Income Tax e-filing
The process of submitting income taxes electronically has never been simpler, thanks to the launch of the new Income Tax e-file website. Through this easily approachable portal, e-filing Income Tax has become effortless. When you count on ITR e-filing to pay taxes, you get a 100% secure network and unlock much quicker submission of tax returns. Compared with the in-person tax submission at the Income Tax Office, ITR e-filing is hassle-free and comes in handy. You must file your taxes for each fiscal year if you fall under the taxpayer bracket in India.
In this blog, we have summarised everything you must know about e-filing 2.0. Everything is encapsulated here, from Income Tax e-Filing and required documents to eligibility and benefits.
What is Income Tax e Filing?
An Income Tax Return, abbreviated as ITR, is a form that taxpayers use to declare the income for a given fiscal year. You must file an ITR to claim your income tax refund and deductions, carry forward the losses (if any) to the next fiscal year, and much more.
The Income Tax Department has launched a new income tax portal, also known as e-filing 2.0, to offer taxpayers much-needed convenience. With the launch of the e-Filing income tax portal, you can file tax returns electronically. Now, you can easily file your income tax returns through a secure network from the comfort of your home. All you have to do is, prepare the required set of documents beforehand so that you can upload their scanned copy to complete the procedure.
Procedure to Follow for e-Filing ITR Online 2022
The procedure for e-filing ITR online is quite easy. Regardless, the process is handy if you are a newbie or have filed your tax returns earlier.
The following steps provide the procedure for e-filing ITR Online in 2022.
Step 1: Go through the Income Tax Rules and tax slabs and know which category you fall under. Compute your tax liabilities.
Step 2: Once you are familiar with your tax liabilities, cite Form 26AS and get a summary of TDS payment. (The summary includes TDS payments for each quarter of the given financial year).
Note: By now, you have every information that might be required for e-filing Income Tax. Be prepared with the required documents
Step 4: Visit the e-Filing 2.0 portal and log in to your Income Tax e-filing account.
Step 5: If you are an existing user, log in through the credentials; otherwise, click on the ‘Register’ option.
Step 6: Once you log in to the Income Tax e-File website, click on the tab “e-File’. Next, click on the “File Income Tax Return” option.
Step 7: You must select the category that fits you, i.e. individual, Hindu Undivided Family (HUF), to name a few.
Step 8: Select the applicable ITR and tax bracket after choosing your category.
Step 9: Now, provide the bank account details (for first-time users), or pre-validate the existing account information.
Step 10: You will be redirected to another page, listing the entire information you have entered by now. It is essential that you read through the provided information and make changes where necessary.
Step 11: If you find the information appropriate, confirm it and validate the same.
Step 12: After confirming the information, the process of filing an e-ITR is complete. All you have to do is verify the returns and, most importantly, send a copy of the returns to the Income Tax Department.
Eligibility Criteria for Income Tax e-Filing
If you adhere to any of the below-depicted conditions, you will be eligible to file an Income Tax e-Filing.
- Any firm or organization is bound to file ITR, even if they have incurred a loss for the given financial year.
- An individual looking forward to applying for a loan, mortgage, or visa.
- Individuals earning profits from foreign assets or investing in the same.
- Individuals who are willing to claim refunds from the IT Department.
- If an individual is earning income from residential or commercial property.
- If the individual’s gross annual income exceeds the specifics mentioned below:
|Individual’s Age||Gross annual income (In Rs.)|
|Individuals whose age is below 60 years||Rs. 2.5 lakh|
|Individuals who fall in the age group of 60 years to 80 years||Rs. 3.0 lakh|
|Individuals whose age is above 80 years||Rs. 5.0 lakh|
If you don't belong to any of the abovementioned categories, your income is not taxable. So, there is no need to file an ITR.
Documents Required for Income Tax e-Filing
For e-filing income tax returns, be prepared beforehand with the following documents. You will have to upload scanned copies of the documents while filling out the ITR form.
- Individual’s Permanent Account Number (PAN)
- The Aadhaar Card number of the taxpayer. Make sure your Aadhaar is linked with the PAN card as mandated by the Government for e-Filing income tax
- Taxpayer’s bank account details, including account number and IFSC code
If you are filing the ITR based on your gross annual salary, in addition to the aforementioned documents you will need to present your salary slips, Form 16 and HRA.
If you are willing to claim deductions, be prepared with the following documents:
- Income proof is associated with capital gains or income gains from residential or commercial property
- Details correlated to deductions falling under the deduction category.
