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Filing income tax online has become an easy and quick process. E-filing allows taxpayers to submit their ITRs online smoothly and quickly from anywhere. This process ensures clarity, minimises errors, and offers immediate confirmation. E-filling streamlines tax compliance for salaried employees, self-employed individuals, and business owners.
In this guide, we will outline the requirements, necessary documents, rules, and instructions to follow when filling out your ITR online. By leveraging the comfort of online filing, you can stay ahead of deadlines, understand the benefits, and make informed decisions.
Let's get started on your hassle-free tax journey!
What is Income Tax E Filing?
An income tax return is a form that shows your income, expenses, and other earnings. It is used to request a refund from the Income Tax Department overpayment of taxes. E-filing is the process of submitting your income tax return online for a specific year. You can e-file by using a Digital Signature Certificate (DSC), an income tax return verification form, or your Aadhar card. It is a simple, quick process and a blessing for taxpayers, especially during the coronavirus outbreak.
What are the Steps for Income Tax E-Filling?
Here are the simple steps to follow for e-filling your income tax return:
- Visit the Income Tax E-filling Website
- Register or Log In to the website.
- Create an account by entering all the required details or log in with your credentials.
- Choose the correct ITR form depending on your income type and sources.
- Fill in the Required Details like your name, PAN details, contact details)
- Enter all the details for income, deductions, and exemptions declaration.
- Upload necessary documents
- Submit necessary forms like Form 16, Form 15CA, or other supporting documents for verification.
- Review and Confirm
- Double-check the entered data for accuracy. Verify your return using Aadhaar OTP, Net Banking, or other methods.
- Submit your ITR online and download the ITR-V acknowledgement for future reference.
Required Documents for Income Tax Filing
Documents that you need to submit when E-filling Indian income tax are:
- Identity proof: PAN Card and Aadhaar Card
- Proof of salary and TDS: Form 16
- Required for foreign remittances: Form 15CA/CB
- Income declarations and deductions: Bank Statements
- For deductions under sections like 80C, 80D: Investment Proofs
- To claim HRA exemptions: Rental Receipts
Why is E-Filing of Income Tax Important?
E-filing your income tax return is essential to taxpayers for the following reasons:
- Quick and simple processing
- Prompt confirmation with receipt
- Seamless with high accuracy
- Maintain confidentiality
- Easy access to past data
- Apply quickly for any type of loan
- Apply for credit cards and returns
- Pre-requisite for visa processing
- Tax exemption on health insurance premium
- User-friendly software
- Available 24x7
Rules for E-Filing Income Tax
You must follow specific rules to avoid errors when filling for ITR online:
- Make sure to file income tax returns online by July 31st for individuals.
- Link your identity details like PAN and Aadhar for ITR filing.
- Choose the correct ITR form depending on income sources.
- Ensure verification of further information after income tax e-filling within 120 days of submission.
- If applicable, declare global income.
How to Check the E-Return Filing Status?
If you wish to track your e-filing status online, here's how you can do that:
- Visit the Income Tax Portal.
- Guide to the 'My Account' section.
- Click on 'View Return/Forms'.
- Check your status by entering the acknowledgement number
Final Words!
E-filing your income tax return is a systematic and hassle-free method to complete your tax burdens. You can fill your ITR online by following the step-by-step process, guaranteeing proper documentation, and adhering to rules.
The comfort of income tax e-filling helps save time, offers immediate acceptance, and minimises errors. For a smooth experience, use the income tax website, stay informed, and meet deadlines. In this way, your e-filing of income tax can be done hassle-free. However, under section 80D of the Income Tax Act, you can also claim tax reduction on health insurance premium. So, if you already have it, claim for it, but if not, opt for a comprehensive health insurance plan offered by Care Health Insurance now. With some investment in health insurance, you can save your health and hard-earned money.
Take charge of your tax filing today and enjoy the advantages of a transparent and effortless process!
Disclaimer: The above information is for reference purposes only. The tax exemptions are subject to the rules and regulations of the Income Tax Act of India 1961.
