As the last date for filing the income tax return (ITR) nears, taxpayers should rush to complete the process online.
As the last date for filing the income tax return (ITR) nears, taxpayers should rush to complete the process online. The Income Tax (I-T) Department has set December 31 as the due date for assessees to file their income tax returns for the assessment year 2020-21 (the financial year 2019-20) without any penalty charges.
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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. However, the Central Board of Direct Taxes (CBDT) extended the deadline this year because of the coronavirus pandemic.
An income tax return can be filed online through the taxman's e-filing portal - incometaxindiaefiling.gov.in. The Income Tax Department's Central Processing Centre only processes the duly filed return after verification of the same by the assessee.
Here are the steps to file ITR online (applicable for ITR 1 and 4):
Go to the Income Tax e-Filing portal and login by entering user ID (PAN), password, captcha code and click 'Login'
Step 2: Click on the 'e-File' menu and click the 'Income Tax Return' link
Step 3: On the income tax return page, PAN will be auto-populated. Select assessment year, ITR form number, filing type as 'Original/Revised Return' and 'Submission Mode' as 'Prepare and Submit Online
Step 4: Click on 'Continue'. Read the instructions carefully and fill all the applicable and mandatory fields of the form
Step 5: Choose the appropriate verification option in the 'Taxes Paid and Verification' tab. Choose any one of the following option to verify the Income Tax Return:
Click on the 'Preview and Submit' button.
Step 6: On choosing 'I would like to e-Verify' option, e-Verification can be done through any of the following methods by entering the EVC/OTP when asked for. The EVC/OTP should be entered within 60 seconds else, the Income Tax Return (ITR) will be auto-submitted. The submitted ITR should be verified later by using the 'My Account > e-Verify Return' option or by sending signed ITR-V to CPC.
Step 7: Once verified, submit the ITR.
Once the income tax return (ITR) is filed, it is mandatory for the taxpayer to verify it within 120 days, according to Income Tax (I-T) e-filing portal.