- Information related to the mortgage or insurance
- Interest associated with the deposit as well as a savings account
Income Tax e-Filing Due Date
The unsaid part about the ITR process is that you can’t file a return round the clock any time during the financial year. You must file the Income Tax Returns before the due date released by the Income Tax Department.
The dates for filing ITR for different categories of taxpayers for the financial year 2021-22 are listed in the table below.
|Taxpayer Category||Deadline to File Income Tax Returns|
|Individual Taxpayers||31st July 2022|
|Body of Individuals - BOI||31st July 2022|
|Hindu Undivided Family - HUF||31st July 2022|
|Association of Persons - AOP||31st July 2022|
|Businesses (Along with Audit Report)||31st September 2022|
|Businesses (Along with TP Report)||30th November 2022|
New Rules for Income Tax e-Filing
With the announcement of the Union Budget of 2021, the rules for ITR e-filing were amended. It mandated a new income tax structure that was implemented around the nation. The tax exemptions mentioned in the earlier structure are no longer exempted in the updated rules. However, the best part about the new rules for e-filing Income Tax is the tax rates have been lowered, giving a sense of relaxation to the taxpayers. Additionally, the new structure mandated the taxpayers to file income tax returns through Aadhaar Card. Furthermore, it is important to link your PAN card with your Aadhaar card to make the entire process seamless.
What Happens if I e-file Income Tax Returns With Aadhaar?
This became a better option for taxpayers who don't have a PAN Card by now. You can now file your returns through your Aadhaar Card. However, submitting your Aadhaar Card while filing your returns is mandatory as it authenticates your identity. The new income tax rules allow taxpayers to get Permanent Account Number while filing returns through Aadhaar based on their demographic data. Data in the UIDAI database will help the officials allot the taxpayer with Permanent Account Number.
Consequences of Not Linking PAN with Aadhaar Card
Lately, the Central Board of Direct Taxes (CBDT) stated the taxpayers, urging them to link their PAN card with their Aadhaar. If taxpayers fail to comply with this rule, they will not be able to file income tax returns after the date specified by the officials. The Income Tax Authority of India introduced the rule for increasing compliance while easing the income tax e-filing process.
How to Check Income Tax e-Filing Status?
The Income Tax e-Filing portal allows you to check your tax e-filing status. You get the option to track the submitted application by visiting the official website. To track the status, you can use your login credentials or count on the acknowledgment number you provided while filing your returns.To check the status of your e-filing, follow these below-mentioned steps:
Through Acknowledgement Number:
Step 1: Visit the official website of the Income Tax Department.
Step 2: Click on the tab named ‘ITR Status’.
Step 3: Enter the acknowledgement and PAN numbers in the text area.
Step 4: Enter the given captcha and click on the ‘Submit’ option.
Step 4: Next, the status of your filed return will be displayed on the screen.
Through Login Credentials:
Step 1: Visit the official e-filing portal and log in using the credentials created during the initial registration process.
Step 2: Click on the ‘View Returns/Forms’ tab, and a dropdown menu will appear.
Step 3: Select the year of return and assessment from the dropdown.
Step 4: Now, click on ‘Submit’.
As soon as you submit the details, the status of your filed returns will be displayed on the screen.
Benefits of Income Tax Returns e-Filing
With e-Filing Income Tax, taxpayers can unlock an array of benefits. Here’s what you can expect while ITR e-filing:
Track the Status of Filed Returns
Individuals who have opted to e-file the ITR get the option of tracking the status online with utmost ease. When the process was entirely offline, checking the status of filed returns was a complete rigmarole. Additionally, taxpayers had to send details through the post. However, with the e-Filing ITR option, individuals can now check the progress from the comfort of their homes with just a few clicks.
Quick Refund Processing
Compared to the offline procedure, the refund process has become easier than ever. The e-Filing Income Tax options allow you to enter bank details and get any refunded amount directly into your account.
Manual computation of Income Tax Returns leads to human errors. With the ITR e-Filing, the errors have been reduced to almost zero. Eliminating human computation by system-based calculation has made the process error-free and accurate.
E-Verification of Income Tax Returns
The online processing of ITR allows the authorities to put forward the e-Verification of the taxpayers. Earlier, all documents associated with the ITR were sent to the Income Tax Department Centralised Processing Center in Bengaluru (CPC) for verification.
The e-filing ITR process offers the utmost convenience to taxpayers. At the same time, the entire process, from beginning to last, is less time-consuming. The earlier one, i.e. the offline process, was tedious, as the taxpayer had to make an in-person visit to the Income Tax Department. Now, it can be done from anywhere and with ease.
