The Income Tax Act of 1961 in India makes it essential for taxpayers to do Income tax return filing every year. An income tax return is a statement that reveals a taxpayer’s annual income.
Let’s know how to do IT return filing online.
How to file IT Returns: A Step-by-Step Guide
To file tax return online using the Income-tax e-filing site (, follow the steps given below:
1: Log into IT Department e-Portal using your PAN or Aadhaar Card.
2: Download the relevant ITR Form (ITR-1 ‘Sahaj’ is for individual & HUF taxpayers with total income less than Rs 50 lakhs).
3: Fill this downloaded form from your Form 16 that your employer must have shared with you.
4: Compute relevant tax details.
5: Generate Challan (if you have zero tax liability, skip this step).
6: Confirm all the details and save this as an XML file.
7: Now, go to the “Submit Return” option and upload this XML file.
8: Cross verify and check all details and disclosures you filled in and proceed to confirmation and verification.
9: Provide your digital signature.
10: Download the ITR acknowledgement form.
How to Download Income Tax Return Form?
Follow the steps given below to get your ITR receipt:
- Log in with your credentials to incometaxindiaefiling.com and select View Returns/ Forms
- Select “Income tax returns” and the appropriate assessment year, then click “Submit”
- Click on ITR acknowledgment number you wish to obtain, a PDF file of the ITR V will appear, which you may download
Did You Know?
Delay in income tax return filing beyond the due date can attract a penalty of Rs 5,000.
Documents Required for Income tax Return Filing
There are various documents required when one opts to file tax return online. Some of the important documents include PAN Card, Aadhaar Card, Form 16 and/or Form 16A and Bank Statement.
How to Reduce your Income Tax Liability?
There are various ways via which you can save on income tax. It requires thorough analysis of your tax liabilities based on which tax slab you fall into, along with the income tax deductions that you may avail. One can avail these income tax deductions per the Income Tax sections given below:
- Section 80C states that an individual is entitled to claim a tax deduction of up to Rs 1.5 lakh on various investments such as fixed deposits (FD), mutual funds covered under ELSS, subscription to units of ELSS, ULIPs, etc. This tax-saving benefit of Rs 1.5 lakh is the maximum amount permitted under Section 80C. However, a deduction is only allowed if the tax return is furnished.
- Section 80D allows tax deduction with respect to the health insurance premiums for self, spouse, children, and dependent parents.
- Section 80G permits a tax deduction for contributions to certain funds, charitable institutions, and trusts, etc.
- Under Section 10 (13A) a house rent allowance (HRA) exemption is permissible, which may be partial or full subject to certain conditions.
- Section 80E allows an exemption for loans taken for higher education.
Note: This is not an exhaustive list.
Income Tax Return Filing: FAQs
You should file your ITR even when your taxable income is nil as it serves as a legal document and helps in loan applications in future.
An assessment year is the year that immediately follows the preceding year and in which income is measured and taxed.
The financial year in which a taxpayer generates income and becomes liable to pay tax is known as the previous year.
You must pay a late fee of Rs 5,000 if you submit an IT return just after the deadline and before December 31st of the Assessment Year. If you pay after December 31st of that AY, a fine of Rs 10,000 will be imposed. If your income is less than Rs 5 lakhs, the late charge will not exceed Rs 1,000.
Filing income tax return ensures that you have a legal document containing details of your legitimate earnings and investments done, if any. ITR filing helps in upping your creditworthiness and aids in loan applications as well.
There are broadly 5 sources of income, namely, Income from Salary, Income from House Property, Income from Capital Gains, Income from Business/Profession and Income from Other Sources.
Also read about EPF Form 15G on Investment Simplified.