E-filing Income Tax – What are the Steps for ITR Filing Online | Edelweiss Wealth Management

E-filing Income Tax – What are the Steps for ITR Filing Online | Edelweiss Wealth Management


How to file income tax return online for salaried
individuals? First Let’s understand what is E–Filing? E-filing or electronic filing is submitting
your income tax returns online. There are two ways to file your income tax
returns. One is the conventional offline route. The other way is when you e-file your return
through the internet. Here are a fey Things to consider before filing ITR 1. When you start, ensure that you
have to chosen the right form depending on your income sources. Wrong ITR Form can lead to rejection of the
income tax return by the tax department. You must furnish all your details, such as PAN, Email ID, Contact Number, Bank Account Number and IFSC code accurately to avoid rejection of ITR Filing. Mention all sources of income. If you do not mention your entire income, the tax
department may call this as ‘concealment of income’ leading to penalty. Remember to Claim deductions under the appropriate
Section of the Act. Most importantly Review your Form 26AS and Form 16. Form 26AS shows the details of tax deducted
on your income and advance taxes or any other direct taxes paid during the year. You can download Form 26AS from e-filing website
account. For salaried employees, Form 16 is a certificate
issued by an employer mentioning the amount of income paid as salary and TDS deducted
and deposited thereon with the tax authorities on behalf of the employee. Steps involved in E- Filling 1. Visit the e-filing website: www.incometaxindiaefiling.gov.in/ 2. If you are a first time user or filing your
income tax return for the first time then click on the ‘New Registration’ tab and register
yourself by providing relevant details and creating your profile and password. 3. Download the ITR preparation software for
the relevant assessment year from the “Downloads” section. 4. Prepare the return by inserting all the required
details in the downloaded software. Pay taxes if required, and if you have to pay any, fill in the challan details. Generate an xml file and save it. 5. Login to e-filing website with User ID, Password
and enter the Captcha code. 6. Go to e-File – Income Tax Return – Select
Assessment Year – ITR Form No. – Filing type and select submission mode
that is whether prepares online or to be uploaded in a xml. 7. Select one of the option to verify your income
tax return and click continue. 8. Upload xml file and Digital Signature Certificate
that is DSC, if applicable. And finally Click on “Submit” button. After e-verification, you can download your
ITR filing Acknowledgement in ITR-V Form. If the return is not e-verified using any
of these options, then ITR-V Form should be printed, signed and sent to the address mentioned
on the screen by regular Indian Postal Service or speed post within 120 days from the date
of e-filing. Please like, share and subscribe to our channel
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