If you are searching the term like “how to e file income tax in India”. Then you may get lots of content out there.
If you are getting a regular paycheck, it is certain that you are paying taxes offline or online. E filing of income isn’t more complicated. If you are filing taxes online t first time, then you may get a little bit of difficulty, like a student get some difficulty before the examination. But when he/she take their first exam, then they can easily take their next exam.
In earlier days citizen go to the income tax department and fill their income tax. But in this digital era, you have the best option you can submit your income tax online and it is very easy. The best part of the e-filing system is you can submit your income tax from anywhere, whether you are in-home or in the office.
What is E-filing of Income Tax?
When you submit your income tax online without going income tax department physically, this process id called e-filing. His is the best part of e-filing that you need not to go to the income tax department and you can submit your taxes online from everywhere. You can submit your income tax from anyone’s bank account.
Documents required for e-filing,
When you are going to submit your income tax, then you should have these documents.
1: PAN Card
2: Bank Account Detail
3: Aadhar Card (This card must be linked with PAN)
4: Salary slips
5: Rent receipt (if you want HRA)
6: Insurance and Home loan (If you have)
7: Interest certificates from saving/deposits account
8: Any other income proof
9: Form 16
Ways of E – Filing.
You can submit your income tax by going income tax department physically but there are three ways to submit your tax online.
1st Option:
You can file your income tax with DSC (Digital Signature Certificate). This is a useful way to submit your income tax.
2nd Option:
You can fill your income tax without DSC. If you haven’t updated your Adhaar detail then you should print Income tax Return Verification.
His is a one-page document, which will be signed by you and sent to the Central Processing Centre. Sent this document within 120 days from the date of e-filing.
3rd Option:
You can submit your income tax online without DSC. If you submit your income tax with this option, then then you must verify it with your Aadhar number. You can also verify it by your bank account.
Importance of income tax return filing
There are lots of benefits if you are submitting an income tax return. When you applying for a loan and at the time of any financial loss, then your income tax return will be helpful.
Steps of submitting Income tax Return,
1: Register on an ITR Portal
2: Select the appropriate ITR Form
3: Fill your form
4: Check detail and verify
5: Tax refund
Now if you have completed all steps of the, then what will be the next steps?
There are two cases,
Case 1:
When your Aadhar card is linked to your PAN card,
In this case, you can verify your returns by yourself. In this case, the Income-tax department provides you with an Electronic Verification Code (EVC).
This code is sent by the Income Tax Return Filing portal on your registered mobile number. These types of taxpayer need not send the Digital Signature Certificate (DSC).
Case 2:
When your Aadhar is not updated with the Income Tax Department.
If your Aadhar is not updated, then pint the taxpayer sent ITR-V to the income tax department Bangalore within 120 days from the date of e-filing.
When your verification will be completed and you are eligible to axe turn, then soon you can get a tax refund in your bank account.
Conclusion:
If you are filing your income tax return the first time, then his process will be a little bit difficult. If you feel more complicated then consult any Chartered Accountant. Otherwise, if any error will be possible which can create problems for you.
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