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Faster, easier and secure gateway to e-file income tax return

How to e-file income tax returns

From salaried employees to business owners and freelancers to start-ups, filling income tax return is an essential exercise to be done every year. Only few years back, it was a tedious task to be performed. But with the introduction of e-filing of income tax returns things have become a lot easier. Now it can be filed from the comforts of your home or office without standing in long queues. Here, we give complete information on ways to e-file income tax returns.

But before you start, check whether or not you are eligible for filing income tax returns.

Eligibility for Filing ITR

Every financial / assessment year a large number of individuals go through the dilemma whether or not they should file ITR. Are they eligible to file income tax return? Here, it is essential to check the eligibility. Anyone who is required to file ITR offline is eligible to file it online as well. Only Super Senior citizens (more than 80 years old) can file it offline despite option to file it online.

Prepare Early for next ITR filing

  • Least complicated ITR e-filing in the industry
  • E-file your ITR in a few simple steps
  • Expert Assistance over Chat and Email
  • Toll Free Support available at 18001025807
  • Click to go through the procedure for e-filing here
Start e-filing
Tax Refund

Mandatory e-filing of ITR

  • E-filing of income tax is mandatory in the case of an individual or a Hindu Undivided Family.
  • It is also a must in the case return is furnished in ITR-3 or in ITR-4.
  • E-filing is also mandatory if the individual / HUF being a resident (other than not ordinarily resident) owns assets outside India.
  • It is also indispensable in the case an individual / HUF has sought any relief in tax paid outside India under section 90 or 90A or has claimed deduction under 91.
  • If an individual is required to furnish an Audit Report specified under sections 10(23C) (iv), 10(23C) (v), 10(23C) (vi), 10(23C) (via), 10A, 10AA, 12A(1) (b), 44AB, 44DA, 50B, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA,92E, 115JB, 115VW or give a notice under section 11(2)(a) it is a must for him / her to e-file ITR.
  • If your total income is more than 5 lakh or you have claimed any refund then you are required to e-file ITR. (Not applicable in the case of super senior citizens).
  • E-filing is mandatory for all companies.
  • It is also mandatory for political parties.
  • E-filing is also mandatory For LLPs or a person required to file return in ITR-5

Types of Income Tax Return to file?

There are different types of Income Tax Return forms to be filled by the individuals and businesses falling in different income brackets.

These forms are as follows:

ITR 1 or Sahaj: This ITR form is meant for individuals earning income from salary or interest.

ITR 2: This form is meant for individuals and HUFs with no income from business or profession.

ITR 2A: This form is meant for individuals and HUFs with no income from business or profession and capital gains and who don’t own foreign assets. This form has been discontinued and merged with ITR 2.

ITR 3: This form is meant for Individuals / HUFs who are not partners in business or profession and capital gains and who don’t have foreign properties under their names. This form too has been discounted and merged with ITR-2.

ITR 4 or Sugam: This form is applicable to individuals earning income through a business or through a profession. Through this form all kinds of businesses, undertakings or professionals can file ITR. This form covers a lot of professionals that include shopkeepers, doctors, designers, agents, retailers and contractors.

ITR 4S: ITR 4S that was used by an individual or a Hindu Undivided Family (HUF) has now been discontinued and merged with ITR-4.

ITR 5: ITR-5 is used by certain entities that includes Firms, Limited Liability Partnerships (LLPs), Body of Individuals (BOIs), Association of Persons (AOPs), Co-operative Societies, Artificial Judicial Persons and Local Authorities among others.

ITR-6: This form is applicable to all companies excluding those companies that claim tax exemption under Section 11. The companies or organisations claim exemptions under Section 11 for the purpose of religion or charity.

ITR-7: This form should be filled by the individuals or the companies that fall under the Section 139(4A) or section 139 (4B) or section 139 (4C) or section 139 4(D).

