Filing ITR online is essential for you especially if your total annual income exceeds the tax exemption bracket. A taxpayer needs to file their income tax returns every year. Even if an individual whose total income doesn't fall under the taxable bracket can file ITR online to carry forward their losses, claim refunds, etc. Filing Income tax returns online helps access loans, attract VISA or reap such other benefits easily. Delve into the step by step process of online income tax return filing and file your returns at an ease!
Overview/Introduction
An Income tax return is a form using which a taxpayer can declare his income, expenses, tax deductions, investments, etc. According to the Income Tax Act 1961, it’s mandatory for a taxpayer to file an income tax return under several conditions. Even if one doesn’t fall under the taxable income bracket can file income tax return due to a number of reasons including carrying forward losses, claiming income tax refund, leveraging grant of VISA, loan from banking institutions, etc.
Step by step process to file ITR Online
- Your Taxable income exceeds basic exemption limit
- You fall under any specific condition due to which filing ITR is mandatory for you.
- You have any Other reason for filing ITR.
Benefits of filing ITR Online
- eFiling ITR allows the taxpayer to maintain records of all his financial activities effectively with the Income Tax Department.
- Due to facilitating upload of necessary documents for ITR filing, it helps create a database of your financial transactions that the taxpayer can access in just a few clicks. Manual returns filing has no facility that enables taxpayers to access their previous financial transactions. Therefore, e-filing helps taxpayers to easily get into a business deal with any other organization by providing their past financial transactions that may need to be verified by that organization.
- If a taxpayer uploads the necessary documentation for online ITR filing a couple of months before the deadline, he will be able to efile his ITR quickly with lesser congestion and doesn’t need to face any sort of issue due to congestion of server nearby deadline.
- Due to the tedious offline or manual process of ITR filing, many taxpayers fail to file it which may lead to penalties and fines. However, the simplified efiling process enables a taxpayer to file his ITR easily thus saves your time as well as hard-earned money.
- Online income tax filing enables taxpayers to file their returns easily within the due date for the respective year. E-filing of returns under income-tax gives taxpayers an edge as they are more likely to receive refunds faster than offline or manual mode of ITR filing.
Filing ITR online helps taxpayers report their income and assets to the Income tax department. In general, ITR is a kind of self-declaration by the taxpayers of their income, assets and taxes applicable accordingly. With the introduction of e filing portal, itr return filing online enables taxpayers to file their returns without getting detangled into cumbersome process of manual ITR filing. The above post helps you take deeper insights into the step by step process on how to file ITR Online on Income Tax portal. File ITR online before the deadline to avoid penalties and other implications associated with non-filing of income tax returns in India.