Easy Access to Submitted Documents
When the taxpayers e-file the ITR, a set of documents must be uploaded. So, these documents remain online in the Income Tax Department’s database. You can access the submitted documents anytime by entering your login credentials through the official website. Additionally, such benefits were absent in the manual process.
Compilation of Records
Earlier, taxpayers had to fill and submit several forms for filing income tax returns. But, this scenario is different from the current e-Filing Income Tax option. The entire data is auto-populated initially, making the process less complex and more straightforward.
Filing ITR manually made taxpayers hire professionals as the process was more complex. Additionally, sending documents through post added to the cost. The e-Filing income tax process is simple, and individuals can file it themselves. So there is no need to hire anyone or send documents through the post, making it highly cost-efficient.
Receipt of Proof
While filing income tax returns online, you get a receipt and an acknowledgment number. You will receive the receipt via mail, which acts as proof for the taxpayers.
Penalty for Late Income Tax e-Filing
The Income Tax Department assigns a due date to file tax returns for any given financial year. If the taxpayer fails to file their returns within the given time frame, they will be bound to pay the penalty.
Lately, new rules were notified associated with penalties under Income Tax Act’s Section 234F. As per the update, if you file a return after the due date, at maximum, you may have to pay a penalty of INR 5,000.
Earlier, this amount clocked in at INR 10,000. But with the new rules, this amount has been reduced to INR 5,000. No penalty charges will be levied if you file a return before the due date.
However, considering the small taxpayers' situation, the authority has decided that the taxpayers falling within the tax bracket of INR 5 lacs will have to pay INR 1,000 as a penalty.
Penalty Details for Late e-Filing of ITR
The table below shows the charges for the late e-filing of ITR:
|Date for e-FIling the ITR||Total Gross Annual Income Is Less Than Rs 5,00,000||Total Gross Annual Income is Above Rs 5,00,000|
|Before 31st July 2022||0||0|
|From 31st July onwards||INR 1,000||INR 5,000|
|Income Tax Slabs and Rates|
|Income Tax Refund Status|
|Deductions Under Section 80c|
|ITR - Income Tax Return|
Need Loan Assistance?
Connect with Loan Advisor Now!
About Income Tax
- Income Tax Slabs and Rates
- Income Tax Refund Status
- ITR - Income Tax Return
- Deductions Under Section 80C
- Income Tax Customer Care
- Union Budget 2022 Highlights
- Income Tax For Senior Citizens
- Advance Tax Payment
- 80gg Deduction
- Income Tax on Pension
- Depreciation Under Income Tax Act
- Direct Tax
- Calculate Income Tax on Salary
- Income Tax Act 1961
- TDS Online Payment
- GST - Goods and Services Tax
- Gratuity Tax Exemption
- Income Tax Filing Due Date
- Section 44ADA
- Income Tax 143 (1) Act
- AIS Income Tax
- Income Tax Surcharge Rate
- BBMP Property Tax
- NPS Tax Benefit
- GHMC Property Tax
- Capital Gains Tax
- Employee Provident Fund
- Systematic Investment Plan
- Fixed Deposit
- Mutual Funds
- Recurring Deposit
- Systematic Investment Plan (SIP)
- Employees Provident Fund (EPF)
- Public Provident Fund (PPF)
- Voluntary Provident Fund (VPF)
- National Pension Scheme (NPS)
- National Savings Certificate (NSC)
- Senior Citizen Saving Scheme
Top 10 AMC
Top 10 Banks
Frequently Asked Questions
How to submit income tax returns online?
To submit an Income Tax return online, visit the official website of the ITR e-filing portal.
Further, register yourself, enter the required information, upload the essential documents and submit your application.
Do we need to show credit card statements in ITR filling in India?
Not necessarily! It entirely depends upon the number of transactions you have made through a credit card. If your credit card bill goes beyond one lacs, or you purchase any product or service through a credit card costing you up to 10 lacs, you will have to show credit card statements.
Which ITR form should I file if I hold mutual funds?
You must file an income tax return through ITR Form 2 if you hold mutual funds.
Can I retrieve my login and password for income tax e-filing?
You can retrieve your login credentials for income tax e-Filing. All you have to do is, visit the official portal; in the login section, select ‘forgot password’ and follow the steps to retrieve or create a new password.
What are the different tax filing forms per the Income Tax Act?
As per the Income Tax Department, you can file returns through ITR1 and ITR2. ITR3, ITR4, ITR5, ITR 6, and ITR7 form.