Filing Income tax returns has always been a hard nut to crack for many. Every year crores of taxpayers face a dilemma whether they should file ITR on their own or seek expert assistance. The income tax department website has simple steps where one can file ITR on his/her own. However the government has authorized certain intermediaries who can do it on your behalf. Depending upon their e-filing needs, some taxpayers do it on their own or a call a tax expert to do the same. With the advent of technology, the tax experts for filing ITR are available online, and availing their services have become easy and cost-effective.
But if you believe that a task is done well if you do it yourself, then here are the steps you can follow to e-file ITR.
Step 1. Enlist yourself
To e-file your income tax return, you will have to enroll on the Income Tax Department's official website. You need to give your Permanent Account Number (PAN), name and date of birth and pick a password. Your PAN will acts as a user ID.
Step 2. Pick how you need to e-file
There are two methods of e-filing. One is online while other is offline. Offline is a mix of online and offline processes. In the offline process you have to download the XML format of the form required, save it on the desktop, fill it manually and upload it on website. While online process is being discussed in the steps below.
STEP 3. Select the Right Form
The income tax department has suggested different types of form. Select a form that suits your e-filing needs
Step 4. Document should be ready
Keep your PAN, Form 16, Form 26AS, premiums, TDS certificate and other requisite documents ready.
Step 5. Go to E-file
One you are ready with the document, go to e-file section of income tax department’s website. And click the income tax return button. A form opens. Fill the form and submit. You e-filing is completed.
Even after online filing is getting popular, a large number of taxpayers prefer to file taxes through an experience tax consultant. And the money spent is worth it. With inside out knowledge of Indian taxation system services of a consultant can help you save your hard earned money. The only problem in hiring a tax consultant is their huge consultation fee. This problem too have been made simple with the arrival of e-filing intermediaries where e-filing facility with expert guidance is available for a small cost.
Apart from the income tax departments official website there are government authorized intermediaries that offer easy e-filing facilities. Backed by a team of experienced Chartered Accountants All India ITR is one such portal that facilitates e-filing income tax returns for businesses as well as individuals. To further its services this leading e-filing portal has also launched Apps for Android and IOS devices.
So if are also looking to file income tax returns and don’t know how to do it the information could be of great help for you.