Income Tax eFiling

Income Tax eFiling – Types, Documents, Due Dates, Tax Slab Rates | How to file Income Tax Returns Online?

In India there are two kinds of taxes that are levied upon individuals. One is Direct Tax and the Other is Indirect Tax. Income Tax comes under the Direct tax Category where as Goods and Services Tax, etc. falls under the Indirect Tax Category. Individuals who receive Income in India are subject to Income Tax as per the Income Tax Act 1961. Refer to the entire page to be well versed with the details such as What is Income Tax Filing, Who Can File Income Tax Returns, Applicable Tax Slabs for Fy 20-21, How to file Income Tax Returns Online, Documents Needed for Income Tax eFiling, etc.

What is Income Tax Filing?

eFiling is the Process of Submitting the Tax Returns Online using the Tax Preparation Software accepted by the Concerned Tax Authorities. In general, Income Tax Returns can be filed both Online and Offline. However, in the recent times, Government made instructions to file the Income Tax Returns through Electronic Method.

Who Can File Income Tax Returns?

Taxpayers can file online Income Tax Returns and they are as follows

  • Taxpayers who have a annual income of more than Rs. 5 Lakhs.
  • Individual or Hindu Undivided Family Resident having assets located outside the Country.
  • Taxpayers specified under sections of Income Tax Act 10(23C) (IV), 10(23C) (v), 10(23C) (VI), 10(23C) (via), 10A, 12A (1) (b), 44AB, 80IA, 80IB, 80IC, 80ID, 80JJAA, 80LA, 92E or 115JB need to report audit.
  • Residents having a signing authority in account located outside India.
  • Taxpayers furnishing returns under Income Tax Return section 139(4B).
  • Those who are claiming relief under section 90 or 90A or deductions under section 91.

How to File Income Tax Returns Online?

Follow the simple steps listed below to file Income Tax Returns Online. They are as under

  • Visit the official website of Income Tax India i.e. and create an eFiling account.
  • Create an account using the PAN Number as Login ID and Password.
  • Login to the website using the required credentials and link your Aadhar Card.
  • Under Profile Setting Tab choose the option Link Aadhar. Enter details like Aadhar Card Number and confirm, link Aadhar Card to Income Tax Account.
  • In the Quick Link Menu Open form 26AS and it contains summary of taxes you have paid for the financial year, includes tax deducted at source, self assessment tax, advance tax.
  • Download the right ITR Form and download the excel utility and fill in the details such as PAN, Date of Birth, Address, Mobile Number, Email ID, Taxes Deducted, Investments, Bank Details, etc.
  • Click on Validate Button in all Excel Utility Sheets.
  • After validating the sheets click on Calculate Tax.
  • Pay the Tax Amount and provide the Challan Details in the ITR Form.
  • Later, click on generate XML and save the XML File on Desktop.
  • Visit your account on website and click on the upload return.
  • Fill in the ITR Form, Name, Assessment Year and Upload the XML File. If at all you have a Digital Signature upload it too and tap on the Submit.
  • You will receive an acknowledgement and keep a printout of it too.
  • On giving your Digital Signature, your Income Tax Return Filing Process is Complete.
  • If you didn’t provide Digital Signature you will receive a form ITR-V that is acknowledgement and verification. Take a print out of it and post it to the Income Tax Department within 120 days of Income Tax Department. Receive acknowledgement of receipt of ITR-V by Email and SMS.

Income Tax E-filing Due Dates

E-Filing Income Tax Returns depends on the taxpayer. If the Taxpayer is an individual or Body of Individuals, HUF the due date of filing Income Tax Returns is August 31st for every financial year. In Case of Business, Companies the audit date is September 30 for every financial year. Those who are required to furnish report in Form No.32CEB under Section 92E Date of Filing Income Tax Returns is November 30 every financial year. In case of not paying the tax in time, you need to pay late fee along with the tax payable.

Types of Income Tax Returns Forms

  • ITR 1 – This form is for resident individuals who are having a total income up to 50 Lakhs. You need to mention the breakup of salary as well as house property.
  • ITR2 – It is applicable for individuals and Hindu United Families who don’t have income from profits and gains of a business or profession.
  • ITR3 – It is for individuals and HUFs who have profits and gains of business or profession.
  • ITR4 – It is for the presumptive income from business and profession.
  • ITR5 – This form is for Persons other than Individual HUF Company such as Firms, Association of Person and Body of Individuals.
  • ITR6 – This form is for Companies and not for those Companies having exemption under Section 11.
  • ITR7 – It is for Person Including Companies that needs to furnish returns under Sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F) as per the Income Tax Act.

Documents Required for Income Tax eFiling

In Order to File Income Tax Returns one need to furnish the following documents. They are as below

  • PAN Card Registration
    Bank Account details
  • Proof of investment
  • Bank Passbook
  • Aadhar Number
  • Investment details
  • Form 16
  • Form 16A
  • Form 26AS
  • Share transaction statement
  • Rent receipts to claim house rent allowance
  • Fixed deposit statement
  • List of Medical expenses receipts if any
  • Proof of home loan interest if any
  • GST Registration Number Details

Income Tax Slab Rates Applicable for Fy 20-21 New Regime

Income Tax Slab New Regime Income Tax Slab Rates for FY 2020-21
(Applicable for All Individuals & HUF)
Rs. 0.0 – Rs. 2.5 Lakhs NIL
Rs. 2.5 lakhs – Rs. 3.00 Lakhs 5% (tax rebate u/s 87a is available)
Rs. 3.00 lakhs – Rs. 5.00 Lakhs
Rs. 5.00 lakhs- Rs. 7.5 Lakhs 10%
Rs. 7.5 lakhs – Rs. 10.00 Lakhs 15%
Rs 10.00 lakhs – Rs. 12.50 Lakhs 20%
Rs. 12.5 lakhs- Rs. 15.00 Lakhs 25%
> Rs. 15 Lakhs 30%

Points to be Noted while during eFiling of ITR

  • Select the right Income Tax Return Form
  • Identify the heads of the income under which it is taxable.
  • If your income is more than 50 Lakhs declare all the assets
  • Keep the necessary proofs and documents handy.
  • Mention your Aadhar Number
  • Clearly study the Form26AS i.e. tax credit statement.
  • Don’t hide any source of income
  • Add Income earned from Fixed Deposits too if any.
  • Report Exempted Income
  • Verify Income Tax Returns.
  • Check Personal Details too.

What are the Benefits of Income Tax Return Filing?

There are several advantages of filing the Income Tax Returns and they are as under

  • Individuals who filed their Income Tax Returns can get a vehicle or home loans as banks may ask for proofs.
  • In case of any refund claim being due, you need to file the Income Tax Returns in order to obtain them.
  • If you are having any capital losses you can’t forward them as you didn’t file the Income Tax Returns for them.
  • If at all you need to travel overseas during the time of Visa Processing you might be asked to show your Income Tax Returns for the last few years.
  • In case of buying any Life Insurance Policies with 50 Lakhs or 1 Crore, you need to show your Income Tax Returns.
  • You need to show your financial status to apply for any Government Tenders in which you need to show Income Tax Returns.