What is The Income Tax Filing Process in India?

7 Types of Income Tax Assessments You Need to Know

For those who earn a certain amount, income tax returns are necessary. Companies with salaried or self-employed employees are required to submit income tax returns to India’s Income-tax department.

Yet, what exactly is an ITR filing? The ITR is the method by which taxpayers report their annual total income. In addition, the Indian income tax department will examine the file and adjust the income tax returns as necessary.

How to submit an ITR?

For some, submitting an ITR may appear challenging. But the truth is that it is not. If you know what to do, filing an ITR is a simple process. From ITR 1 to ITR 7, there are different types of ITR 3 forms. In addition, you must select the appropriate ITR form and apply for it online or offline in order to file the ITR. The steps involved in filing an ITR are as follows:

  • Go to the official portal’s new Income Tax Department. You can click on the same by searching for it in Google or other search engines.
  • Register on the website using your PAN card, which becomes your User ID, once the website is open. In addition, select the login option.
  • Select the “Income Tax Return option” from the drop-down menu after going through the various options. Select the same.
  • You will be required to select the category of the ITR form from a subsequent drop-down menu before selecting the “Original/Revised return” option. You can also select the “prepare and submit online option.”
  • To move on to the next step, select the option to continue.
  • Complete the ITR form with all of the information requested by India’s income tax department.
  • Determine how much tax you must pay.

One can opt to use a New Tax Regime Calculator, to make their tax-related calculations simpler. Before submitting the form, preview it to check for errors and then submit it. There will be a verification process following the submission of the form. By providing your Aadhaar OTP, EVC, and ATM information, you can complete the verification process. Finally, enter and submit the OTP that was sent to your mobile phone.

Income Tax Filing Process in India

Therefore, in order to prepare and submit your income tax slab, you must follow these steps. However, opt for the traditional offline method if you are uncomfortable with the online process. These are:

  • Offline income tax filing Visit the official e-filing portal to obtain the ITR form.
  • The downloaded zip file from the portal needs to be extracted.
  • Open the tab, and provide the information requested by India’s income tax department.
  • Calculate the tax after verifying all of the details.
  • Put the XML file away.
  • By entering your password and completing the captcha, you can access the e-filing portal.
  • Select the appropriate e-file and the link labeled “Income Tax Return.”
  • Set the filing type to Original/Revised and enter the assessment year as well as the number of the ITR Form.In addition, select the XML submission mode. The PAN will update itself.
  • Select options like Aadhaar OTP, EVC, or Demat account details to confirm the ITR.
  • To continue the process, select Continue.
  • Finally, submit the form and attach the XML file.

Overall, ITR filings are necessary for maintaining a solid financial record. In addition, these are the methods for completing and submitting income tax returns.

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