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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