Online filing of Income Tax Return: The I-T Department has provided seven forms for filing ITR online.Only seven days are left to file income tax returns (ITR) for assessment year 2019-20(financial year 2018-19).
It is mandatory for individuals who earn a specified amount of annual income to file ITR within a pre-determined due date.
Filing the income tax return after the due date, which is August 31, 2019, will invite penalties, amount ranging from Rs.
5,000 to Rs.
10,000 depending on the degree of delay, according to the department's website - incometaxindia.gov.in.
Income tax return can be filed online - through the I-T department's portal e-filing portal- incometaxindiaefiling.gov.in.For filing of income tax return, individuals are required to register on the Income Tax Department's e-filing portal - incometaxindiaefiling.gov.in - using their Permanent Account Number (PAN).
However, in the recent Budget, government announced "interchangeability of PAN and Aadhaar".
This means that who do not have PAN (Permanent Account Number) card can file income tax returns by quoting their Aadhaar number.The Income Tax Department has provided seven forms - known as ITR forms - to enable assessees to file their income tax return online.
These forms are called ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.Step 1: Log in to e-filing website using the user ID and password, and details such as date of birth.Step 2: Click on the "prepare and submit ITR Online" link under the "e-file" section.Step 3: Select the relevant income tax return form and assessment year.Step 4: Fill in the details and click on the "submit" button.Step 5: Upload a digital signature certificate (DSC), if applicable.Step 6: Click on the "submit".However, filing or submitting the income tax return online does not complete the ITR process.
The Income Tax Department has also mandated the public to verify the income tax return after submitting it.
The taxman offers several ways such as mail, net banking, ATM and Aadhaar - to verify an ITR once it is submitted.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
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