“Need to know the procedure for Efiling Income Tax Returns Free Online?
Then Get all the Details in this helpful Guide on e filing ITR”
Efiling Income Tax Returns is the most convenient way of e filing ITR. It is important to note that your tax amount is dependent on your income summary.
So, let’s begin…!
Explaining Efiling Income Tax Returns
As per the regulations suggested by the government of India, there are 2 ways of e filing ITR Returns free i.e. the Online Method and the Offline method. The online way or electronic filing method is what we call Efiling Income Tax Return. In this method, we will go through the stepwise procedure to file income tax return online. This the most convenient way of filing tax returns as it saves a lot of your time and the printing cost simultaneously (Efiling Income Tax).
However, if you are more comfortable with the offline method then also no need to worry, we have got you covered. All you need to do is go to your nearest Income Tax Department to file your returns.
Techniques of Efiling Income Tax Returns (ITR)
There are 4 key techniques of e filing your income tax returns.
- Self Efiling ITR: This is the scenario where you have complete knowledge about the rules and regulations of Income Tax Efiling and you are yourself capable enough to file your tax returns also called Efiling Income Tax.
- Supported Efiling Income Tax Returns: If you need the support of some 3rd party people who can assist you while filing your ITR, then you come under the category of supported e filing ITR or Efiling Income Tax.
- Efiling Income Tax Returns using Mobile App: Most of the Apps available either of Google Play Store or Apple IOS are really the game changer in filing your income tax returns without much of hassle.
- Tax Return Prepares (TRP): Unlike the TV term, they are highly skilled people who specialize in e-filing Income Tax Returns for you under the TRP scheme initiated by the Government of India for Efiling Income Tax Online Free.
But before we proceed any further let’s have a quick look at the document’s list required while Efiling income tax returns online free.
Document List for Efiling Income Tax Returns
Before we jump to our super helpful guide to filing Income Tax Returns let’s get ready with the list of all the necessary documents required for e filing ITR.
|General Documentation||1. Identity Proof (PAN Card)
2. Bank Account Details
|Salary Related Documentation||1. Form 16, Form 16A, Form 26AS
2. Pay Slips
3. A copy of your rent receipt
(Extremely helpful for HRA relaxations)
|House or Property Related Documentation||1. Address Proof
2. Partner Details such as share distribution in property, their PAN details etc.
3. Interest on Home loan certificate issued by the bank
4. In the case of un-constructed property, the completion date of final construction.
5. In case the property is rented then name and the rental income of your tenant.
|Capital Gain Related Documentation||1. Stock trading Summary with the date of sales if income received by selling shares.
2. In case of sale of the house then keep your hands on the purchase price, selling price, registration date and the capital gain received from the sale of the property.
3. Mutual Fund Summary Statement.
|Other Income Related Documentation||1. Account summary of the income received from interests received.
2. Interest income from any bonds or debentures.
3. Post Office Income Statement
|Tax Saving Proof||1. Employee Provident Fund (EPF)
2. Public Provident Fund (PPF)
3. Life Insurance Premium Paid (LIC or any others)
4. Investments in ELSS Scheme of mutual funds
Efiling Income Tax Returns – A Helpful Guide with Screenshots
Income Tax Returns e filing is made really simple for you all in this guide. All you need to do is just go through the 10 steps mentioned below and your job will be done very quickly.
1. Just visit (ITR e-filing Official Website) the portal and click on register yourself.
2. On the Next Screen select from the various choices available. I will go with “Individual” as of now and click next.
3. Enter your basic details like PAN, Name as per Pan and Date of Birth (DOB).
4. Next, fill up the registration form along with all the basic details
Such as valid email id, valid contact Number and other details asked. You need to confirm the activation by clicking on the “Activation Link” sent over your registered email address and OTP (One Time Password) sent over your registered mobile number for Efiling Income Tax Online Free.
5. Once registration is complete, click on “Log in”
And then enter the following details, User Id (PAN Card Number), Password and Date of Birth as per the par card.
6. On the top menu click on the e-file tab and under it choose “Prepare and Submit ITR Online” option to submit your Income Tax Return details.
7. Next, select the assessment year and the relevant ITR Form for which you want to proceed with Efiling Income Tax Returns Online.
