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The article discusses on How to e-file ITR on Income Tax Government Portal, how to e file income tax return itr, how to do e filing of itr

Calculation of Income and Tax

The taxpayer must calculate his income in accordance with the income tax regulations applicable to him.

This calculation takes into account income from all sources, such as wages, professional activities, and interest income. Taxpayers can deduct tax-saving investments in accordance with §80C and other requirements.

Taxpayers should also consider the TDS, TCS or pre-tax credits they pay.

Tax Deducted at Source Certificates and Form 26AS

The taxpayer shall summarize his TDS amount from the TDS certificates for all four quarters of the fiscal year he has received. Form 26AS helps taxpayers summarize the TDS and taxes paid during the fiscal year.

Choose the suitable Income Tax Form.

Taxpayers must determine which income tax form/ITR form is applicable to submitting their income tax return. Once the income tax form is determined, the taxpayer can continue to file the income tax return. There are two submission modes to choose from online and offline. The online mode of taxpayer login only applies to ITR 1 and ITR 4; it does not apply to forms for other categories of individual taxpayers. Offline mode (generating and uploading XML) is applicable to all types of income tax forms.

Download ITR utility from Income Tax Portal

Visit the website www.incometax.gov.in and click “Download” in the top menu bar. Select the tax year and download the offline assistant software, i. H. Use Microsoft Excel or Java or JSON utilities according to your needs.

Type in your details in the Downloaded File.

Fill in the relevant details of the income when downloading the offline utility, check the taxable tax or reimbursement requirements according to the calculation of the utility.

Validate the Information Entered

On the right side of the downloaded form, you will see some buttons. Click the verify button to ensure that all required information is filled in.

Convert the file to XML Format

On the right side of the downloaded form, you will see some buttons. Click the verify button to ensure that all required information is filled in.

Submit the XML file on the Income Tax Portal

• Now log in to the income tax return portal and click on the “eFile” tab to select the “Income Tax Return” option.
• Provide the required details such as PAN, year of assessment, ITR form number and submission mode. Make sure to select the “Upload XML” option from the drop-down list corresponding to the field name “Submit Mode”.
• Now upload the XML file from your computer and click the “Send” button.
• Select one of the available verification modes-Aadhaar OTP, Electronic Verification Code (EVC) or send a manually signed copy from ITRV to CPC in Bangalore. How to e-file ITR on Income Tax Government Portal, how to e file income tax return itr, how to do e filing of itr.

FAQ

What is income tax?

Income tax is a direct tax on your income. This means that part of your income will be paid to the state. The government collects this money for expenses related to health, education, agricultural assistance, infrastructure, etc. It is paid by the individual/Hungarian HUF/each taxpayer based on the income or profit of the fiscal year. Regardless of the revenue, the company must pay income tax. The government will issue laws from time to time to set tax rates on your income.

Why income tax return filing is essential?

• The ITR deposit creates a valid income certificate.
• In the future, you need ITR to apply for a loan. ITR also requires a bank to apply for a credit card
• ITR applies for a visa, etc.
• Therefore, ITR is recommended to deposit even if your income is lower than the basic tax allowance.

How to pay income tax online?

You must pay taxes before submitting your tax return. If you are an employed person, most of your tax liability will be deducted from your salary in the form of TDS by your employer and paid to the government on your behalf. If you need to pay input tax, you must pay 90% of the input tax before March 31 of each fiscal year. You can submit your ITR after the end of the fiscal year.

The window for submitting an ITR is usually open until July 31 of the corresponding tax year. However, the deadline for submitting the ITR can be extended, and the IT department will notify it by notification. It is always recommended to submit your ITR on time. It is worth noting that if you fail to submit the ITR within the expiry date of the assessment year, you will be charged a late submission fee of 5,000 rupees.

How to save income tax?

With proper tax planning, you can save income tax in many ways. The Income Tax Law provides certain deductions and exemptions that can be applied to reduce your total taxable income and reduce tax outflows. Some of the most common deductions and exemptions are listed down:

• deductions up to 150,000 rupees under 80C-investment in tax-saving options, such as 80C investment in ELSS, LIC, mutual funds, child tuition deduction, family principal amount deduction of equity loans, etc.
• An additional deduction of 50,000 rupees based on the 80 CCC (1b) 150,000 rupees is used to contribute to the national pension plan of the central government.
• 80D Allows deductions for health insurance premiums paid for yourself, spouse, children (25,000 rupees/50,000 rupees) and dependent parents (25,000 rupees/50,000 rupees).
• 80G Allows deductions for donations to authorized institutions and trusts within a specified limit.
• Less than 10 (13A) Part or all of the apartment rent is allowed to be exempted.
• Deduction of university loans less than 80E
• Deduction of housing loans paid under Article 24, the maximum for owner-occupiers is 200,000, or the total amount is a rental property.

How to get an income tax return copy online?

• Use your login details to log in to incometaxindiaefiling.com.
• Click Show Report/Form
• Select an option as “Income Tax Return” and the corresponding tax year, then click Submit
• It will open a window with a list of submitted ITRs.
• Click the ITR-V confirmation number to be downloaded.
• The ITR V PDF file opens for Download.

How to file an income tax return online?

In online mode, you can log in to https://www.incometaxindiaefiling.gov.in and download the Excel or Java utility of the corresponding ITR form from the Download> ITR Return Preparation Software tab. A ZIP file will be downloaded. Please unzip the zip file and fill in all relevant fields in the utility. Remember to verify all worksheets and click Calculate Tax. Then generate and save the XML utility. The Excel/Java utility can be used to upload to the e-Filing portal. Fill out the return confirmation from the six available options and submit the form. How to e-file ITR on Income Tax Government Portal, how to e file income tax return itr, how to do e filing of itr.