{"id":29816,"date":"2021-05-07T13:46:14","date_gmt":"2021-05-07T08:16:14","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=29816"},"modified":"2025-01-22T17:26:46","modified_gmt":"2025-01-22T11:56:46","slug":"income-tax-return-e-filing","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/income-tax-return-e-filing\/","title":{"rendered":"Income Tax return e-filing: Things you must know"},"content":{"rendered":"\n<p class=\"has-drop-cap\">Each financial year individuals\nwith a yearly income of more than INR 2.50 lakh are mandated to file a tax\nreturn with the IT department of India. A person or the assessee has to\ncomplete the return filing by 31st July of the assessment year.<\/p>\n\n\n\n<p>Given the trend of the past years, Government often extends this date once or twice. However, it\u2019s worth noting that any delay in such matters attracts a penalty; therefore, it must be avoided. In this write-up, we will talk about Income Tax return e-filing in detail.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/income-tax-return-e-filing\/#Documents_Required_for_Income_Tax_Return_e-filing\" >Documents Required for Income Tax Return e-filing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/income-tax-return-e-filing\/#Income_Tax_Return_E-filing_A_Step_by_Step_Process\" >Income Tax Return E-filing: A Step by Step Process<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/income-tax-return-e-filing\/#Potential_Benefits_Related_to_the_Income_Tax_Return_E-filing\" >Potential Benefits Related to the Income Tax Return E-filing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/income-tax-return-e-filing\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Documents_Required_for_Income_Tax_Return_e-filing\"><\/span>Documents Required for Income Tax Return e-filing<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>As you brace yourself to estimate the tax liability &amp; file a tax return, the first step is to collect &amp; arrange the given documents ready for reference. Note that there is no need to upload any documents with your <a href=\"https:\/\/corpbiz.io\/income-tax-return-filing\" title=\"Income Tax Return Filing\"><strong>IT returns filing<\/strong><\/a>. The documents are needed for the precise estimation of your income &amp; to provide the legit information in the calculator.<\/p>\n\n\n\n<ul>\n<li>PAN number<\/li>\n\n\n\n<li>Last year&#8217;s Income tax return. <\/li>\n\n\n\n<li>Bank statements related to your bank accounts &nbsp;as well as of minors whose income is to be integrated with yours<\/li>\n\n\n\n<li>Form 16 (aka Tax Deduction Certificate) granted by your employer. In case you join new company during the year, keep the said form issued by all your employers.<\/li>\n\n\n\n<li>Yearly statements of all your share trading accounts &amp; mutual fund. <\/li>\n\n\n\n<li>Certificate related to Home loan tax deduction&nbsp;granted by the bank for the principal repaid &amp; interest paid. <\/li>\n\n\n\n<li>Receipts&nbsp; of PPF, NSC, medi-claim, ELSS, and LIC used as tax-saving investments<\/li>\n\n\n\n<li>Details pertaining to tax-free income reaped during the financial year such as long term capital gains on equity, tax-free bonds, and agricultural income.<\/li>\n<\/ul>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/income-tax-returns-which-is-the-correct-itr-form-for-you\/\">Income Tax Returns: Which is the Correct ITR Form for you? <\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Income_Tax_Return_E-filing_A_Step_by_Step_Process\"><\/span>Income Tax Return E-filing: A Step by Step Process<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Income tax e-filing is a simple\nand straightforward process- all you need to head over the incometaxindiaefiling.gov.in\nand follow the given steps. <\/p>\n\n\n\n<ul>\n<li>Create an account via PAN number (Permanent Account Number) &amp; password.&nbsp; The username can be your PAN number. <\/li>\n\n\n\n<li>After setting up an account, log in to the Income tax e-filing portal via PAN, password, Captcha.<\/li>\n\n\n\n<li>Now, tap on the &#8216;e-file&#8217; menu &amp; then explore the &#8216;Income Tax Return&#8217; link.<\/li>\n\n\n\n<li>You will be routed to the return page. Here, you will see the auto-populated <em><strong>PAN number<\/strong><\/em><sup><a href=\"https:\/\/en.wikipedia.org\/wiki\/Permanent_account_number\"><em><strong>[1]<\/strong><\/em><\/a><\/sup>.\u00a0 You were required to opt for the correct option from the drop-down menu placed against the following options.\n<ul>\n<li>Assessment Year<\/li>\n\n\n\n<li>ITR Form Number<\/li>\n\n\n\n<li>Filing Type<\/li>\n\n\n\n<li>Submission Mode<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Tap on the &#8216;Continue&#8217; button, and then go through the on-screen guidelines carefully for correct filing of relevant fields mentioned in the online ITR form. <\/li>\n<\/ul>\n\n\n\n<div class=\"shadow1\"><strong>Note:<\/strong> Tap on the Save Draft tab at times to spare the ITR details as a draft &amp; mitigate any chances of rework or loss of date owing to session timeout. The draft saved through this action remains accessible for 30 days or till the date of return filing or till no changes is made to the XML schema of the ITR, whichever is earlier.<\/div>\n\n\n\n<ul>\n<li>Now, select the suitable verification option among the following under the &#8216;Taxes Paid and Verification&#8217; tab to validate the IT return;\n<ul>\n<li>I would like to e-verify.<\/li>\n\n\n\n<li>I would like to e-verify later, within 120 days from the date of filing.<\/li>\n\n\n\n<li>I would not like to e-verify, instead send the ITR-V through normal or speed post to &#8220;CPC, Income Tax Department, Bengaluru, 560500, within 120 days from date of filing.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Next, tap on the &#8216;Preview and Submit&#8217; button.