How to file Income Tax Return Online
The Government of India has allowed the online Tax e-filling website to make it easy for the taxpayers to file return through the online portals. These online portals make it easy, hassle-free & saves a lot of time.
Amid the pandemic, the government has been actively trying to maintain the economic growth of the country & also help the common man to survive. As we have witnessed a lot of people lost their jobs, many businesses were suffering due to lockdown. Therefore, the Central Board of Direct Taxes recently extended the deadline for income tax filing 2020 for the income tax return of FY 19. The last date of ITR filing date for FY19 extended to September 2020, this means that the taxpayer who has not filed their income tax return for the financial year 2018-19 may file it till September 2020.
The government has already extended the income tax filing date twice, originally it was March 31, 2020, then it was extended to June 30 & later on to July 31, 2020. But as per the current situation as per the pandemic, the new dates were released. One important point to notice here is, the taxpayers can only file the return through income tax filing online till September 20.
The online portal allows the taxpayer to file the returns online hassle-free. There are several forms available on the portal for different types of taxpayers to file income tax returns i.e. ITR1, ITR2, ITR3, ITR4, ITR5, ITR6, & ITR7. The taxpayer can easily file income tax return till Income tax filing due date 2020.
Below are the mentioned steps of income tax filing for the financial year 18-19 online:
- Go to income tax e-filing portal.
- Download the suitable ITR form under Downloads
- Extract the file of the .zip folder & open the utility form
- Fill the applicable & mandatory fields
- Validate the tabs of ITR form for tax calculation
- Generate & save in XML format
- Log-in to the online portal for e-filing income tax return. Enter UserID (PAN), password, captcha, code etc
- Click on the e-file menu & then click on the link with Income Tax Return
- On the ITR page, select the assessment year
- Select filing Type, form number etc
- Select submission mode as Upload XML
- Select the mode to e-verify returns like registered mobile number, Aadhar, OTP, bank account details, etc
It is also appreciable that the government in near future is likely to introduce pre-filled Income Tax Return (ITR) forms for taxpayers who already had the data of capital gains from mutual funds, shares, dividends etc. one more point we need to mention here is the that the government has already issued the Income Tax act through Financial bill. This will allow the government to acquire data of the taxpayer from the banks, brokers etc for the annual financial year transactions.