Your address can be filled with 3 of the below options;
- PAN Card Details
- Previous Return Filed (Database has Address stored)
- Add a new Address
8. Click on Submit Button and you will automatically be redirected to the form selected by you previously.
Before you proceed with filling the form, please make sure you read all the instructions properly. Then fill all the details like your Income Details, Tax Details, Taxes paid with verification and Form 80G.
9. After adding all the information click on the “Submit” button and proceed.
You will be asked to review and verify all the details once. Read all the details and check for errors if any. Rectify it and then click Next to verify your Income Tax returns using various options available on the portal for Efiling Income Tax.
10. The last step will require your digital signature.
All you need to do is to upload your digital signature for successful e-filing Income Tax Returns Online. In case you have not registered for the digital signature you can submit your Income tax returns electronically using Aadhar OTP or the Electronic Verification code method for Efiling Income Tax.
Hurray…!! We are almost done.
Now, just relax and wait for Income Tax Returns to be processed by the Income Tax Department of India. Once the process is complete you will be informed either via email or SMS on your registered mobile number for Efiling Income Tax.
Efiling Income Tax Returns – By Uploading XMLs
- Just visit (ITR e-filing Official Website) the portal and click on register yourself. If already registered click on Login and enter the User name (PAN Card Number), Date of birth and Password.
- Once you are into your dashboard click on “Income Tax Preparation Utilities” and click next.
- Now you need to select the required ITR form, assessment year and submission mode of the form.
- The offline utility needs to be downloaded (Java or Excel).
- The Income Tax Returns (ITR) form is to be prepared and saved.
- The XML files are to be extracted from the saved form.
- The XML files have to be uploaded to the portal again by logging in and selecting the ‘Filing of Income Tax Return’ option.
- The filing of the returns has to be e-verified within 120 days from the date of submission of the forms.
Importance of Form 16 and Form 26AS
Tax Deducted at Source Certificate commonly referred to as TDS Certificate is nothing but Form 16. It acts as a reference point or base for you file your income tax returns. Your employer (or the organization you work for) will provide form 16 after endowing all the details relating to the tax paid by them on your behalf. It is really important as it contains critical information like the basic pay, allowances, remunerations and the deductions that your employer is offering you for Efiling Income Tax.
Form 26, on the other hand, displays all the taxes that have been deducted by your employer along with the amount deposited on behalf of you to the Income Tax Department of India.
Worried? Didn’t receive Form 16?
Some of the possible reasons for nor receiving form 16 could be sudden shut down of your organization or you not completing the tenure of your duty.
Whatever it is, don’t worry. You can still file your tax returns however the steps will be different than the ones for Form 16.
Here is the step wise guide on Efiling Income Tax Returns without Form 16.
Step 1: Income Calculation from Salary
The best way to calculate your income is from the salary slips given to you by the employer during the financial year 2017-2018. A complete breakup of your salary is to be deposited with the Income Tax Department of India (Efiling Income Tax). Please note that you might need to fill some of the fields like;
- Income from salary or pension
- Allowances which are not exempted
- Deductions that are claimed under Section 16
- Profits arising from salary
- The monetary value of perquisites received by the assessee.
- Other details like Provident Fund deposited and TDS details to be mentioned in your salary slips.
- Allowances may include House Rent Allowances (HRA), Leave Travel Allowances (LTA), Transport Allowances (TA),
Step 2: Verifying TDS and Form 26AS
As mentioned above Form 26AS contains a list of all the taxes that have been deducted from your salary by your employer received from all the possible sources. Before you proceed with Efiling Income Tax Returns without Form 16, please make sure that your Tax Deducted at Source (TDS) tallies with Form 26AS.
Step 3: Tax Calculation from Property such as House
In simple language, if you are the owner of property then you need to mention the income under “Income from House Property” section in the form for Efiling Income Tax. However, if you have taken house loan for the property mentioned above then you are eligible for a home loan interest tax deductions mentioned under the same section.
|Rental Income Exemption = Maximum up to 30% Tax Deductions + Municipal taxes paid|
Step 4: Tax Calculation from Capital Gains
You are eligible to claim tax exemption on profits earned from equity or related mutual funds.
Condition: Holding Period Minimum 1 year and sold before 31st March 2019
You may note that apart from this you need to carry the summary statements of all the transactions from your broker. Also, the profits received from the disposal of property should have all the sale related documents handy for easy tax calculation when you are Efiling Income Tax Returns Online.
