All you need to know about ITR and the steps to file it online

ITR as defined by the Income Tax department is a prescribed form through which the particulars of income earned by a person in a financial year.

A return of income can be filed either in hard copy at the local office of the Income-tax Department or can be electronically filed. Pic: Pixabay

Income Tax Return (ITR) as defined by the Income Tax department is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department.

The process of filing income tax can be done on the income tax department portal online. Income earned can be from sources like salary, profit in business, sale of house or property, interest received, dividend or capital gains, and so on. You may either file your profits all alone or look for proficient help whenever required.

As per the Income-tax department, "ITR also allows carry-forward of loss and claim refund from income tax department. Different forms of returns of income are prescribed for filing of returns for different Status and Nature of income. These forms can be downloaded from https://www.incometax.gov.in/iec/foportal ."

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Who should file return of income?

An individual below the age of 60 years whose gross income is more than Rs 2.5 lakh.
People between the age range of 60-80 years with gross income above Rs 3 lakh.
People above 80 years of age whose gross income exceeds Rs 5 lakh.

How to file return of income?

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As stated by the Income-tax department official portal, a return of income can be filed either in hard copy at the local office of the Income-tax Department or can be electronically filed at www.incometaxindiaefiling.gov.in

How to file return of income online?

According to the Income Tax Department's official website-

Go to the Income Tax e-Filing portal, https://www.incometax.gov.in/iec/foportal/
Using your username, password, date of birth, and Captcha Code log in to your account.
Click on the 'e-File' menu and click the 'Income Tax Return' link and tap on 'continue'.
Read the Instructions carefully and Fill all the applicable and mandatory fields of the Online ITR Form.
Once you select the appropriate verification option in the 'Taxes Paid and Verification' tab, Click on the 'Preview and Submit' button, Verify all the data entered in the ITR.
'Submit' the ITR.
On Choosing 'I would like to e-Verify' option, e-Verification can be done through EVC, Aadhaar OTP, Prevalidated Bank, Account Prevalidated, Demat Account any by entering the EVC/OTP when asked for.
The EVC/OTP should be entered within 60 seconds else, the Income Tax Return (ITR) will be auto-submitted. The submitted ITR should be verified later by using 'My Account > e-Verify Return' option or by sending signed ITR-V to CPC.

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