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Step by Step Guide to Filing ITR Online

How to File ITR?

How to file ITR online?


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Sep 24 2021

By : Bajaj Allianz Life

Paying your taxes on time is important. But in addition to that, you also need to file income tax returns (ITRs) within the time specified. Not sure what an ITR is and how to file ITR online? Keep reading to learn more about this process.

 

What is an ITR?

 

An ITR or an Income Tax Return is a form that taxpayers have to submit - or file - after the end of each financial year. When you file income tax returns, it gives the Income Tax Department the necessary information about the income earned by the taxpayers, the taxes paid thereon, and the refunds due, if any. Generally, the due date for filing ITRs for individuals is July 31 of next financial year, but for FY 2020-21 due date is 30 September 2021

The Income Tax Department has notified different kinds of ITRs for different kinds of taxpayers. Here’s a list some of the types of ITR, and the kind of taxpayers they are applicable for.

 

• ITR-1:

 

Applicable to resident individuals having total income upto Rs. 50 lakhs from:

  • Salary
  • One house property
  • Other sources excluding winning from lotteries and income from horse races
  • Agricultural income upto ₹ 5,000

 

• ITR-2:

 

Applicable to individuals and HUFs who are not eligible to file form ITR-1 and who have no income from profits and gains from business or profession

 

• ITR-3:

 

Applicable to individuals and HUFs having income from profits and gains from business or profession

 

• ITR-4:

 

Applicable to resident individuals, HUFs and firms (other than LLP) with total income upto Rs. 50 lakhs, and having income from business or profession computed under section 44AD, 44ADA or 44AE of the Income Tax Act, 1961

 

Steps to file your ITR online

 

If you’re not sure how to file ITR online, you’ll be glad to note that it is a fairly easy process. Here is a step-by-step guide for you.

Step 1: Log into the income tax e-Filing portal. To do that, you just need to visit the link at https://www.incometax.gov.in/iec/foportal/

Step 2: Select the option to e-File your return from the ribbon at the top of the page.

Step 3: Fill in the details required, such as the assessment year, the filing type, and the ITR type.

Step 4: You then need to select the mode of filing - which can be online or offline. Online filing is easy and quick, so go ahead and choose that if you can.

Step 5: Select the status applicable, from options like individual, HUF, or others.

Step 6: Select the appropriate ITR form that is applicable to you.

Step 7: Fill in the details required, which includes the following:

  • Personal information
  • Gross total income
  • Total deductions
  • Tax paid
  • Total tax liability

Step 8: Validate your return and confirm the ITR summary.

Step 9: Verify and submit your ITR.

 

Why filing ITR on time is important

 

Knowing how to file ITRs is important, but it is also equally necessary to file your return on time. Here’s why this can help you.

  • You can claim tax refunds only if you file your tax returns on time.
  • Delaying your ITR filing also results in penalties as per the Income Tax Act, 1961.
  • Lastly, to claim certain benefits, like carry-forward of losses, you need to file your returns on time.

 

How life insurance helps you save on taxes

 

Speaking of income tax benefits, life insurance can help you save taxes too too. Here’s how.

 

• Section 80C of the Income Tax Act, 1961

 

As per section 80C of the Income Tax Act, 1961, you can claim the premiums paid for your life insurance plan as a deduction from your total taxable income subject to provisions stated therein. The eligible deduction limit is capped at Rs. 1.5 lakh.

 

• Section 10(10D) of the Income Tax Act, 1961

 

As per Section 10(10D) of the Income Tax Act, 1961, subject to provisions stated therein, the amount received on the death of the policyholder, or on the maturity or the surrender of the policy, is exempt from tax depending on the type of policy. This benefit is only applicable to policies where the premium paid is less than or equal to 10% of the sum assured.

 

Conclusion

 

So, that sums up the key details about how to file your ITR, and why you should do so on time. Filing the return form is fairly easy, and once you learn to do it yourself, you’ll better understand how taxes work, and how important tax-saving benefits like ones from life insurance are.

Disclaimer: This is a generic content on ITR filing. Bajaj Allianz Life Insurance Co. Ltd. assumes no liability for the accuracy of the procedures provided in this content. Readers are suggested to seek independent professional advice from tax consultants on applicable income-tax provisions and procedures before making any decisions based on the same.

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~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.