Filing an income tax return is no more a problem as online filing has made the process simpler and easier. Follow the steps and you are done with paying the tax.
As the last date to file your Income Tax Returns is approaching, all taxpayers across the country are advised to file their ITR before the deadline to avoid penalties. The Income Tax department has set July 31, 2022, as the last date to file their ITR for the financial year 2021-22 (FY22). Those who won’t be able to file their ITR before the last date will be charged with a fine of up to Rs 5,000.
The late fine is levied under section 234F of the Income-tax Act, 1961. However, the fine varies according to the income of different individuals. The penalty for people who have a total income up to Rs 5 lakh will not exceed Rs 1,000.
How To File ITR Online:
Filing an income tax return is no more a problem as online filing has made the process simpler and easier. Follow the steps and you are done with paying the tax.
Step 1: Log in to the portal of the Income Tax Department — www.incometaxindiaefiling.gov.in — and register using your Permanent Account Number (PAN), which will serve as the user ID.
Step 2: Under the ‘Download’ option, go to e-filing under the relevant assessment year and select the required Income Tax Return form. You will be required to download ITR-1’s (Sahaj) return preparation software if you are a salaried individual.
Step 3: Open the downloaded Return Preparation Software (excel utility), follow the instructions, and enter the details from your Form 16.
Step 4: Compute tax payable, pay tax and enter relevant challan details in the tax return. If you do not have a tax liability, you can skip this step.
Step 5: Once you confirm the entered details, generate an XML file, which is automatically saved on your computer.
Step 6: Choose ‘Submit Return’ and upload the XML file.
Step 7: You can digitally sign the file and If you do not have a digital signature, you can skip this step.
Step 8: You are almost done. You will receive a confirmation regarding your successful e-filing. The acknowledgment form – ITR-Verification is also generated and the same can be downloaded. It is also emailed to your registered email id.
Step 9: You can verify the return by any one of the below-mentioned modes:
1) Netbanking,
2) Bank ATM,
3) Aadhaar OTP,
4) Bank Account Number,
5) Demat Account Number, or
6) Registered Mobile Number & E-mail id.
Legal Action In Case Of Delay:
A person can land in legal trouble for not filing the ITR by the due date as the income tax department has the right to initiate prosecution proceedings under certain conditions.