‘Taxes Paid and Verification’ tab.
Choose any one of the following option to verify the ITR:

  • I would like to e-Verify
  • I would like to e-Verify later within 120 days from the date of filing.
  • I don’t want to e-Verify and would like to send a 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.

Step 8: Click ‘Preview and Submit’ button. Verify all the data entered in the ITR
Step 9: Submit the ITR.
Step 10: On choosing ‘I would like to e-Verify’ option, e-verification can be done through any of the following methods by entering the EVC/OTP when asked for.

  • EVC generated through bank ATM or ‘Generate EVC’ option under ‘My Account’
  • Aadhaar OTP
  • Prevalidated Bank Account
  • Prevalidated Demat Account
    Digital Signature Certificate

On choosing the other two verification options, the ITR will be submitted but the process of filing the ITRs is not complete until it is verified. The submitted ITR should be e-verified later by using ‘My Account ? e-Verify Return’ option or the signed ITR-V should be sent to CPC, Bengaluru.

Step 11: The EVC/OTP should be entered within 60 seconds; else, the ITR will be auto-submitted. The submitted ITR should be verified later by using the ‘My Account ? e-Verify Return’ option or by sending signed ITR-V to CPC.

So let us gear up and file our income tax returns within the due date.

Source : Financial Express