Personal Finance

Looking to file ITR for free? You can try these platforms

Updated : August 29, 2020 11:35 AM IST

Income Tax Return (ITR) filing is compulsory for individuals earning a specified amount of income in a year.

Generally, taxpayers are required to file ITR by July 31 of any year (unless extended by government).

Income Tax Return (ITR) filing is compulsory for individuals earning a specified amount of income in a year. Generally, taxpayers are required to file ITR by July 31 of any year (unless extended by government).

This year, the Central Board of Direct Taxes (CBDT) has extended the last date for filing ITR for FY2019-20 (AY2020-21) to November 30, 2020 because of the pandemic.

Under the current income tax laws, several forms are available for different types of assessees to file their income tax return for financial year 2019-20 namely ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.

The process of filing of an I-T return online is known as e-filing.

Also read: What happens when you file the wrong ITR form

The I-T department has established an independent portal for e-filing of income tax returns.

Here are the steps to file ITR for FY18-19, according to I-T department website:

Step 1: Go to income-tax e-filing portal -- incometaxindiaefiling.gov.in

Step 2: Download appropriate ITR utility under Downloads > IT Return Preparation Software.

Step 3: Extract the downloaded utility ZIP file and open the utility from the extracted folder.

Step 4: Fill the applicable and mandatory fields of the ITR form.

Step 5: Validate all the tabs of the ITR form and calculate tax.

Step 6: Generate and save the XML.

Step 7: Now, login to e-filing portal by entering user ID (PAN), password, captcha code and click login.

Step 8: Click on the e-file menu and click Income Tax Return link.

Step 9: On ITR page, PAN will be auto-populated. Select assessment year.

Step 10: Now, select ITR form Number, Filing Type as original/revised Return.

Step 11: 'Select Submission Mode as Upload XML.

Step 12: To e-verify returns, select one of these modes -- registered mobile number, net banking, demat account number, bank ATM, bank account number, Aadhaar OTP and e-mail id.

Additionally, there are certain private entities, registered by the Income Tax department that enables e-filing process through their websites.

While filing ITR on income tax department's platform is entirely free, some of the private websites may charge for certain actions.

Nevertheless, there are few websites that claims it to be free.

One such platform known as ClearTax allows taxpayers to file ITR directly without logging into income tax website. The ClearTax platform automatically detects the ITR one needs to file on the basis of the income sources.

Here are the steps to file ITR on ClearTax, as mentioned on its website:

Step 1: Upload Form 16.

Step 2: ClearTax automatically prepares the ITR.

Step 3: Verify the tax summary.

Step 4: E-file tax return to receive acknowledgement number.

Step 5: E-verify tax return through net-banking.

Another, authorized e-return intermediary registered with the Income-tax Department is myIT return, which also claims to be free. For filing ITR at myIT return website, one needs to answer basic questions on the website. These questions are related to salary, home, investments and more. Based on the answers, the system computes the figures for the income tax return.

Platforms such as Eztax and Quicko also claims to be 100 percent free.

Disclaimer: CNBCTV18.com advises users to check with certified experts before taking any investment decisions.

Looking to file ITR for free? You can try these platforms

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