What is e-filing of return?
E-filing is when you electronically file your income tax returns online for a particular year. This means you no longer need to visit the nearest Income Tax Department's office to file your returns physically. Instead, you log onto the internet and do the job.
Step 1: Log in to the e-Filing portal using your user ID and password. Step 2: On your Dashboard, click e-File > Income Tax Returns > File Income Tax Return. Step 3: Select Assessment Year as 2021 – 22 and click Continue. Step 4: Select Mode of Filing as Online and click Proceed.
Is e-filing of return mandatory?
Yes, it is mandatory for every partnership firm to file the return of income irrespective of amount of income or loss.04-Apr-2022
Income Tax Department
Who is eligible for e-filing?
According to Section 139 (1) of the Income Tax Act, 1961 of India, individuals whose total income during the previous year is more than the maximum amount not chargeable to tax, should file their ITR or income tax returns. When such individuals file their income tax returns online, the process is known as e-filing.
Taxpayer can file ITR 1 and ITR 4 online. Login to e-Filing portal by entering user ID (PAN), Password, Captcha code and click 'Login'. Click on the 'e-File' menu and click 'Income Tax Return' link.
When e filing will start?
The Central Board of Direct Taxes (CBDT) launched the new IT e-filing portal on 7th June 2021.
1500-2000 for the filing depending on the complexity of transactions in your tax returns. The online filing via syndicators like Clear Tax and H&R Block is still lower and costs anywhere between Rs. 500 to Rs. 1000 for filing of returns.
What happens if I dont File ITR?
Non-filing of ITR can lead to imprisonment, where the term can vary between 3 months and 2 years. Non-filing of ITR can lead to imprisonment, where the term can vary between 3 months and 2 years.
Types of e-Filing
What are advantages of e-filing?
E-filing software greatly reduces the number of errors. The software allows checking tax and accounting reporting automatically, processing data more accurately and reporting in compliance with the standard.
Faster Processing of Tax return and Refunds E-filed returns gets processed at a faster speed than physically filed returns. More importantly, refunds, if any, are processed faster than paper-filed returns.12-Jul-2017
How can I check my tax return status?
Whether you owe taxes or you're expecting a refund, you can find out your tax return's status by: Using the IRS Where's My Refund tool. Viewing your IRS account information. Calling the IRS at 1-800-829-1040 (Wait times to speak to a representative may be long.)11-Jul-2022
Thus, if a salaried individual has income from salary and capital gains, then he/she will be required to file an income tax return using the ITR-2 form.18-Aug-2022
What is my ITR form number?
Which ITR Form to File when filing Income Tax Return?
Who cannot file ITR-1 for AY 2022-23. An individual with an income above Rs 50 lakh. An individual who is either a director of a company or has held any unlisted equity shares at any time during the financial year. Residents not ordinarily resident (RNOR) and non-residents.23-Jul-2022
How can I save tax on 12 lakhs?
Tax Deductions under Section 80(C) Investments in PPF (Public Provident Fund) Investments in EPF (Employee Provident Fund) Investments in ELSS funds (Equity-Linked Savings Scheme) Investments in NSC (National Savings Certificates)09-Aug-2022
No, you cannot file an ITR for the last three years together, that is, in one year.
How do I fill in Efiling?
Income tax return filing last date for AY 2022-23 was 31 July 2022 for salaried employees and HUFs whose accounts don't need to be audited.04-Aug-2022
Can I file ITR for AY 2022 2023 now?
Similarly, income which is being earned in the on-going financial year 2022-23 will be reported in next year's ITR, i.e., the assessment year 2023-23. So, the last date for filing ITR for FY 2022-23 (AY 2024-23) is July 31, 2023, as per the income tax laws.01-Aug-2022
What is e-filing of return?