Income Tax E Filing – Submit ITR Online, Guide, Slabs and More

About Income Tax E Filing Doesn’t Have To Be Hard. Read These Tips-

efiling for salaried and businessman persons in India, filing of income tax returns is very important as well as linking your bank account, EPF account and PAN with Aadhaar. Registering yourself on the Income Tax Portal To fill the online income tax, you have to register by going to the Income Tax portal (incometaxindiaefiling.gov.in). For this, by going to the site on the right side, you will get the login option of registration (for those who are already registered) will appear. Link your Aadhaar with income tax returns for making easier for the e-verification process.

Adding Aadhaar to Income Tax Return To add your Aadhaar with Income Tax Return, login to the portal then go to ‘Profile Settings’ on the right side, click on the ‘Link Aadhaar’ option in the dropdown menu. Here you have to enter your Aadhaar number after which an OTP will be sent to your registered mobile number. After that you will get a code once the code is certified, your Aadhaar will be linked to your income tax return account.

e filing of income tax

For those who are registering for the first time, their user ID is usually their PAN number. After entering your PAN number you enter your name, surname, date of birth and residential status, then click on continue, Then fill the registration form, which includes your PAN number and other details, after verification and after registration is successful, your account will be created after that.

Income Tax Act

The Income-tax Act, 1961 is the changing Statute of taxation in India. It provides for levy, administration, collection, and recovery of tax. The govt of India brought a draft statute called the “Direct Taxes Code” intended to exchange the tax Act,1961 and therefore the Wealth Tax Act, 1957.

Income Tax Slabs for the FY 2019-2020:

1.Individual who are below 60 years:
Income Tax slab Tax Rate
Up to Rs.2.5 lakh Nil
Rs.2,50,001 to Rs.5,00,000 5% of the total income that is more than Rs.2.5 lakh + 4% cess
Rs.5,00,001 to Rs.10,00,000 20% of the total income that is more than Rs.5 lakh + Rs.12,500 + 4% cess
Above Rs.10 lakh 30% of the total income that is more than Rs.10 lakh + Rs.1,12,500 + 4% cess
Individuals who have an income of less than Rs.5 lakh are eligible for tax deductions under Section 87A
2. Indivitual between 60-80 years:
Income Tax slabs Tax Rate
Up to Rs.3 lakh Nil
From Rs.3,00,001 to Rs.5,00,000 5% of the total income that is more than Rs.3 lakh + 4% cess
Rs.5,00,001 to Rs.10,00,000 20% of the total income that is more than Rs.5 lakh + Rs.10,500 + 4% cess
Above Rs.10 lakh 30% of the total income that is more than Rs.10 lakh + Rs.1,10,000 + 4% cess
3. Individual above 80 years:
Income Tax slabs Tax Rate
Up to Rs.5 lakh Nil
Rs.5,00,001 to Rs.10,00,000 20% of the total income that is more than Rs.5 lakh + 4% cess
Above Rs.10 lakh 30% of the total income that is more than Rs.10 lakh + Rs.1,00,000 + 4% cess

Believing These Myths About Income Tax E Filing Keeps You From Growing

To file income tax return online-
Filling income tax return, log in to the portal and click on the option “Filing Income Tax Return“. On the next page, your PAN number will be shown and then you will get the assessment year, ITR form name and submission mode. Have to be selected.

income tax india efiling gov in

After that you will have two options, in the first option, you can verify your returns through Aadhaar OTP and in the second option you can also verify your returns by sending a print out through post. After selecting an option, click on the next option to continue.

Now here, you have to provide your income statement, tax deduction and other details about your investment, after that your return or tax calculation, which you are liable to pay, will appear on the screen, and you can pay tax. Or if you are getting returns, you can click on the submit option.

On the next page, you have to select the assessment year, then click on the ITR form name and then the e-verification option. This will send an OTP to your registered mobile number, and once successfully certified, your income tax return will be verified.

Using Aadhaar to Pay ITR-V After successfully filing Income Tax Return, if you do not want to send ITR-V through post then you have to e-verify your ITR-V using your Aadhaar. For this login on the portal, after that go to the ‘My Account’ option and click on ‘E-Verify Return’ from the menu in the dropdown.

For Filling ITR Online – Please follow these Steps

Firstly you need to download the ITR preparation software for the relevant assessment year to your PC from the “Downloads” page. After that Prepare the Return using the downloaded Software.

Then log in to the e-Filing website with the User ID, Password, Date of Birth /Date of Incorporation and enter the Captcha code. attend e-File and click on “Upload Return”.

After that, you need to select the acceptable ITR, Assessment Year and XML file previously saved in Step 2 (using browse button).

Then Upload Digital Signature Certificate (DSC), if applicable.

And Click on the “Submit” button. On successful submission, ITR-V would be displayed (if DSC isn’t used). Click on the link and download the ITR-V. ITR-V also will be sent to the registered email. If you are able to see that the ITR is uploaded with DSC, the Return Filing process is complete.

Income Tax Department Website –

www.incometaxindiaefiling.gov.in

Incometaxindiaefiling.gov.in is that the tax Department, Government of India website to assist taxpayers file their tax returns online. Taxpayers use this website per annum to file their taxes.

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Author: Dewakar Pandey

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