New Delhi: Income Tax Returns can be filed by anyone who earns money. Individuals with incomes that do not even fall into the income tax bracket might file it. However, before you file an ITR, you must first understand what an ITR is. An individual’s annual income is reported on a form called an income tax return. You or any other taxpayer can use the form to disclose their income, expenses, tax deductions, and investments, among other things. The deadline to file an ITR for the fiscal year 2020-21 is December 31, 2021.
Taxpayers should file their taxes as soon as possible because the deadline is approaching. Taxpayers who have yet to file their returns should be aware that they can do so in one of two ways: offline or online. The Income Tax Department offers the option of filing an income tax return electronically (e-filing). The processes to file an ITR online for free on the Income Tax Government Portal are outlined below.
How to file ITR Online for free
Registered users of the e-Filing portal can use the pre-filling and filing service for ITR-1 and ITR-4 forms.
Step 1: Go to https://www.incometax.gov.in/iec/foportal to access the official Income Tax Portal.
Step 2: Use your user ID and password to access the e-Filing portal.
Step 3: Click e-File > Income Tax Returns > File Income Tax Return on your Dashboard.
Step 4: Click Continue after selecting Assessment Year 2021–22.
Step 5: Select Online as the filing mode and click Next. It should be noted that if you have already completed your Income Tax Return and it is awaiting submission, you should click Resume Filing. If you want to delete a previously saved return and start from scratch, select Start New Filing.
Step 6: To continue, select Status as applicable to you and click Continue.
Step 7: When it comes to choosing the form of income tax return, you have two options:
Select Help me pick which ITR Form to file and then click Proceed if you’re not sure which ITR to file. You can file your ITR when the system has assisted you in determining the correct ITR.
Select I know which ITR Form I need to fill if you know which ITR to file. Click Proceed with ITR after selecting the appropriate Income Tax Return from the selection.
Step 8: Once you’ve decided which ITR is right for you, make a note of the documents you’ll need and click Let’s Get Started.
Step 9: Click Continue after selecting the checkboxes that apply to you.
Step 10. Examine your pre-filled information and make any necessary changes. Fill in the blanks with the remaining / extra information (if required). At the conclusion of each section, click Confirm.
Step 11: In the appropriate sections, enter your earnings and deductions. Click Proceed after you’ve completed and confirmed all of the form’s sections.
Step 12: In the event that there is a tax liability
Based on the information you supply, a summary of your tax computation will be displayed. If the computation results in a tax due, the Pay Now and Pay Later choices appear at the bottom of the page.
Step 13:If you have no tax liability (No Demand/No Refund) or if you are eligible for a refund,
Click Preview Return once you’ve paid your taxes. You will be sent to the Preview and Submit Your Return page if there is no tax due to pay or a refund depending on tax computation.
Step 14: Enter Place, select the declaration checkbox, and click Proceed to Validation on the Preview and Submit Your Return screen. You can keep the textboxes linked to TRP blank if you did not use a tax return preparer or TRP to prepare your return.
Step 15: On your Preview and Submit your Return screen, click Proceed to Verification once your return has been validated. If your return contains a list of errors, you must return to the form and remedy the problems. If there are no mistakes, you can select Proceed to Verification to e-Verify your return.
Step 16: Select your preferred option and click Continue on the Complete your Verification page. Verifying your return, as well as e-Verification, is required.
You can submit your return if you choose e-Validate Later; but, you must verify your return within 120 days of submitting your ITR.
Step 17: Select the e-Verify option you want to use to e-Verify the return on the e-Verify page, then click Continue.
If you choose Verify by ITR-V, you must send a signed physical copy of your ITR-V by regular or speed mail to the Centralized Processing Center, Income Tax Department, Bengaluru 560500 within 120 days.
Please ensure that your bank account has been pre-validated so that any reimbursements due can be credited to it.
A success notification appears when you e-Verify your income tax returns filing, along with the Transaction ID and Acknowledgement Number. A confirmation message will also be sent to the mobile number and email address you provided on the e-Filing portal.