The deadline for filing your ITR is July 31st. Missing this deadline may result in penalties or interest, as determined by the Income Tax Department. Hence, you should file ITR online a few weeks in advance to avoid any last-minute rush. Moreover, you could file your ITR through our website as well.
Filing your ITR online is not as complicated as it seems and, in this video, we'll give you a walkthrough of how to file income tax return using ITR I with ease.
To file ITR-1 online, log in to the e-filing portal at www.incometax.gov.in using your PAN as your user ID. With Form 16 and other relevant documents you would be able to file ITR online without much hassle. Begin by selecting the right assessment year. Start a new ITR online filing, choose your applicable status, and proceed. You could select the ITR form (ITR 1 to ITR 7) that’s applicable to you. If unsure, the portal could assist you in deciding.
Verify and update your pre-filled personal details, declare your bank accounts, and verify your income from various sources like salary, pension, and other allowances. If you have made investments or qualify for income tax deductions, be sure to select the applicable deductions under Sections like 80D, 80CCD, 80C, etc., of the Income Tax Act. Based on your inputs, the website will let you know whether you need to pay more taxes, don't owe any additional amounts, or qualify for a refund.
Verify taxes paid, check your tax liability or refund summary, and make the payment if needed. Preview your return, validate, and submit it. Finally, e-Verify your return to complete the process of filing your ITR.
Login to the e-filing portal using your PAN as the user ID and your set password
Select the assessment year, mode of filing, and your applicable status to start filing your ITR-1
Check and update your pre-filled personal details and choose your nature of employment
Declare your bank account details and verify your income from various sources
Add your exempt income and claim the deductions as applicable to reduce your tax liability
Verify the taxes paid by you during the financial year and confirm the tax computation
E-verify your return after previewing and submitting it to complete the filing process