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ITR Filing

How to do ITR Filing Online?

4 min Read Jan 9, 2025

Filing your Income Tax Return (ITR) is a very important financial duty. It ensures that you comply with Indian tax laws and maintain your financial credibility. The government has been promoting digital processes, and filing your ITR online has never been easier. This step-by-step guide takes you through the entire process in a simple way.

What is Income Tax Return Filing?

An Income Tax Return (ITR) is a document you file with the Income Tax Department. It provides details about your income and taxes paid during the financial year. Filing ITR is mandatory for individuals and entities who meet certain income thresholds.

Filing your ITR has many benefits. It acts as proof of income, helps with loan approvals, and ensures you stay compliant with tax regulations.

Who Needs to File an ITR?

Not all are compelled to file an ITR. However, you need to file in the following cases:

  • Your total income is more than ₹2,50,000 in a financial year. (₹3,00,000 for senior citizens).
  • You wish to claim a refund for excess taxes deducted.
  • You have assets outside India or are a resident of India with income from foreign sources.
  • You have income from capital gains, house property, or business.

Preparing to File Your ITR

Before filing the return, make sure you have all the documents in hand. These are:

  • PAN Card: Your identity for tax purposes.
  • Form 16: Given by your employer stating income and tax deductions.
  • Bank Statements: To show your income, investments, and transactions.
  • Investment Proofs: For tax-saving investments.
  • Aadhaar Card: Compulsory for e-verification of your return.
  • Other Income Proofs: Through rents, interest on saving or fixed deposit.

How to File ITR Online: A Detailed Process

Follow these easy steps to file your ITR online in India:

  • Step 1: Click at register on the Income Tax Portal

Click on the official Income Tax e-filing portal at www.incometax.gov.in.

If it is your first time, you will use your PAN as the User ID when registering.

For the repeat customers, enter your login details.

  • Step 2: Choose the Correct ITR Form

ITR forms are many and each of the forms is meant for a particular class of taxpayers. For example:

ITR-1 (Sahaj): For salary income, up to fifty lakh of income.

ITR-2: For income under the head capital gains or two or more house property

ITR-3: for business or professional purposes.

Select the one which suits your type of income.

  • Step 3: Input Your Income Information

Once you have chosen the form, go on and enter your income information. Enter salary income, business income, property income and other income. Check that all numbers correspond with the details given in your Form 16 and other papers.

  • Step 4: Claim Deductions

You can reduce your taxable income by claiming deductions under various sections like:

Section 80C: PPF, ELSS or life insurance premium payments.

Section 80D: Medical insurance premiums.

Section 24(b): Interest on home loans.

Apart from these, there will be possibility of tax deduction through other sections. It will be used accordingly.

  • Step 5: Confirm Your Tax Liability

The portal works out your tax bill for you. It is advisable to reconsider this calculation very carefully. If you find any errors, verify your entries.

  • Step 6: Pay Any Outstanding Tax

If the tax liability is more than the tax paid or deducted, then the remaining amount has to paid through Challan ITNS 280. After making the payment, make sure to fill the details on the portal.

  • Step 7: Verify Your ITR

After submitting the form, e-verify your ITR. This is to ensure that the filing process is complete. You can e-verify through:

  • Aadhaar OTP.
  • Net Banking.
  • Bank Account Validation.

If you want to verify offline, send the signed ITR-V form to the CPC in Bengaluru.

Common Mistakes to Avoid

  • Wrong Form Selection: Selecting the wrong ITR form will lead to rejection.
  • Mismatched Details: Ensure all data matches your documents.
  • Omitting Income Sources: Declare all sources of income to avoid penalties.
  • Skipping Deductions: Use all the eligible deductions to reduce taxable income.

Benefits of Filing ITR in Time

  • Save Penalty on delay in filing.
  • Carry Loss to set off from future income.
  • Make visa applications and financial transactions more hassle-free.

Why Professional Help?

Filing ITR can be confusing for those who have a complex structure of their income or beginners. The professional tax consultant with Online ITR Filing service,  ensures your return is accurate and compliant, and they will also point out additional deductions or exemptions you might have missed.

Mind Your Tax: Simplify Tax Filing Today

For a smooth tax filing process, look no further than Mind Your Tax, the best tax consultant in Bangalore. We are here to provide expert help, hassle-free filing, and error-free processing. Be it a salaried employee, freelancer, or a business owner, we have solutions for all.

Do not let the burden of tax filing overwhelm you. Start today at Mind Your Tax. Let us take the hassle out of tax filing for you while you can concentrate on your goals. Filing taxes has never been easier!