Income Tax Return (ITR) filing is an annual activity seen as a duty of every responsible citizen of the nation. A person can claim the refund of the excess tax paid/deducted during a financial year by filing an ITR for that year.
For fiscal 2020-21 (the assessment year 2021-22), taxpayers can file ITR till September 2021. The online filing format of ITR is known as e-filing.
The I-T department has last month launched a new portal for the e-filing of income tax returns. The new portal—www.incometax.gov.in—has replaced the— incometaxindiaefiling.gov.in—site and can be accessed by taxpayers in various regional languages.
Along with the new ITR e-filing portal, the mobile app facility has also been launched. The app can be downloaded from the Apple app store and Play store.
Here are key things to know about filing ITR:
What are the new options for filing ITR on the new portal?
The I-T department has encouraged taxpayers to update their profiles to avail accurate pre-filled ITRs and enhanced user experience.
On the top of the new website, one can find the tab to access individual-based help content. Clicking on the application tab takes an individual to view guidance on how to file ITRs and applicable forms for the same. Deductions, refund status, tax slab and other related information are also present there.
The department has claimed that the new IT return e-filing portal and the new mobile app will be easy to use for taxpayers.
What are the additional features of the new portal in terms of ITR filing?
The new portal has a drop-down menu for taxpayers for checking instructions on ITR filing, refund status and tax slabs. The new site also has detailed user manuals, FAQs and videos to help taxpayers understand various services available on the portal.
What are the forms of return prescribed under the income tax law?
Income Tax Department has notified 7 forms for filing ITR this year. These forms include Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6 and Form ITR-7.
What are the different modes of filing the return of income?
The return form can be filed with the Income-tax Department in any of the following ways, -
(i) by furnishing the return in a paper form;
(ii) by furnishing the return electronically under digital signature;
(iii) by transmitting the data in the return electronically under electronic verification code;
(iv) by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V;
How to file the return of income electronically?
Income-tax Department has established an independent portal for e-filing of return of income. The taxpayers can log on to https://www.incometax.gov.in for e-filing the return of income.
What are the benefits of filing my return of income?
Filing of return earns an individual the dignity of consciously contributing to the development of the nation. Apart from this, income tax returns validate an individual's credit-worthiness before financial institutions and make it possible for him/her to access many financial benefits such as bank credits, etc.