As per the Income Tax Department of India, it is mandatory for every individual, whose annual earnings are above Rs.2.5 lakh, to file their income tax return for the respective assessment year.
Under Section 139(1) of the Income Tax Act, not only individuals but public and private corporations who are based in and out of India, Hindu Undivided Family, association of persons, body of individual, etc. are also liable to file ITR if their annual income is above tax exemption limit.
Individuals can file their income tax return by visiting the Income Tax Department’s office physically or adopt a more convenient method of e-filing.
What is e-filing?
Electronic filing also referred to as e-filing, is an online process by which taxpayers can file their income tax return by visiting the official website of the Income Tax Department of India.
Steps to follow when filing income tax returns online
There are several ITR forms that you will come across during your filing of income tax returns. These forms, based on the various income types and sources of taxpayers, can be classified as the following forms, which are ITR-1 to and ITR-7.
During your income tax e-filing, you can need to keep the following documents at hand before starting the online income tax return filing process –
- PAN card.
- Aadhaar card.
- Details of your bank account.
- Form 16.
- Investment portfolio.
Next, you need to visit the official e-filing website and follow these steps to file your ITR online, provided your annual earnings exceed the income tax slab –
- Enter your name and other necessary details such as user ID, which is your PAN number, to log-in in this web portal. For a new user, you need to register yourself by providing additional information to generate a password for this e-filing website.
- To register yourself, you need to click on a user type from the ‘Select User Type’ drop-down menu.
- Now, you will be directed to a new page where you need to provide personal details to activate your e-filing account.
- Upon verification of your PAN details, your password will be sent to the registered email address. You need to re-login with your new password, and thus your e-filing account activation is now complete.
- Navigate to the ‘E-File’ option and click on ‘Prepare and Submit ITR Online’.
- Choose the appropriate ITR form and assessment year and fill in all the required details.
- Click on the submit button and the ITR-V form will be available for download. This form is also sent to your registered email address. Thus, your online ITR process is complete.
If you have purchased a house, you can avail tax benefits on your home loan EMIs, which you need to mention while e-filing income tax. As per Section 80C, home loan borrowers can claim tax deductions up to Rs.1.5 lakh on the principal component of their loan repayments.
As per Section 24(b), they can also claim tax deductions up to Rs.2 lakh on the annual interest of their home loan EMIs. Homeowners can also avail tax benefits for an under-construction property as well.
Additionally, under Section 80EEA, those who are purchasing a house for the first time and availing benefits under an affordable housing scheme can also avail income tax benefits of up to Rs.2 lakh on the interest paid.
Both new and existing home loan borrowers should know all about these income tax benefits and exemptions.
When seeking such loans, borrowers can opt for reputed Housing Financing Companies like Bajaj Housing Finance Limited.
The company also provides pre-approved offers that make the process to avail loans less complicated and saves time. Check your pre-approved offer by providing your name and phone number.
File your income tax return online with ease and avail ITR-V acknowledgement form. This certificate acts as proof of income when you seek to avail various services.
