Income Tax Return: Step-by-step guide to file ITR online before last date

ITR Filing: July 31 is the last date to file an income tax return (ITR) for the assessment year 2019-20 for FY 2018-19. Individuals can file ITR online through income tax's e-filing ITR website. Filing ITR on-time rewards you with certain benefits. If individuals miss filing ITR and file it after the deadline, will have to pay late filing fees of up to Rs 10,000. 

As notified by the Income Tax Department, certain sections of ITR forms will be pre-filled this year. The department is providing pre-filled ITR-1, ITR-2, ITR-3 and ITR-4 forms that are available for download as XML files.

Notably, now individuals have to file ITRs digitally through E-Filing ITR portal, except for super senior citizens (aged 80 years and above) who are allowed to file their ITR in paper format.

How to file Income Tax Return (ITR) online:

Step 1: Individuals have to register themselves on the Income Tax Department's e-filing portal -- incometaxindiaefiling.gov.in - using their Permanent Account Number (PAN).

Step 2: Prepare and submit your return and income tax. Any interest will be automatically calculated if required.

Step 3: After submitting the return, individuals need to verify their returns using the Electronic Verification Code (EVC) or Aadhaar OTP or digital signature certificate.

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Who is required to file Income Tax Return?

• Individuals having an annual income of Rs 2.5 lakh or more need to file income tax returns, according to the Income Tax Department's website
• For senior citizens -- between 60 years and 80 years of age, the limit is Rs 3 lakh
• For super senior citizens -- aged above 80 years, the limit is Rs 5 lakh

For whom is ITR Filing mandatory:

• Individuals depositing more than Rs 1 crore in a current account in a year

• Individuals spending more than Rs 1 lakh on electricity in a year

• Individuals spending more than Rs 2 lakh on foreign travel in a year

• Individuals claiming a capital gain exemption (under Section 54/54F) that brings them within the exemption limit

Step-by-step guide to file ITR online 

Part A

Step 1: Visit www.incometaxindiaefiling.gov.in and download the IT Return Preparation Software for the relevant assessment year from the ‘Downloads’ section

Or, you can use this link (https://www.incometaxindiaefiling.gov.in/downloads/incomeTaxReturnUtilit)

Step 2: Download the Assessment Year and extract the zip file containing the utilities to the folder

Step 3: Fill all the information regarding your income, tax payments, deductions, etc using the downloaded Software. Enter the personal details, tax payments or TDS by clicking on the ‘Pre-fill’ button

Step 4: After entering all required data, click on ‘Calculate’ to compute the tax, interest liability and final figure of Refund or Tax payable

Step 5: If Tax is payable, pay it immediately

Step 6: Repeat the above step so that tax payable becomes zero

Step 7: Generate and save the Income Tax Return data in XML format in on your computer

Part B:

Step 1: Register yourself with e-Filing website and then login with using the User ID, Password, DOB or Date of Incorporation and enter the Captcha code

Step 2: Go to e-File and click on “Upload Return”

Step 3: Select the appropriate ITR, Assessment Year and XML file previously saved in Part A (using browse button)

Step 4: Upload Digital Signature Certificate (DSC), if applicable (Ensure the DSC is registered with e-Filing)

Step 5: Click on “Submit” button

Step 6: On successful submission, ITR-V would be displayed (if DSC is not used)

Step 7: Click on the link and download the ITR-V. ITR-V will also be sent to the registered email

Note: If the return is not uploaded with DSC, the ITR-V Form should be printed, signed and submitted to CPC within 120 days from the date of e-Filing

What happens if you miss filing I-T return?

A hefty amount of fine is levied on individuals who miss filing ITR by the due date.
Until December 31 -- Rs 5,000 would be fined
Until January 1/March 31, 2020 -- Rs 10,000 would be fined
For those whose income is below Rs 5 lakh -- a late fee is Rs 1,000 would be charged

Important: If you fail to file an income tax return and tax due is more than Rs 25 lakh, you can even face a seven-year jail term.

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