05 Oct

How to submit ITR on Income Tax Government Portal

How to submit Income Tax Return ITR on Income Tax Government Portal?

How to file Income Tax Return on Income Tax Department Portal for FY 2020-21 (AY 2021-22)

An income tax return is a form that enables the taxpayer to declare his income, expenses, tax deduction, investment, tax, etc. The Income Tax Act, 1961 obliges the taxpayer to file an income tax return under various circumstances.

An income tax return is a form filed to report a taxpayer's annual income. There can be various reasons for filing an income tax return even if there is no income.

Reporting a taxpayer's income for a financial year, forwarding a loss, claiming an income tax return, claiming a tax deduction, etc.

The Income Tax Department facilitates the electronic filing of income tax returns (e-filing). Before discussing the steps involved in the e-filing of income tax returns, the taxpayer must keep the documents for calculation and report data in the ITR.

The CBDT has issued a circular on 20 May 2021 extending the deadline for some direct tax compliance for AY 2021-22.

1. Filing ITR:

I have extended the deadline for filing ITR for taxpayers who are not covered by the audit from 31st July to 31st September, for tax audit cases it has been extended to 30th November 2021 and the due date for transfer of prices has been extended to 31st December. The deadline for filing late or revised returns has been extended from 31 December 2021 to 31 January 2022.

2. Equipped audit report:

The deadline for submission of the audit report has been extended to 31st October 2021, Audit report of transfer price cases has been extended to 30th November 2021.

Union Budget 2021 Update:

Exemption from filing ITR to senior citizens aged 75 years and above, pension and interest income only.

Income and tax calculation

The taxpayer will be required to calculate his income in accordance with the provisions of the Income-tax Act applicable to him/her.

The calculation should take into account income from all sources such as salary, freelancing and interest income. The taxpayer can claim a deduction under section 80C, such as a tax-saving investment.

Also, the taxpayer should deposit TDS, TCS or any advance tax paid by them in the account.

Tax Deducted At Source (TDS) Certificates and Form 26AS

The taxpayer should summarize the amount of his TDS for all 4 quarters of the financial year from the TDS certificates he has received. Form 26AS helps the taxpayer with a summary of TDS and taxes paid in the financial year.

Choose the right income tax form

The taxpayer has to verify the applicable income tax form / ITR form for filing his income tax return. After fixing the income tax form, the taxpayer can proceed to file the income tax return. There are 2 modes available for filling online and offline. Online mode from taxpayer login is only available for ITR 1 and ITR 4; It is not available for other categories of individual taxpayers. Offline mode (generating and uploading XML) is available for all types of income tax forms.

Download ITR Utility from Income Tax Portal

Visit www.incometax.gov.in and click on 'Download' from the top menu bar.

Select the evaluation year and download the offline utility software, be it Microsoft Excel or Java, or JSON utility of your choice. The Excel and Java utilities have been shut down by the Income Tax Department since AY 2020-21

Fill in your details in the downloaded file

After downloading the offline utility, fill in the relevant details of your income and check whether the utility calculates taxable or refundable. Details of the income tax invoices can be filled in the downloaded form.

Verify the information entered

You can see some buttons on the right side of the downloaded form. Click on the 'Validate' button to make sure all the required information is filled in.

Convert the file to XML format

After successfully verifying, click the 'Generate XML' button on the right side of the file to convert the file to XML file format.

Upload the XML file to the income tax portal

Now, log on to the Income Tax e-filing portal and click on the 'E-File' tab to select the 'Income Tax Return' option.

Provide necessary details like PAN, assessment year, ITR form number and submission mode. Remember to select the 'Upload XML' option from the drop-down associated with the 'Submission Mode' field name as shown in the image below.

Now, attach the XML file from your computer and click on the 'Submit button.

Choose one of the available verification methods-Aadhaar OTP, Electronic Verification Code (EVC), or send a manually signed copy of ITR-V to CPC, Bangalore.

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