What is E-Filing of Returns?

It has become quick and convenient for residents of the country to file their income tax returns (ITR). The advances in technology have made it possible to file e-returns from the comfort of your home. An e-filing means the electronic filing of returns, which is popular and mandatory in numerous cases. It is the process of submission of tax returns over the Internet through tax preparation software.

Individuals who have a salary income and use ITR 1 and ITR 2 need to file their returns online. In addition, if your income exceeds INR 5 lakh or you intend to claim a refund of the tax already deducted, you need to learn about e-filing returns. 

Where can you e-file the return?

If you are wondering how to file income tax returns, you can learn about the entire procedure on the government website for e-filing. It is an independent portal, which allows e-filing of the income tax returns. You are free to file a return with or without a digital signature. The ones who do not have a digital signature can file their return but they will have to take a copy of ITR-V and sign and send it to the department. Filing your returns online is a simple and hassle-free procedure.

Documents required for e-filing

There are certain documents you will have to keep handy for e-filing returns. These are listed below:

  1. Permanent Account Number (PAN) card, bank account statements, e-filing password
  2. Aadhar number
  3. Form 16 for salary payment and form 16A for income from other sources like interest from bank
  4. Dematerialized (demat) account details if you trade in shares
  5. Interest and principal payment certificate from the loan provider
  6. Tax credit statement
  7. Challan for the payment of advance tax
  8. Bank account statements
  9. Insurance payment details and donations
  10. Investment details

Procedure for filing the return 

You need to learn how to file income tax returns and the steps for the same are elaborated below:

  1. Register on the website

Firstly, you need to register on the income tax India website with your PAN and password details. Once the information has been provided, you will receive an activation link through e-mail, which will help activate the e-filing account.

  1. Download the ITR Excel or Java utility 

All you need to do is download the utility, which you prefer and furnish the details in the same. You can furnish the details offline and upload it on the website.

  1. Upload the digital signature

If applicable, you will have to upload your digital signature in this step.

  1. Submit your ITR 

Click on the ‘submit’ button to upload the ITR.

After you successfully submit the ITR, you will see it on the screen. You can then download it, sign, and send it to the registered address within 120 days. If you have uploaded it with the digital signature, your procedure is complete here. You will also receive the ITR in your e-mail and you will be updated through an SMS or e-mail in case of non-receipt of the ITR.

The entire process of preparation and filing of e-return is simple and convenient if you have all the information handy. You need to begin with collecting the necessary documents and then prepare your income tax return and file it online with the click of a button.

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