File Income Tax Return for FY 2021-22 now online to avoid Rs. 5000 penalty; check steps

Taxpayers can file their Income Tax Return for FY 2021-22 before July 31 to avoid paying late fee of up to Rs. 5000. Here is how to file ITR online.

Check steps to file Income Tax Return for FY 2021-22 online. (Income Tax Government Portal)

Income Tax Return for FY 2021-22: With only a couple of weeks remaining to file the Income Tax Return for the financial year 2021-22, taxpayers have been advised to do it as soon as possible in order to avoid paying late fee of up to Rs. 5000. It can be known that the due date for income tax return (ITR) filing for FY 2021-22 is July 31, 2022. Tax experts are also advising individual taxpayers to file their income tax returns on time.

However, taxpayers need to be cautious about not filling in any wrong information in the ITR form. Also, while filing the ITR, you also need to keep certain documents handy like a copy of PAN card, copy of Aadhaar card, bank statement / bank passbook. Taxpayers need to know that the documents required depend on the tax they are eligible to pay.

The documents you will need to file your ITR are: Form 16, salary slips, Form 16A, among others. If you have not yet filed the ITR for FY 2021-22, here are the steps you need to follow to do it online.

Steps to file ITR online on incometax.gov.in

Step 1:

Visit the official Income Tax Portal at https://www.incometax.gov.in/iec/foportal.

Step 2:

Log in to the e-Filing portal using your user ID and password.

Step 3:

On your Dashboard, click e-File > Income Tax Returns > File Income Tax Return.

Step 4:

Select Assessment Year as 2021 – 22 and click Continue.

Step 5:

Select Mode of Filing as Online and click Proceed. It can be noted that in case you have already filled the Income Tax Return and it is pending for submission, click Resume Filing. In case you wish to discard the saved return and start preparing the return afresh click Start New Filing.

Step 6:

Select Status as applicable to you and click Continue to proceed further.

Step 7:

You have two options to select the type of Income Tax Return: If you are not sure which ITR to file, you may select Help me decide which ITR Form to file and click Proceed. Once the system helps you determine the correct ITR, you can proceed with filing your ITR. If you are sure which ITR to file, select I know which ITR Form I need to file. Select the applicable Income Tax Return from the dropdown and click Proceed with ITR.

Step 8:

Once you have selected the ITR applicable to you, note the list of documents needed and click Let’s Get Started.

Step 9:

Select the checkboxes applicable to you and click Continue.

Step 10:

Review your pre-filled data and edit it if necessary. Enter the remaining / additional data (if required). Click Confirm at the end of each section.

Step 11:

Enter your income and deduction details in the different section. After completing and confirming all the sections of the form, click Proceed.

Step 12:

In case there is a tax liability- you will be shown a summary of your tax computation based on the details provided by you. If there is tax liability payable based on the computation, you get the Pay Now and Pay Later options at the bottom of the page.

Step 13:

In case there is no tax liability (No Demand / No Refund) or if you are eligible for a Refund.  After paying tax, click Preview Return. If there is no tax liability payable, or if there is a refund based on tax computation, you will be taken to the Preview and Submit Your Return page.

Step 14:

On the Preview and Submit Your Return page, enter Place, select the declaration checkbox and click Proceed to Validation.  If you have not involved a tax return preparer or TRP in preparing your return, you can leave the textboxes related to TRP blank.

Step 15:

Once validated, on your Preview and Submit your Return page, click Proceed to Verification. If you are shown a list of errors in your return, you need to go back to the form to correct the errors. If there are no errors, you can proceed to e-Verify your return by clicking Proceed to Verification.

Step 16:

On the Complete your Verification page, select your preferred option and click Continue. It is mandatory to verify your return, and e-Verification. In case you select e-Verify Later, you can submit your return, however, you will be required to verify your return within 120 days of filing your ITR.

Step 17:

On the e-Verify page, select the option through which you want to e-Verify the return and click Continue.

 

If you select Verify via ITR-V, you need to send a signed physical copy of your ITR-V to Centralized Processing Center, Income Tax Department, Bengaluru 560500 by normal / speed post within 120 days.

 

Make sure you have pre-validated your bank account so that any refunds due may be credited to your bank account.

Step 18:

Once you e-Verify your income tax returns filing, a success message is displayed along with the Transaction ID and Acknowledgement Number. You will also receive a confirmation message on your mobile number and email ID registered on the e-Filing portal.