Step by Step Guide To Filing ITR on Income Tax Government Portal

An income tax return is a document that a person uses to record his or her earnings, spending, tax deductions, investments, and taxes, among other things. The Income Tax Act of 1961 makes it essential for a taxpayer to file an income tax return in a variety of situations. It is a document used to report a taxpayer's annual earnings. Even if there is no income, there are a variety of reasons to file an income tax return.

Step by Step Guide to filing ITR:

1. Income and Tax Calculation

You will have to calculate the income in accordance with the rules of the income tax legislation that is applicable. 

The calculation should include all sources of income, including salary, freelancing, and interest income. Tax-saving investments, for example, can be claimed as deductions under section 80C.

2. Certificates of Tax Deducted at Source (TDS) and Form 26AS

The taxpayer should total his TDS amount based on the TDS certificates he has received for each of the four quarters of the fiscal year. Form 26AS provides a summary of TDS and tax paid during the fiscal year to the taxpayer.

3. Choose the Income Tax Form Applicable

There are two filing options: online and offline. The online mode is available for ITR 1 and ITR 4 via the taxpayer's login. For all types of income tax forms, the offline mode (creating XML and uploading) is available.

4. Download ITR utility from Income Tax Portal

You can visit the incometax government website for that. Choose the utility based on your preference.

5. In the downloaded file, fill in your information.

Fill in the required details of your income after downloading the offline utility, and check the tax payable or refund recoverable based on the utility's calculations.

6. Validate the Information/Details

Click on the ‘validate’ option and check that all your information has been filled in properly.

7. Convert the file to XML Format

After confirming the file, click the 'Generate XML' button on the right-hand side of the file to convert it to XML format.

8. Uploading the File

The XML file can be uploaded to the Income Tax Portal. Click on the ‘e-File’ tab and then select the ‘Income Tax Return’ option.

You will be required to choose a verification option. Choose from Aadhaar, signed copy of ITR-V to CPC, or electronic verification.