Step 5: Tax Calculation from Other Possible Sources
Efiling income tax returns necessarily require you filing income tax from other sources such as interest earned from different bank accounts, interest earned from tax refunds, dividends received, income from rented machinery, plant, or furniture, income from pension or annuity, etc. All the details regarding the above mentioned could be found in Form 26AS. Your passbook will contain all the information related to income received from interest from bank accounts.
Step 6: Calculation of All the Available Deductions
Deductions are the most important factor while you are calculation your income tax returns. Under the Income Tax Act, you can claim these deductions under various Sections such as Section 80C, 80D, 80CCC, 80CCD, etc for Efiling Income Tax.
(Deduction up to Rs 1.5 lakh)
|1. Provident Fund (PF)
2. Public provident fund (PPF)
3. Repayment of the principal home loan amount.
|Section 80D||1. Medical Insurance Premium|
Thus, you can calculate all the above-mentioned deductions to save money while e-filing income tax returns.
Step 7: Calculation of Total Taxable Income
To calculate total taxable income all you need to do is calculate total income from all the possible sources and then subtract all the possible deductions from the above-mentioned table.
|Total Taxable Income = Total Income from all the sources – Tax Deductions under various sections of Income Tax Act, India|
Step 8: Calculation of Income Tax Liability
There are a number of 3rd part websites that can help you to calculate income tax liability. Also, you can google the Income-tax calculator to easily calculate income tax liability for Efiling Income Tax.
Step 9: Payment Calculation for Additional Tax Liability
Once you are done with the final tax liability calculation, the next step would be to check for the difference between the income tax paid and the actual tax liability, if any. All you need to do is to pay the difference amount of tax to the Income Tax Department of India. However, if the difference is equal to or more than the actual income tax liability then there is no need for any additional payment for Efiling Income Tax.
Step 10: Efiling Income Tax Returns Online Free
This the last step for efiling income tax returns online without Form 16. Once all the above steps are successfully completed, all you need to do is to log in to the Income-tax Efiling portal and file your Income Tax returns. Also, make sure that the returns are e-verified with 120 days from the date of e-filing your income tax returns (Efiling Income Tax).
Thus, I can guarantee you that if you follow all the above steps sequentially then you will be successfully Efiling Income Tax Returns in 2019 without Form 16. Also, keep in mind that tax returns are filed before the due date otherwise the late fees will be added as per Section 234F of Indian Income Tax Act.
A Brief About Various Forms – Efiling Income Tax Returns
It gets quite confusing sometimes as the list of Forms Available is huge especially when you are e filing your Income Tax Returns (Efiling Income Tax). Below is the collective summary of all the forms available for your easy understanding and help.
|ITR 1 (Sahaj)
Income Less than Rs 50 lakh
|Individuals with income source as salary and interest.|
Income More than Rs 50 lakh
|Individuals with Hindu Undivided Families (HUF) not having income from business or profession.|
Income More than Rs 50 lakh
|Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship.|
Section 44AD, 44ADA, 44AE
|Individuals and HUFs having income from a proprietary business or profession.|
|ITR 4S||Individuals/HUF having income from the presumptive business.|
|ITR 5||Firms, AOPs, BOIs and LLP.|
|ITR 6||Companies other than companies claiming exemption under section 11.|
Section 139 (4A, 4B, 4C, 4D)
|Individuals including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D).|
Efiling Income Tax Returns Online – Welfares
Since we all have learned efiling income tax returns online, now let’s understand what are the benefits of Efiling Income Tax Returns and why it of so much importance.
- Handiness: As seen above we can file our tax returns online with just 10 easy steps which are very convenient and handy for all the taxpayers.
- Fast Processing Time: The processing time of the ITR filing online is way too fast than the offline method. Also, if there are any cases where the refund is to be initiated when the waiting time is relatively low.
- Data is Private: In this digital world, data privacy is a key issue and thus it is very important to secure our data and information. The Efiling Income Tax Returns method is very safe and secure for Efiling Income Tax.
- Exactitude: Since all the checks in efiling ITR are done electronically, this leaves negligible scope for any errors. Hence the accuracy is very high leading to the exactitude of information for Efiling Income Tax.
- Digital Receipts: All the information is communicated to you via the email id registered which creating your account. This email acts as the digital receipt that carries all the information sent by the Income Tax Department.