<\/li>\n\n\n\n<li>Validate the data provided in the ITR, &amp; then &#8216;Submit&#8217; the ITR.<\/li>\n\n\n\n<li>Next, opt for the e-Verification by selecting &#8216;I would like to e-Verify&#8217; option &#038; then choosing one of the options given below after providing the EVC\/OTP when asked.\n<ul>\n<li>Aadhaar OTP<\/li>\n\n\n\n<li>EVC generated either through bank ATM or through option in My Account.<\/li>\n\n\n\n<li>Prevalidated Demat Account<\/li>\n\n\n\n<li>Prevalidated Bank Account<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<div class=\"shadow1\"><strong>Note:<\/strong> In case you opted for any other options rather than \u2018I would like to e-Verify&#8217;, then the Income Tax return shall be submitted, but the filing process stays incomplete until it is validated. Therefore, later you have to e-Verify via through &#8216;My Account &gt; e-Verify option.&#8217;<\/div>\n\n\n\n<ul>\n<li>Make sure to enter the EVC\/OTP within sixty seconds, or else the return would be automatically submitted, &amp; you would have to validate later. <\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Potential_Benefits_Related_to_the_Income_Tax_Return_E-filing\"><\/span>Potential Benefits Related to the Income Tax Return E-filing <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/05\/Potential-Benefits-Related-to-the-Income-Tax-Return-E-filing.png\" alt=\"Potential Benefits Related to the Income Tax Return E-filing\" class=\"wp-image-29869\" width=\"566\" height=\"566\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/05\/Potential-Benefits-Related-to-the-Income-Tax-Return-E-filing.png 1000w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/05\/Potential-Benefits-Related-to-the-Income-Tax-Return-E-filing-150x150.png 150w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/05\/Potential-Benefits-Related-to-the-Income-Tax-Return-E-filing-300x300.png 300w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/05\/Potential-Benefits-Related-to-the-Income-Tax-Return-E-filing-768x768.png 768w\" sizes=\"(max-width: 566px) 100vw, 566px\" \/><\/figure><\/div>\n\n\n<ul>\n<li>The Income tax return e-filing offers an obvious advantage\nover manual tax filing because of automatic tax formulation and electronic\nsubmission.<\/li>\n\n\n\n<li>Another unprecedented benefit that e-filing offers is the\nround-the-clock availability, i.e., it is accessible 24&#215;7 throughout a\nyear.&nbsp; It mitigates the hassle of non-filing\non public holidays.<\/li>\n\n\n\n<li>The real-time updation of tax filing status makes the\ne-filing option a prominent choice for the taxpayers of this country. <\/li>\n\n\n\n<li>Income Tax Return E-filing is time-efficient for both\ntaxpayers and the income tax authority. <\/li>\n\n\n\n<li>E-filing mitigates any requirement of manual paper\nhandling.&nbsp; Technically, it is paperless\nand only seeks the uploading of few documents in a soft version. Also, it\neliminates the need for taxpayers to gather supporting documents, again and\nagain, owing to the availability of a stable database. <\/li>\n\n\n\n<li>Since E-filing supports email as a primary corresponding\nmode, it ensures faster processing of refunds for taxpayers. Unlike\npre-electronic days, where taxpayers have had no clue regarding their refund\nstatus, e-filing is more agile and robust in this context. <\/li>\n\n\n\n<li>E-filing ensures seamless and swift return filing due to\nauto-populate features that overcome the need for entering the same details\nrepeatedly. <\/li>\n\n\n\n<li>E-filing boasts tons of productive features for taxpayers,\nincluding a tax calculator and computable worksheet that mitigates any chances\nof error that is quite prominent with manual filing. <\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Income Tax Return E-filing offers unprecedented convenience to taxpayers who are more concerned about correct filing. It is seamless, robust, agile, and, most importantly, precise when it comes to tax calculation. Connect with <a href=\"https:\/\/corpbiz.io\/\"><strong>CorpBiz\u2019s<\/strong><\/a> professionals if you need any assistance regarding the e-filing of the tax return. <\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/claiming-process-of-income-tax-refund\/\">What is the Claiming Process of Income Tax Refund? <\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Each financial year individuals with a yearly income of more than INR 2.50 lakh are mandated to file a tax return with the IT department of India. A person or the assessee has to complete the return filing by 31st July of the assessment year. Given the trend of the past years, Government often extends [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":29868,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[10],"tags":[1719],"acf":{"service_id":"403"},"authorName":"Pankaj Tyagi","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-42.jpg","authorDescription":"Pankaj has a diverse experience of writing research papers, blog, and articles during his college time. Earlier, he was working as a tax consultant in a financial firm, but his interest in writing drives him to pursue a career in the writing field.","postViews":5346,"readingTime":4,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/29816"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=29816"}],"version-history":[{"count":6,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/29816\/revisions"}],"predecessor-version":[{"id":68479,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/29816\/revisions\/68479"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/29868"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=29816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=29816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=29816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}