File Income Tax Return, Steps to File ITR 1 and ITR 4

Filing an income tax return is a legal obligation for every taxpayer in India. It is a way to report your income and taxes paid during the financial year to the Income Tax Department. Filing ITRs has several benefits, including facilitating tax compliance and helping individuals claim tax refunds, if eligible. Additionally, it helps individuals build a financial record and serves as proof of income for various purposes such as applying for loans or visas.

Here are the steps you need to follow to file an income tax return in India:

Step 1: Collect all the Required Documents

Before you start filing your income tax return, make sure you have all the necessary documents and information. This includes your PAN card, Form 16 issued by your employer, details of income from all sources, investments made during the year, bank statements, and other relevant documents.

Step 2: Determine the Appropriate Income Tax Return Form

The next step is to determine the appropriate income tax return form based on your income and the source of income. There are different forms for different categories of taxpayers, such as individuals, HUFs, partnership firms, companies, etc. You can find the right form on the Income Tax Department’s website.

Step 3: Compute your Total Income and Tax Liability

Once you have the relevant documents and the appropriate form, you need to compute your total income and tax liability for the financial year. This involves adding up all the income you earned during the year and deducting the applicable exemptions and deductions. Then, calculate the tax payable based on the applicable tax slab rates.

Step 4: Fill in the Income Tax Return Form

After computing your total income and tax liability, you can proceed to fill in the income tax return form. The form will ask for various details such as personal information, income details, deductions, and tax payments made during the year. Make sure you fill in all the details accurately and double-check them before submitting the form.

Step 5: Verify the Income Tax Return

Once you have filled in the income tax return form, you need to verify it. There are different ways to verify your income tax return, such as e-verification through Aadhaar OTP, net banking, or physical verification by sending a signed copy of the ITR-V to the Income Tax Department.

Step 6: Submit the Income Tax Return

The last step is to submit your income tax return. You can submit it online through the Income Tax Department’s website or offline by physically submitting a signed copy of the ITR-V to the Income Tax Department.

In conclusion, filing an income tax return is an important obligation for every taxpayer in India. It helps the government keep track of your income and taxes paid, and it also enables you to claim tax refunds and carry forward losses. By following the above steps and being diligent in collecting and submitting all the required documents, you can successfully file your income tax return and avoid any penalties or legal issues.

Steps to File ITR 1 and ITR 4

Here are the steps for filing income tax return online in India:

1. Go to the Income Tax e-Filing portal at https://www.incometax.gov.in/iec/foportal/Login
2. Enter your user ID (PAN), password, captcha code, and click ‘Login’.
3. Click on the ‘e-File’ menu, and then click ‘Income Tax Return’.
4. On the Income Tax Return page, your PAN will be auto-populated.
5. Select the appropriate assessment year, ITR form number, filing type, and submission mode as ‘Prepare and Submit Online’.
6. Click ‘Continue’, read the instructions carefully and fill all the applicable and mandatory fields of the Online ITR Form.
7. To avoid any loss of data or rework due to session time out, save your entered ITR details periodically by clicking on the ‘Save Draft’ button.
8. Choose the appropriate verification option in the ‘Taxes Paid and Verification’ tab.
9. Select one of the following options to verify your income tax return:

• I would like to e-Verify
• I would like to e-Verify later within 30 days from the date of filing
• I don’t want to e-Verify and would like to send a signed ITR-V through normal or speed post to “Centralized Processing Center, Income Tax Department, Bengaluru – 560 500” within 30 days from the date of filing.

10. Click on the ‘Preview and Submit’ button, verify all the data entered in the ITR and then submit the ITR.
11. If you choose the ‘I would like to e-Verify’ option, you can e-verify using any of the following methods by entering the EVC/OTP when asked for:

• EVC generated through bank ATM or Generate EVC option under My Account
• Aadhaar OTP
• Prevalidated Bank Account
• Prevalidated Demat Account

12. If you choose the other two verification options, the ITR will be submitted, but the process of filing the ITR is not complete until it is verified. You can either e-verify later by using ‘My Account > e-Verify Return’ option or send the signed ITR-V to CPC, Bengaluru.
13. The EVC/OTP should be entered within 60 seconds, or else the Income Tax Return (ITR) will be auto-submitted.
14. To view the uploaded ITRs, go to ‘My Account > View Returns/Forms’.

By following these steps, you can file your income tax return online in India. It is important to file your return on time and ensure accuracy in the details provided to avoid any penalties or legal issues.