In this article, we talk about how to file a tax return online. Every year after the end of each financial year, everyone who is responsible for paying income tax must complete a form at the Income Tax Department. With this form, the person states how much income he or she received last year and how much tax he or she paid on that income. This is called an income tax return.
How to Fill Up an Income Tax Online !
Forms are currently being completed in the 2014-15 financial year. Although the last day to complete the form is July 31st, this time the last day to complete the income tax return is on the 31st of August.
Who should complete the Income Tax Return:
A person with a salary of more than 5 lakhs must complete an income tax return. But even if a person’s income is less than 5 lakhs, there are many such cases where he has to complete a tax return. For example, if you have invested in FD, then the interest from it will be income and its return will have to be filed, if you have rented your house, it means that the income from that income should also be a return on income included, income account and savings will be met. With interest, even if you have income elsewhere, you still have to fill out an income tax return.
Note – A person earning more than 5 Lakhs should now only pay income tax online.
Form for filing an income tax return:
- IRT 1: This form is also called the Sahaj form. This form is filled by people whose source of income is their salary, pension, or interest and the person who has a house and has taken a housing loan will also have to fill out this form.
- IRT 2: If your sources of income are rent, capital gains, or dividend income from more than one house in addition to salary, pension, and interest, then you have to fill up this form. This form can also be used for HUF
- IRT 3: This form is for people who are partners in any business and their only source of income.
- IRT 4: This form is for all professionals such as lawyers, doctors, CA, etc. In addition, a person earning business income with a partner in any business will also have to fill up this form.
- IRT 4S: This form is for small traders whose annual income is less than 60 lakhs and such business persons whose income is also less than 60 lakhs will also have to fill up this form. These people do not even need to be audited.
How To File Income Tax Return Online
At the end of the financial year 2014-15 (the assessment year 2015-16) everyone has to fill out a form in the income tax department. Through this form, the person pays proper tax on his annual income. This tax is different for each person such as income from salary and different for businessmen. However, a salaried person is required to fill up Form-16 every year. In this, it is called the annual income of the person and the capital-related investment made by him is exempted. After deducting all this, any amount has to be deposited in the income tax department.
Likewise, every merchant, whether small or large, keep a written record of his every income and expense. Through which he prepares his balance sheet at the end of each year by himself or by any professional person and declares profit or loss in his business and pays a fair price to the income tax department.
Everyone earning more than Rs 5 lakh will now have to pay income tax online. Here are some simple steps that will help you pay your online income tax.
Step 1: Create your e-filing account:
To create your Income Tax Online Account, you must first visit the Income Tax Website https://incometaxindiaefiling.in And there you have to manually click on register. Fill in all the personal details given there and create your account. Once your account is created, you can at any time use your user ID which is your PAN card number and password.
Step 2: Download Form 26AS
When you visit this site, you can go to the left side of the screen and go to Form 26AS from the Quick Link menu. This form is a tax statement for the person filing the income tax, stating the amount to be paid for each page number. TDS, pre-tax and self-assessment tax etc. it is also said of this. Your birthday is the password to open this 26AS form. It also contains information about TDS deducted in bank FDs.
Step 3: Download Income Tax Return Form:
To download the income tax return form, you have to click on the download ITR link from the quick menu on the left, then you can download the income tax return form. Everyone can download IRT 1, 2 or other forms depending on their status.
Step 4: Fill in your details in the income tax return form:
When you file an income tax return form, you should follow all the instructions very carefully. You will have to fill in all the basic information like your name, PAN, full address, date of birth, your email id, mobile number, address of residence, etc. in the form. In addition, you will have to provide details of all your income and expenses, if you have any extra income, you will have to show it. If any tax has been deducted by your employer or any advance tax has been paid by you, you must also show it. And the most important thing is to fill in your bank account details including your account number, type of account, IFSC code, etc.
Step 5: Validate your details:
In this step you have to check that all the information you have given is correct, for this, you have to click on the Validate button. When you click this button, if you forget to fill in something, it starts appearing automatically so you can fill it out.
Step 6 Calculate your tax liability:
When you have filled in all your details, then you have to click on Calculate Tax button and if you have any amount due then it is shown and then you have to deposit that amount and return the invoice details. Form.
Step 7: Generate XML file:
When you have filled in all the text, then click on the Generate XML button and save the file generated by XML to your computer.
Step 8: Submit Income Tax Return:
To submit an income tax return, you have to go to the e-filing account on the income tax website and click on upload return and then you have to fill in all the details of the ITR form and then upload and submit the XML file. After all these formalities, your ITR-V is generated and sent to your mail-id.
Step 9: Send ITR-V to Income Tax Department:
You have to print this ITR-V form and sign it with a blue pen and send it to the income tax department by speed post or general post.
Step 10: To check ITR-V receipt:
When the income tax department receives the form sent to you, they notify you by mail and you also receive a message on your mobile.
Now you can easily pay your tax by filing this online income tax. Filing income tax online is not as difficult as it may seem and at first, I would be a little upset. But we should file our income tax returns regularly. If you have any problem in paying income tax ask us through the comment box and Our team will do our best to help you.
FAQ-
Q: Who has to file an income tax return?
Answer: If the income is more than 5 lakh, he has to file an income tax return
Q: Is it necessary to pay income tax on investment income in FD?
Answer: Yes
Q: What information should be filled in the income tax return form?
Answer: PAN, Full Address, Date of Birth, Your Email ID, Mobile Number, Residence Address
Q: Income tax website
Answer: https://incometaxindiaefiling.in
Q: Is it easy to pay income tax online?
Ans: Yes, you can easily pay your tax by filing income tax.
