With the introduction of the e-filing facility, assessees can now file income tax returns conveniently. Filing for ITR online is simple, streamlined and can be completed from anywhere. The facility also helps individuals do away with the need to avail assistance for filing IT returns, and allows substantial saving.
E-filing income tax return involves utilising the online portal of the Income Tax Department to report one’s income, expenditure and tax liability to the respective authorities. Digital filing of ITR is mandatory for all assesses, with a few exemptions.
The ITR e-filing process brings the following benefits to assessees.
The Income Tax Department has mandated it for all assesses to file their income tax returns online. Entities that are exempt from this rule include –
Exempt assessees can choose to file their ITR online or offline.
Individuals need not attach any documents with their respective ITR Form unless the Income Tax Department specifically instructs. Nonetheless, individuals can keep a few documents handy while filing the ITR online for convenience. They include -
Keeping these documents handy helps individuals access them without hassle if needed during ITR e-filing.
Assessees filing their ITR online for the first time need to first register themselves on the Income Tax Department’s online portal and complete e-filing income tax login with the user ID and password.
Next, follow the steps given below to file ITR –
The due date for filing income tax returns online slated for income generated in FY 2019-20 was put forth as 31st July 2020. It was applicable for all categories of assessees, except businesses requiring audit and those requiring TP report, for which the designated dates were 30th September 2020 and 30th November 2020 respectively.
Owing to current circumstances, assessees under all categories need to file ITR online by 30th November 2020.
Following are the important dates concerning income tax return filing that assessees must remember –
Individuals must file their income tax returns annually before the last date. Failure to do so results in penalty levy under Section 234F of the ITA, 1961, and includes –
The registration process for e-filing income tax includes the following steps -
Herein, PAN becomes the registration ID for each assessee, which they can utilise to log in to this portal.
E-filing of ITR brings the following benefits for assesses –
Different assessee categories can complete e-filing income tax returns via designated forms listed below.
Make sure to choose the right form for ITR e-filing and undertake the process well before the due date to eliminate the risk of missing the deadline.
The ‘Transparent Taxation - Honouring the Honest’ programme was launched on 13th August 2020 by the Prime Minister of India to encourage sincere taxpayers through reforms in the taxation system. These reforms include Faceless Appeal, Faceless Assessment and Taxpayer Charter through which taxpayers can enjoy benefits like ease of compliance, refund expedition, etc.
The last date for filing ITR online has been pushed to 30th November 2020 for all assessees, for AY2020-21.
Assessees can e-verify their ITR through bank ATM, net-banking, bank account number, Demat account number, and Aadhaar OTP. Proceed with the following steps to do so –
E-file, or electronic file, refers to the system of submitting income tax returns to the respective authorities online without any physical documents.
There are no charges levied for filing income tax returns online.