How to File Income Tax Return Online and Offline (Step by Step Process)

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Income Tax

In this article, we clearly explained topics like IT Return Filing Offline and Online.

What is Income Tax Return?

Income tax return, popularly known as ITR, is an official form filed by an assessee and is submitted to the Income Tax Department of India. The Income Tax Return contains data of the assessee’s income generated from various fields, in a particular year. The ITR files show the tax liability of the assessee that he /she has to pay within the specified period. The various fields of income that the ITR file records are: Income from Salary, Income from Business and Profession, Income from Capital Gains, Income from House Property and Income from Other Sources.

Who is required to file an ITR?

If your income for the current year exceeds the basic exemption limit then you become eligible to file the Income Tax Return. The list below shows the basic exemption for individuals belonging to different age groups:

AGE GROUPS BASIC EXEMPTION ( in rs)
Below 60 years  250,000
Senior Citizens ( between 60-80 years) 300,000
Super Senior Citizen ( above 80 years) 350,000

In case if your income does not exceed the basic exemption, you are still eligible to file an ITR, under the current income tax law for FY 2019-20, in the following cases:

  • If an individual has spent a sum exceeding 2 lakhs on travel to a foreign country, either for himself or someone else.
  • If an individual has paid an electric bill of more than 1 lakh during a particular financial year.
  • If a normal resident earns income from a foreign country or owns assets in the foreign country.
  • If the income exceeds the basic exemption limit before claiming for capital gain under sections 54, 54B, 54D, 54EC, 54F, 54G, 54GA, or 54GB.

What are the due dates for filing an Income Tax Return?

It’s very important for every taxpayer, whether individual or corporate, to know the due dates of filing an ITR. in case you miss out on the due date, additional interest charges are applicable under Sec 234A and penalty under Sec 243F. Please carefully read the following tables below and note the important dates.

Normally, the last date to file an ITR for the salaried individuals is 31st July of the assessment year.

ITR DUE DATES AND ADVANCE TAX INSTALLMENTS 

DUE DATE DUE TAX
15 June The due date for the first installment. 
15 September The due date for the second installment.
15 December The due date for the third installment
10 January Due to the last installment other than audit cases.
15 February The due date for the last installment subject to tax audit and TP audit.
15 March The due date for whole advance tax for individuals who fall under Sec 44AD AND 44ADA.

ITR FILING DATES FOR FY 2019-2020

TYPES OF TAXPAYERS DUE DATES FOR FY 2019-2020
Individual 10 January 2021
Body of Individuals (BOI) 10 January 2021
Hindu Undivided Family (HUF) 10 January 2021
Association of Persons (AOP) 10 January 2021
Businesses (Requiring Audit) 15 February 2021
Businesses (Requiring TP Report) 15 February 2021

Tax slabs for individuals 

TAX SLAB FOR INDIVIDUALS BELOW 60 YEARS

TAXABLE INCOME (in Rs) TAX RATE (in %)
Up to 250,000 nil
250,001 to 500,000 5
500,001 to 10,00,000 20
Above 10,00,000 30

TAX SLABS FOR INDIVIDUALS BETWEEN 60 -80 YEARS.

TAXABLE INCOME (in Rs) TAX RATE (in %)
Up to 300,000 nil
300,001 to 500,000 5
500,001 to 10,00,000 20
Above 10,00,000 30

TAX SLAB FOR INDIVIDUALS ABOVE 80 YEARS OF AGE.

TAXABLE INCOME (in Rs) TAX RATE (in %)
Upto 500,000 nil
500,001 to 10,00,000 20
Above 10,00,000 30

SURCHARGE:

  • If total income exceeds Rs 50 lakhs- 10% of the total tax.
  • If total income exceeds Rs 1 crore-  15% of the total tax.
  • If the income exceeds Rs 2 crores- 25% of the total tax.
  • If the income exceeds Rs 5 crores- 37% if the total tax.

Education cess of 4% is applied on the total tax plus the surcharge.

Tax slab for business. 

  • For Partnership firms.

All Partnership firms including Limited Liability Partnerships are taxable at 30 % of their net profit. 

The surcharge is paid 12% in case the income exceeds Rs 1 crore.

Education cess is 4% on the total tax plus surcharge.

