How To File ITR in India – 5 Methods
For individuals, normally the last date of tax filing is July 31st for financial year ending on March 31st. In this article, we will discuss 5 ways to file income tax return (ITR) before this date.
Income Tax Return is the return (form) filed with the Income Tax department, in which the computation is of the income earned by the assessee during the relevant previous year as shown along with the tax liability on such income. Thus, it is the format in which the assessee places/ gives the information related to his total income earned during the relevant PY and the tax payable on the same. This filing is made in the assessment year (AY), after the completion of the PY, so that the details can be taken and filed accordingly.
5 Ways To File Income Tax Return (ITR)
There are basically 5 ways of filing of the return (ITR) applicable to the assessee, which are as follows:
1. DIY : Do It Yourself
The first and foremost method is to try the tax filing yourself first. It is not that difficult to file the ITR as the government is continuously taking efforts to simply the process and reduce difficulties. Also, it is made online i.e. electronic for making the facility available which is available at all times 24×7.
In case of new user/ assessee (who is not registered on the e-filing website of the dept.) must register on the website and login. If the user is already registered, then should login with their login id and password, on the e-filing Income Tax department website; which is https://www.incometaxindiaefiling.gov.in/home
There are two ways of filing the ITR electronically, either to file it online partially or fully.
- Partial Online e-filing :
- The steps for partial online filing method of the ITR is given below:
- Download the applicable ITR form (from the IT dept. website) and save it on your computer system.
- Fill it up offline using the JAVA utility software (provided on the website for that form).
- Generate the XML file and save it.
- Login on the website and upload the return and click on submit.
- Fully Online e-filing :
- The step for fully online filing method of the ITR is given below:
- No download or uploading is required under this method. One must directly login on the website and select the applicable ITR form and fill in the required details and submit it.
Note: For ease of e-filing the small description on each tab also exits.
Where the assessee can download and take the print of the form and fill the details in it physically on paper and file it to the income tax dept. under whose jurisdiction the assessee comes. Manual filing can be done only when your Gross income is less than Rs 5,00,000 or you are a super senior citizen (Above 80 years age)
Acknowledgement : An acknowledgement is received upon the submission of the return, which is further required to be e-verified by using Bank Account or Aadhar OTP. Alternatively, can be verified by sending the acknowledgment to the Income Tax Dept.
2. TRPs : Tax Return Preparers
- This is the method where if the assessee/ taxpayer is busy or say pre-occupied with loads of work or has some difficulty/ complexity in understanding the filing of the return. Thus, those who find it difficult to understand and file their returns, can take the help of these TRPs.
- TRPs are different from CAs which we use. TRPs are directly appointed by the I-T department to assist income tax assesses in preparing and filing returns correctly.
- They are the professionally trained individuals by Income Tax Department who can come to your doorstep and assist you in filing your income tax return. This scheme is basically launched to help small and marginal tax payers with the objective to increase tax payers in the system.
- You can locate a TRP in your area from the website www.trpscheme.com. Just enter the required information—state, city and pincode, and a list of registered TRPs in your locality will be displayed along with their TRP ID, name, address and contact details.
- They are paid commission for each return filed based on the amount of tax paid by you. TRPs are paid directly by Income Tax Department. Charges/ Fees for return filing depends upon the case to case basis, some may have income from various sources or may have only from single source (like salary), etc. More the complex case of return filing, higher will be the fees charged.
3. Tax Consultants/ Experts
- This is the method where if the assessee/ taxpayer is busy or say pre-occupied with loads of work or has some difficulty/ complexity in understanding the filing of the return. In such case can refer the case directly to the tax consultant/ expert which is Chartered Accountants (CAs), the most preferred professionals which are considered as experts in their core field of taxation and accounts.
- Charges/ Fees for return filing depends upon the case to case basis, some may have income from various sources or may have only from single source (like salary), etc. More the complex case of return filing, higher will be the fees charged.
4. E-Filing Websites
- Various start-ups of tax consultants are coming up as the intermediaries who provide online e-filing services, which is growing way of filing ITR. In this case the assessee does not even need to visit any office with the documents or so, also the charges/ fees which is charged is very transparent and the package plans are displayed for list of services provided/ offered under such plans.
- These websites have user-friendly tax filing software. There are packages where you can follow the simple step-wise instructions given and fill the return. Or where you can upload the form 16 and the software auto fills the details from the form by itself and the assessee can fills the field left if any, verify and submit. Or CA is assigned to the assessee (if opted for this plan).
- Facilities of live chat and call support are also available.
5. E-Filing App
- The filing has been made easier on the go for the taxpayers who can file their tax returns using their smartphones/ tabs. The e-filing website providers has also come up with their applications for android, windows and iOS phone users.Where you have option of filing tax returns through it and this method is becoming popular these days.
- However, Most of the apps are restricted to ITR1 or Sahaj form only. They may bring other forms as well on the app. For now, one can visit to their website who seek to file other ITR form (as may be applicable to them).
- List of some of such apps, that are available are listed below:
- H&R Block