ITR- Income Tax Return or IT Return
Income Tax Returns or ITR is a form used to declare the net tax liability, claiming of tax deductions, and to report the gross taxable income. It is mandatory for individuals who earn a certain amount of money to File IT Returns. Firms or companies, Hindu Undivided Families (HUF’s), and self-employed or salaried individuals must file ITR to the Income Tax Department of India.
What is ITR filing?
ITR filing is the process by which a taxpayer has to file a report of his total income earned in the financial year. Through the Income Tax Department official portal individuals can complete their filing of returns. It has seven various forms – ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.
How to File ITR for AY 2021-22?
You can file the ITR by visiting the official website of the Income Tax Department. However, the registration process must be completed before you can file the IT Return online. The Income Tax Department (ITD) of the Government of India has recently updated the online portal for e-filing of income tax returns. The updated portal makes the e-filing process even easier and can be filed by following the steps mentioned below:
Step 1: On the basis of the provisions prescribed by the Income Tax rules, you can find out your income tax liability.
Step 2: You can refer to your Form 26AS to get a summary of your TDS payment for the different quarters of the assessment year.
Step 3: On the basis of the eligibility criteria provided by the Income Tax Department (ITD), you will have to determine the category that you will fall under.
Step 4: Visit the official e-filing portal of the income tax department at e-Filing Home Page, Income Tax Department, Government of India.
Step 5: In case you are a new user, you can register yourself using the ‘Register’ button.
Step 6: If you have already registered yourself on the portal previously, you can just click on the ‘Login’ button.
Step 7: Click on the ‘File Income Tax Return’ option under the ‘e-file’ tab.
Step 8: From the list provided on the website, you have to choose the category that you fall under – individual, Hindu Undivided Family (HUF), and so on.
Step 9: Choose the suitable ITR Form that is applicable to you.
Step 10: You will be required to enter the details of your bank account as well. If you have already provided the same previously, you will be required to pre-validate the details.
Step 11: After this, you will be redirected to a new web page where you will be able to check the pre-filled details of your ITR. Check the details and make changes if required. Once you are sure that all the details provided in the form are correct, confirm the same and validate it.
Step 12: Once the process is complete, verify the returns and send a hard copy of the same to the Income Tax Department.
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