Important Documents for e-filing Income Tax Returns

  • PAN number
  • Form 16
  • Form 16A
  • Form 26AS
  • Bank Passbook
  • Fixed Deposit Statement
  • Proof of Investment under Section 80C
  • House Rent Receipt for HRA
  • Medical Expense Receipts
  • Tickets for LTA
  • Documentary Evidence of Home Loan Interest
  • Documentary Evidence investment under Section 80E
  • Documentary Evidence Investment under Section 80D
  • Share Transaction Statement
Taxes e-filing

How much to file

Income Tax Slabs for Individuals (less than 60 years of age)

Income Tax Slab Tax Rate
Up to Rs 2,50,000* No Tax
Income from Rs 2,50,000 – Rs 5,00,000 5%
From Rs 5,00,000 – 10,00,000 20%
More than Rs 10,00,000 30%
Surcharge:
  • 10% of income tax, where total income is more than Rs.50 lakhs upto Rs.1 crore.
  • 15% of income tax, if the income is more than Rs.1 crore.
Cess: 3% on total of income tax + surcharge.
* Income Tax Exemption limit for FY 2017-18, is up to Rs. 2,50,000 for Individual & Hindu Unified Family (HUF). This limit is for those who not covered in Part (II) or (III).

Income Tax Slabs for Senior Citizens (60 years and above but less than 80 years of age)

Income Tax Slab Tax Rate
Income up to Rs 3,00,000* No Tax
Income from Rs 3,00,000 – Rs 5,00,000 5%
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%
Surcharge:
  • 10% of income tax, where total income is more than Rs.50 lakhs up to Rs.1 crore.
  • 15% of income tax, if the income is more than Rs.1 crore.
Cess: 3% on total of income tax + surcharge.
* Income Tax Exemption limit for FY 2017-18, is up to Rs. 3,00,000 for Individual & Hindu Unified Family (HUF). This limit is for those not covered in Part (I) or (III).

Income Tax Slabs for Super Senior Citizens (Age - 80 years and more)

Income Tax Slab Tax Rate
Income up to Rs 2,50,000** No Tax
Income up to Rs 5,00,000** No Tax
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%
Surcharge:
  • 15% of income tax, if the income is more than Rs.1 crore.
Cess: 3% on total of income tax + surcharge.
* Income Tax Exemption limit for FY 2017-18, is up to Rs. 5,00,000 for Individuals & Hindu Unified Family (HUF). This limit is for those who not covered in Part (I) or (II).

Steps to e-file income tax returns

Step 1: Register yourself

To e-file your income tax, first of all, you need to register yourself on the income tax department’s website. You have to submit your PAN (Permanent account Number), date of birth and choose a password. Your PAN will work as your User ID.

Step 2: Select the mode of e-filling

You can e-file your income tax in two ways:

  • Download the form from the download section of the official, fill it offline and upload it back on the website.
  • Or, you can fill the form online through quick e-file options.
Step 3: Select your form

Next, you should select the requisite form. The detailed list of the forms along with who should file it is given above.

Step 4: Keep your documents ready

For smooth e-filing income tax, you should keep all the requisite documents ready. You should avoid a situation where you need to search for the documents in the midst of e-filing. A detailed list of document is given above.

Step 5: Upload the filled in form
why filing income

If you have filled in the form offline after downloading it, you should click the generate XML button. Once the XML is generated then go to the website again, log in, and click ‘Upload XML’ button. Select the file saved on your computer and submit.

Step 6: Verify ITR V

As you submit your ITR an acknowledge number will be generated. If you have submitted filled your form using digital signature, then you need to save this number for further references. In the case of ITR submitted without digital signature an ITR V is generated and sent to you on your email ID.

Things to Remember While e-filing Income Tax Returns

  • You should identify the heads under which your income is taxable
  • Declare the assets if you’re earning more than Rs 50 lakhs.
  • Keep all your document safe for futures needs.

Common Mistakes to Avoid while e-filing Income Tax

  • Not quoting your Aadhar number
  • Not studying 26AS or Tax credit statement
  • Not checking your personal details
  • Not adding interest income from Fixed Deposits
  • Hide your income
  • Not reporting exempt income
  • Not choosing the right ITR form
  • Not verifying income tax returns