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ESG
Filing your IT return can be done online or offline using the income tax e-filing portal. This step-by-step guide offers some essential tips and warns you of common e-filing mistakes
As a new ITR e-filing process is introduced, it is time to learn its basics and unlearn a few things from the previous method. Officially named ‘e-filing 2.0’, the new e-filing process is aimed to be made smoother, simpler, and smarter. This article intends to guide readers on learning to use the ITR form while filing their income tax returns.
So, let’s take a step-by-step look at the filing process.
The online process
Individuals filing their tax returns using ITR-1 and ITR-4 can follow the process below:
- Visit the official income tax e-filing process portal at www.incometaxindiaefiling.gov.in.
- Login to your profile using your user ID (PAN) and password and filling the captcha code.
- Click on the e-File menu and then on the ‘Income Tax Return’ link.
- You will find the PAN getting auto-populated. Select the assessment year, ITR number, filing type, and submission mode. Click on ‘Continue’ once this is done.
- Fill in all the relevant and mandatory information after reading the instructions carefully. Save the draft frequently to make sure that you don’t lose unsaved data.
- In the ‘Taxes Paid and Verification’ tab, you can choose one of the verification options and click on the ‘Preview and Submit’ button.
- After previewing the information, you can submit the ITR.
- Now you can e-verify the return by choosing one of the verification methods. The submitted return can be e-verified by clicking on ‘My Account > e-Verify Return’ or sending the signed ITR-V to CPC.
The offline mode
If you choose the offline mode for filing ITR, you must download the utility ZIP file from the e-filing portal and fill the ITR form.
- You need to validate all the tabs of the file and generate and save the XML file.
- Then log in to the portal in the same manner as with the online mode.
- Attach the XML file and choose DSC as the verification option.
- Then you can submit the ITR and e-verify in the same manner as mentioned for the online mode.
Important factors to keep in mind
- The selection of tax regime is one area that you need to be careful about. You can use a comparison of your tax liability under both new and old regimes and select the one that is more beneficial for you.
- The extension of the last date is not an extension of tax liability. If you need to pay advance tax, it is better to pay it on time to avoid penal interest.
- There are changes in the ITR-1 eligibility criteria. If TDS under section 194N was applicable in your case but has not been deducted, you will not be eligible to file ITR-1. 194N is applicable for cash withdrawal. Employees who have deferred taxes applicable under Employee Stock Options are also ineligible for ITR-1.
- Also, make sure that you claim all your deductions while filing the ITR. Employees who have missed declaring their tax-free deductions to their employers can do so while filing the ITR. It is advisable to retain a copy of such investments.
If you have capital gains during the year, caution is required while filing the Capital Gains schedule. Tax rates vary depending on the type of asset and the holding period. Besides, exemptions on capital gains may also be applicable, which you may miss out on. It is recommended to seek the advice of a chartered accountant if the capital gain calculations involve any complexity.
Mistakes to avoid
Here are some things you need to be careful about during the ITR e-filing process:
- If you have capital gains during the year, caution is required while filing the Capital Gains schedule. Tax rates vary depending on the type of asset and the holding period. Besides, exemptions on capital gains may also be applicable, which you may miss out on. It is recommended to seek the advice of a chartered accountant if the capital gain calculations involve any complexity.
- The tax payment details should be thoroughly checked while filling, as minor discrepancies may lead to demand notice later.
- If you have a foreign bank account, even if it’s empty, you will have to file ITR-2. In other words, don’t file ITR-1 if this criterion is applicable in your case.
- Ensure that your bank details are correctly filled in while filing your ITR. Any error in account number, IFSC, etc., can hinder refunds.
- Make sure that you enter contact details such as phone number and email ID correctly. The IT department will use these details to send you acknowledgement and other correspondences.
The e-filing process is a simple and systematic way of declaring your income and tax liability for the previous financial year. We hope that you follow these steps and guidelines and successfully file your return before the due date.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.