Income Tax Returns

Income Tax is subjected to everyone and every business that earns an income in India through any services, products, pensions, savings account, businesses, etc. NRIs are also to pay taxes in India but only for the income generated with services they worked for in India and not in their resident country. Income Tax returns are taxes that re – funded to the tax payers in case the tax sheet shows that an excess amount has been paid in taxes by the tax payer. The income tax paid by the individual has to be shown on a sheet and filed within a particular date. If the income tax paid is higher than the required amount, then a tax refund shall be provided. For the online income tax return filing, there are certain steps set by the Income Tax Department which each and every person going through the online income tax return filing needs to follow to have a smooth process.

E-Filing Income Tax Returns

There are 2 processes one needs to go through for the online income tax return filing.
They are as follows:

  • To upload Income Tax Returns online

  • To prepare and submit Income Tax Returns online

To upload Income Tax Returns online

1. The very first step for online income tax return filing is to download the Income Tax Return preparation software for the particular financial year onto your computer.

2. The next step to follow is to prepare the return by using the download software.

3. After doing that, you need to log yourself in into the e – filing website with details like your birth date, password, user identification number or name and the date of incorporation.

4. Then, the website will ask you for a captcha code to check that you are not a robot or a computer virus. Now, enter the captcha code correctly to have a successful log in into the e – filing website.

5. After your successful log in, go to the e-file.

6. Now, click on the button that reads “upload return”

7. Now, select the correct and appropriate Income Tax Return, XML file and assessment year.

8. After that, what you need to do is, you need to upload the digital signature certificate – DSC. This has to be done only if it is applicable.

9. Now, click on the button which reads “submit”.

10. After the submission is successful, an ITR – V will be displayed on your computer screen (if the DSC is not used).

11. Now, click on the link and then download the ITR – V.

12. The ITR – V will also be sent to your electronic mail identification (e mail) which you have registered with. So, you can check it there also.

13. If you had used the DSC, then your income tax return filing process would be complete.

14. If the DSC is not used, then the ITR – V form is to be printed, signed and submitted to the CPC within 120 days from the date that the e – filing was done. The income tax return process will only be completed after processing only upon the receipt of signed ITR – V. If you do not get any receipts, be sure to check your e mail for any information regarding the same. You can also visit Policybazaar to get enhanced information for the same.

To prepare and submit Income Tax Returns online

1. The first step for the online income tax return filing in order to prepare and submit your income tax returns is to log in to the e-filing website with your birth date, password, user identification number or name and the date of incorporation.

2. Then, the website will ask you for a captcha code to check that you are not a robot or a computer virus. Now, enter the captcha code correctly to have a successful log in into the e – filing website.

3. Now, go to the e – file option and click on the button that reads “prepare and submit ITR online”.

4. The next step is to select the income tax return form ITR 1 as well as ITR 4 S and the assessment year.

5. Now, fill up all the details correctly.

6. Upload digital signature certificate (DSC), if applicable.

7. Click “submit” to submit the form(s).

8. If the submission is successful, then the ITR – V would be displayed (if DSC is not used).

9. Click on the link and then download the ITR – V. The ITR – V will also be sent to your registered e mail address, so you can check it there as well.

10. If the DSC is uploaded in the Income Tax Return, then the Income tax return filing process is a success and is complete.

11. Now, if the DSC is not uploaded in the return, you need to get the ITR – V form printed, duly signed and then submitted to the CPC – central processing center within 120 days from the date when the e – filing had been done.

12.The income tax return will only be processed when the receipt of the signed ITR – V is received. You need to make sure that you check your e mails or SMS for the reminder of non – receipt of the income tax return.

Conclusion

After all these steps are completed and the receipt is received, the process of the online income tax return filing and submission of the Income Tax Returns is completed and successful. You need to follow these steps of the online income tax return filing to make sure that no step is missed and all the details and important information is entered and no mistakes are made. If you follow all the process step by step, then you can have a successful online income tax return filing and not need to worry about if you will get tax refunds properly or not as this process gets it into the system.