- Past Record Access and E-filings: The ITR portal has the facility to access the past record and efiling for your use and references. This is really helpful for people who would need past tax data for any official or personal use.
- User-friendly: The ITR portal is really user-friendly and self-explanatory in terms of ease of usage. You will see a number of tips and tricks which are really helpful at the number of times for Efiling Income Tax.
- Digital Banking: e-Banking is the unique feature that has been integrated with ITR portal. This is extremely helpful in cases where refunds are to be initiated or options like “Fill now and Pay Later” are introduced (Efiling Income Tax).
Steps for Efiling Forms ITR1 and ITR4S
The submission of the above forms is really simple; all you need to do is upload an XML Format of the form to the ITR Portal Online for Efiling Income Tax.
- Login to the portal mentioned above i.e. ITR e-filing Official Website.
- Click on e-file and tab and choose “Prepare and Submit ITR online”.
- Enter the Assessment Year and choose forms ITR1 or ITR4S and click Submit.
- Select Digital Signature Certificate (DSC), if available and click Submit.
- You will now be able to see the acknowledgement message on the portal. Take the print out of it or the ITR V Form.
Note: To Register the DSC Certificate, just log in to the Income Tax Department and click on “Profile Settings”. Under this section choose “Register Digital Signature Certificate” and download the ITD e-Filing DSC Management Utility.
Income Tax Returns Efiling: Password Recovery Issue
It is quite possible that you forgot your password due one or the other reasons. Not to worry, we have got this covered here. First Login to ITR Portal using the link: ITR e-filing Official Website.
On the right-hand side of the portal, you see “Forgot password” option. Click on Reset and you will be redirected to a new screen of Efiling Income Tax.
On this screen, you need to enter your User ID (i.e. PAN Card Number), Captcha Code and Click Continue to Efiling Income Tax.
Now, there are 3 ways by which you can retrieve your password;
- Using OTP of Aadhar Registered Mobile Number.
- E-Filing Login through Net banking.
- Uploading digital signature certificate.
Consequences of not Efiling Income Tax Returns
|The due date for Efiling Income Tax Returns = 31st July/30th September of the respective assessment year.|
Failing to follow the below deadline might lead to both high penalty plus interest. Both of them act separately and depends on the situation of the taxpayer. Both of them could be levied simultaneously or any one of them could be imposed based on your scenario of Efiling Income Tax.
|Section of Income Tax Act||Penalty/Interest|
|Section 271F||A penalty of Rs 5000 will be charged.|
|Section 234A||The interest of 1% every month.|
|Section 139(1)||Losses will not be carry forwarded.|
|Section 144||Decided by the accessing officer|
|Section 271 (1) ©||The penalty levied for cases where the income is concealed.|
FAQs Related to Efiling Income Tax Returns
Question 1: Is it possible to e-verify my Income Tax Returns without sending my documents to CPC, Bengaluru?
Answer 1: Yes, it is possible. You can e-verify your Income Tax Returns via one of the following;
- Electronic Verification Code (EVC)
- One Time Password (Note: Your PAN Card and Aadhaar Card must be linked).
Question 2: Is it possible to complete Efiling Income Tax Returns with creating the account on ITR Portal?
Answer 2: No, it is not possible. The registration process is very simple; all you need to do is just visit the portal at ITR e-filing Official Website and get yourself registered by entering your basic details like PAN, Name as per PAN Card and Date of Birth (DOB).
Question 3: Is Efiling Income Tax Returns possible even before all my tax payments are done?
Answer 3: No, you can only file your Income Tax Return online or via an agency, only after all your tax payments for the year are done.
|The due date for Efiling Income Tax Returns = 31st July/30th September of the respective assessment year.|
The government may, however, provide a grace period of 15 to 30 days after the deadline lapses.
Question 4: After Efiling Income Tax Returns Online, in how many days can I e-verify?
Answer 4: You can either send the ITR-V to CPC, Bangalore or verify it online through electronic verification code, within 120 days of Efiling Income Tax Returns.
Question 5: Can I ask someone else to complete Efiling Income Tax Returns for me?
Answer 5: Yes, you can take help from CA’s (Chartered Accountants) or external agencies for Efiling Income Tax. However, please ensure that you do not share your User ID and Password with others to prevent frauds or mischiefs.