  • For Domestic company
PARTICULARS TAX RATES (%)
If the turnover exceeds Rs 400 crore in the previous year. 25
For companies who opt for Sec 115BA 25
For the companies who opt Sec 115BAA 22
For the companies who opt Sec 115BAB 15
For other companies. 30

SURCHARGE:

  1. If the income exceeds Rs 1 crore- 7% of the tax.
  2. If the income exceeds Rs 10 crores- 12% of the tax.
  3. If companies opted for Sec 115BAA and 115BAB- 10% of the tax.

Additional education cess of 4%  on the total tax including surcharge.

  • For Foreign companies.

40 % tax on the net total earnings of the company.

A surcharge of 2% for income exceeding Rs 1 crore and 5% for income exceeding rs 10 crores. An additional education cess is applicable of 4% on the total tax plus surcharge.

How to file an Income Tax Return online?

Following are the steps to file an ITR online using the E-Filing ITR portal. 

  1. Visit the website https://incometaxindiaefiling.gov.in
  2. Register or login to your portal. 
  3. Choose the user type: eg, individual.
  4. Fill in your basic information that is asked, like, name, pan card, date of birth, etc.
  5. Verify your pan number and then activate your account.
  6. Then select the assessment year for which you are filling the ITR and then choose the ITR type, according to your needs.
  7. Fill in the relevant information in the form. Also, click on the “save” button to avoid data loss.
  8. After filling the form, click on the “taxes paid and verification”.
  9. To verify all the data you have mentioned in the form, click on “preview and submit”
  10. Once verified you can click on the “submit” button.

How to file an Income Tax return offline?

In order to file the ITR offline, follow these steps:

  1. Visit the website https://incometaxindiaefiling.gov.in.
  2. Select “ ITR preparation software” under the download option. Choose the assessment year and download the ITR file as per your requirement, in excel format.
  3. Fill the form with relevant details, validate all the information and then click on calculate tax.
  4. Generate and then save XML.
  5. Now login or register to your e-filing portal. Do the needful verification. 
  6. Once logged in, upload the ITR XML file and click on submit.
  7. Give the Aadhar OTP to proceed with the action.

Customer Care Number for E-Filing, ITR status, Income Tax Refund:

The Income Tax Department has set up different departments to provide resolution to the assessee’s problems or queries regarding the ITR filing. Each department deals with different queries and has a unique helpline number for the same. 

 

HELPDESK QUERY TOLL NO. WORKING HOURS
Aaykar Sampark Kendra Income tax, TAN, and PAN related problems 1800-180-1961  Monday to Saturday 

 From 8 am to 8 pm.

E-filing E-filing and Login to e-filing portal related issues. 1800-103-0025  Monday to Saturday

From 9 am to 8 pm.

TDS Reconciliation Analysis and Correction Enabling System (TRACES) Queries related to TDS, Form 16, Form 16CA, Form 26AS 1800-103-0344 Monday to Saturday

From 10 am to 6 pm.

Tax Information Network – NSDL TAN and PAN application for update/issuance via NSDL 020-27218080 Monday to Sunday

From 7 am to 11 pm

The ITR refund normally takes 20-45 days to get credited into your bank account. However, if you want to check your refund status then follow the steps given below:

  1. Login to your e-filing portal using your name, password, date of birth, and captcha verification.
  2. Go to “my account” and then select “refund/demand status”.
  3. The following information will be shown given to you:
  • Assessment year
  • Status.
  • Reason for refund failure (if any)
  • Mode of payment.

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Income tax Exemption and deduction.

To reduce the burden of taxes from an individual’s shoulder, the Income Tax Department provides certain tax exemptions and deductions to the assessee. The tax exempted or deleted are many, but here we shall discuss only the important deductions which you must claim :

DEDUCTION DEDUCTION GIVEN FOR MAXIMUM LIMIT (Rs)
Sec 80C, 80CCC, 80CCD(1) Insurance premium, ELSS, PPF, EPF, NSC, Fixed deposit, etc. 150,000
Sec 80D Medical insurance  For self/family – 25000

For senior citizens- 50000

Extra 5000 for medical expenses.

Sec 80E Education loan for higher studies. Allowed in the interest paid on the principal value for 8 years.
Sec 80G Donation in government-approved charities. 50% or 100% of the amount donated.
Sec 80TTA On interest earned by saving account 10,000
Standard deduction For income from salary 40,000

Hope all this information will help you assess your tax liability better.                             

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