If you are a salaried employee, efiling of income tax return is very easy. The form, ITR-1, is the simplest one. The government does not ask too many details (From AY 2019-20, the form requires more details). Also, The form-16, given by your employer, provides all the data for filing the return. Moreover, you can efile the ITR-1 without the hassle of download and upload.
Free Efiling At Government Portal (Incometaxindiaefiling)
Many tax filing portals (Cleartax, Taxsmile, Tax2win, HRblock) also provide the free service of the efiling income tax return. It is part of their promotion. But there are many catches.
- Often people end up with the paid plan because of the limitations of the free plan.
- Also, you have to spend more time as you have to also deal with the formalities and calls of the tax portal.
- You have to share your personal and financial data with a third party. As we don’t know what would happen to our data.
That is why I recommend to e-file through the government portal What if you need some extra effort. You would feel more satisfied after filing the return yourself. The URL Address of the government portal is incometaxindiaefiling.gov.in
Checklist of Income Tax eFiling
The income tax return is a declaration by you. In the return form, you tell about your income, deductions and paid taxes. You give all the information in good faith.
To make things accurate, you need certain information while filing the return. Note, you must e-file income tax return before the due date. It 31st July for 2019
1. Form 16
It is the most important document while filing income tax return of the salaried employee. Using the form 16, you can file your income tax return easily.
2. Pre-decide the Suitable Income-tax Return Form
Normally, A salaried employee uses the ITR-1. But if you have income from diverse sources, you may not be eligible for the ITR-1. Thus, you should be assured of the ITR form before proceeding.
3. Check Your Tax Credit (Form 26AS)
You must cross check the ‘tax paid’ with the income tax department. The form 26AS has all the details of TDS against your PAN. You can view form 26AS through your net banking account and efiling portal itself.
4. Extra Tax Deduction
Sometimes you can’t give the proof of declared investment and miss the deadline to submit the proof. Will you lose the tax benefit on it? No! You can claim this extra tax deduction on your income tax return. You would get back the extra tax as a refund.
5. Saving Bank Account and FD Account Interest
The interest income is the most overlooked item. We rarely incorporate it in the tax declaration. You can add this income while filing an income tax return.
6. Keep Bank Account Numbers and IFSC codes with you
You have to give the bank account number and IFSC code of the bank branch. You must have the information of all the bank accounts.
Accessing Income Tax e filing Portal
To e-file income tax return, you have to login into the dedicated portal of e filing. The URL of this portal is http://incometaxindiaefiling.gov.in/. For efiling through this portal, you need to register. For registration, you have to give your personal details and PAN.
Ye,s PAN!. It is mandatory to file income tax return. If you don’t have a PAN, go get it. The income tax department recognizes every taxpayer through the PAN. Even the user ID for the efiling portal is the PAN.
However, Now you can efile your income tax return without going through the normal login route. Now There are two ways to access the efiling dashboard.
It is the traditional way of reaching to your dashboard of income tax efiling portal. It requires the user ID and password. The user ID is your PAN while Password would be the same, you had set at the time of registration.
Also, you have to enter your date of birth in DD/MM/YYYY format. e. g 06/04/1982 for 6 April 1982.
Also, look carefully at Captcha. Mistakes are common.
Login through the Netbanking
It is the new way of accessing income tax efiling dashboard. The income tax department has given this facility since 2015.
Since your bank account has the verified PAN, the income tax department gives you direct access to the e filing dashboard if you come through your netbanking account. All the big banks have given the link to reach the income tax efiling dashboard.
Want to know more about this way? you should read my post on efiling through netbanking. If you efile your income tax return through netbanking the verification would be very easy.
Choose the way to e-Filing
After the login, you would reach to the income tax efiling dashboard. This dashboard is a complete solution for income tax related issues. Through this dashboard, you can perform following tasks.
- e file the income tax return
- Revise and rectify return
- Check your refund status
- Reply to notices
- Calculate Income tax
You can proceed to e-Filing through the two ways.
1. Download and Upload Form
It is the traditional method of e filing. It requires the downloading of the Income Tax preparation utility. This download can be either java utility or excel sheet.
After filing the form, you upload this form to the income tax portal. This method is particularly useful if the internet connection is not reliable.
2. Prepare and Submit Form Online
- The online efiling is the recent facility of the income tax department. It is fast and easy. Thus, it is also referred to as quick e-file.
- In this method of e filing, there is no need to download or upload any file. Rather, you fill all the details in the online income tax return (ITR) form.
- However, you can use this method only for the simple income tax return. Therefore, this method of efiling is only available for the ITR-1 and ITR-4.
The online Income tax return form is divided into 5-6 pages. You should save each page after filling. It ensures no loss of the data. You can even leave the form halfway. Next time, You can start from where you have left.
Benefits of Online e-Filing
I would recommend you to choose this method. There are 5 benefits over the download-upload method.
- It is user-friendly
- It is simple to fill the online form instead of excel sheet or java utility.
- The excel sheet or java utility requires some tweaking at your end. Whereas, you can use online form instantly.
- Your private information would remain secure as you don’t leave any file in the local computer.
- It gives you the flexibility to file the income tax return from anywhere. You can fill some part of online form at your office and the remaining part at the home.
E-Filing: Choose Form and Assessment Year
I hope you must have chosen the online e filing method. If yes, you have to go through the following steps.
1- In the e filing dashboard, you would see a link to ‘ filing of income tax return’. Tap on it
2- In the centre, You would find a box. In this box, you have to choose the assessment year, ITR form and submission mode. You should choose the ‘Prepare and Submit online’ for online e-filing.\
3. In the same page, you have to also choose the verification method of income tax return……….Read More>>