Income Tax return(ITR), as the word itself insinuates is a statement filed with the income tax department for the income returned by way of tax for various persons according to the provisions laid down by the Income Tax Act 1961.
The ITR to be filed covers various aspects in terms of the due date, forms to be filed, income calculation and tax computation, TDS TDS certificates etc..which are detailed below.
i) The due date for filing ITR (without interest and penalty) depends on the nature of the taxpayer :
Salaried individuals and Assessee whose accounts are not subject to tax audit - 31st July of the relevant AY
Assessee whose accounts are subject to tax audit - 31st October of the relevant AY
ii) The income tax portal has been designed to be user-friendly and provides two modes of filing the ITR which are online and offline mode.
The online mode is available for ITR 1 to ITR 4.
The offline mode can be used to file all types of ITR forms from ITR 1 to ITR 7.
The process of filing ITR(whether online or offline) is as follows:
Step 1. Choose the appropriate form as per taxpayer sources of income.
*The income tax portal provides ample and self-explanatory form identification data, to be chosen by a layman.
Step 2. Choose the appropriate prefill option and the form will be prefilled with the basic details in each category such as personal info, GTI, tax paid, deductions etc.
*The income tax portal gives the taxpayer a choice to prefill data saved on their website or saved by the taxpayer.
Step 3. Start filling the form category wise providing the details asked therein and confirming the details already prefilled.
The categories required to be filled are :
1. General information- consisting of personal details of the taxpayer including bank account for refund. The major part of this category is prefilled.
2. Total income - Requires detail of income of the taxpayer which falls under the five heads i.e. income from House Property, Salary, Business, Capital gains and other sources. The categories may differ from form to form depending on the nature of the taxpayer and the form chosen.
3. Total deductions - This head requires the taxpayer to provide details of all the tax-saving investments made including payments towards insurance, medical premia, pension etc.
4. Tax paid - The income tax act provides 3 modes of payment of tax i.e. Advance Tax, Tax deducted at source(TDS) and Self assessment tax. The TDS details usually prefilled should be verified from Form 26AS(available on the IT portal of the assessee) and Form 16 and 16A (provided by the employer and deductor).
5. Tax liability - This head self computes the total tax liability of the assessee based on the income details(punched in above in the total income tab or from the respective tab that contains the detail of income) and the deductions.
Step 4. Post filing the entire form, a return summary is generated giving a snapshot of major details filed and refund or tax payment details. Check the same thoroughly for any discrepancy or mismatch.
Step 5. Proceeding further the utility provides an option to preview the return summary before submission to check if any point is not missed or any amount wrongly punched.
The IT portal lets you download the pdf of the return summary to document the form for future use.
Step 6. The ITR form is then validated for errors if any as identified by the utility. Correct the errors in the various tab and validate the form successfully.
Step 7. This is the final step involving return submission on the IT portal.
The return can be submitted by logging in to the portal in case of offline mode.
No log into the portal is required in case of online mode.
The JSON file can also be downloaded and saved to be uploaded at a later date.