File Your Income Tax Returns

Simply put, Income Tax refers to the direct tax paid on income, to the government, within a given financial year (April-March).

When the total income of a person from all sources of income exceeds the maximum amount permissible which is not chargeable to income-tax by the government, then that person is liable to file the Income Tax Return. Section 139(1) of the Income Tax Act was amended a few years back with a view to bring a larger number of persons in the tax net. Now if any person satisfies any one of the following six conditions:

  owns a vehicle

  occupies a specified floor area of an immovable property

  incurs expenditure for himself or for any other person on foreign-travel

  subscribes to a telephone

  subscribes to a Credit Card

  is a Club member

then he/she is required to file an Income Tax Return.

The slabs to file Income Tax Returns vary, depending upon the total income earned during a year and the various exemptions for which the individual/entity is eligible for. In the case of an assessee earning income primarily from salary, the due date for filing the Income Tax Return is normally 30th June of the assessment year, unless extended by the Income Tax Department.

Individuals can file their Income Tax Returns by filling the requisite forms ITR 1, ITR2, ITR 3 or ITR 4.

New Income Tax Return Form Saral IIFor Individuals having Income from Salary/ Pension/ family pension & Interest
Income Tax Return Form 2For Individuals and HUFs not having Income from Business or Profession
Income Tax Return Form 3For Individuals/HUFs being partners in firms and not carrying out business or professionunder any proprietorship
Income Tax Return Form 4For individuals & HUFs having income from a proprietary business or profession
ITR Acknowledgment Form/Income Tax Return 5ITR Acknowledgement Form

The return form, along with copies of necessary supporting documents, has to be filed at the appropriate income tax office or special counters set up for this purpose, the details of which are available on the Income Tax Department website. It is also mandatory to quote the Permanent Account Number (PAN) while filing the return.

Under Electronic Furnishing of Return of Income Scheme, 2004, eligible assessees can file their returns of income electronically through persons authorized to act as e-return intermediaries. The intermediaries digitizes the data of such returns and transmit the same electronically to the e-filing server of the Income Tax Department under the digital signatures.

 How to file income tax returns online?

Income tax filing has become easier due to the online tax filing option. The income tax can be filed without paying any fees to the expert when you do it online. The online income tax returns are filed in just a few easy steps and you don’t need to be finance expert for that. The Income tax software is also available for quick tax filing. If you have not yet used this simple income tax return filing procedure, then the below given steps would help.

  Steps to file income tax return online :

Before you begin with the step by step guide to file income tax returns, make sure that you have all the documents ready with you. These documents include the previous year’s income tax returns, Form 16 as provided by the employer and the current bank statement. Once you have your documents ready, log on to the official website of the income tax department named The below steps can now be followed.

 Step 1 :

Get yourself registered with the website. This can be done by making your PAN (Permanent Account Number) the user id.

 Step 2 :

Check your tax statement in the Form 26AS. The tax deducted by the employer from your salary in the form of TDS in the current financial year would reflect here. The TDS mentioned in your Form 16 must tally with the figure mentioned in the Form 26AS. If it’s not so, then you may get the notice from the IT Department on filing of returns.

 Step 3 :

Now you have to go to the Download tab given on the Income Tax Returns Form section. The financial year will be selected first and then the ITR form applicable to the taxpayer would be downloaded. The ‘Quick e-file ITR link’ is provided to those taxpayers who fall into ITR 1 and ITR 4s categories. This quick link will allow you to complete the entire process on the portal itself.

 Step 4 :

The next step requires the filling up of the details mentioned in Form 16 by opening the downloaded software for the return preparation.

 Step 5 :

Reconfirm the tax amount payable by clicking on the calculate tax tab. This will give you the accurate figure and if payable then do it and enter the details of the challan in the return form.

 Step 6 :

Validate the information filled up by you with the help of ‘Validate’ tab.

 Step 7 :

Generate an XML file after validation and save it at the known location on the computer.

 Step 8 :

You can now upload the saved XML file on the income tax portal by selecting the upload file tab on the left corner of the portal. The portal will now ask you whether you wish to sign the form digitally. In that case, if you are having the digital signature, then go for it or just select “No”.

 Step 9 :

Once the entire process is completed, you will get the message of successful completion and the acknowledgement form. This IRT-V form can be downloaded and saved on the computer to get the print.

 Step 10 :

The print of the IRT-V should be sent within 120 days to the Income Tax Department – CPC, Post Bag No – 1, Electronic City Post Office, Bangalore – 560 100. The above 10 steps will help you file the returns in time and at no additional cost. The income tax e filing software will make your life as a tax payer easier.

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