The Invest Ninja

How To File ITR?

ITR or Income Tax Return is a form which reports your total income, deductions, expenses, and all the tax information of an individual/company for that financial year. It helps a taxpayer to calculate his tax obligation to the government and request for a refund in case he/she has paid in excess.

It is mandatory for all the taxpayers to file ITR. Failing to do so would attract penalty up to Rs 10,000. For the FY 2018-19, 31st July 2019 is the last date to file ITR.

With just a little over ten days left, we’ll discuss how to easily file your ITR from the comforts of your living room.

Pre-requisites:

(so that you don’t have to get off your couch)

Item Usage
Form-16
To enter details about your Income, Deductions and Taxes
Aadhar Card
To enter your Aadhar Card number
Bank Account Details
To enter information of all your bank accounts
Netbanking
For e-verification (we'll discuss this soon)

Here’s the step-by-step guide for you to file your ITR effortlessly

  • Step 1: Go to the ClearTax website.
    You can also file ITR from the official income tax portal, but for the sake of simplicity,  we will be proceeding with ClearTax in this guide. 
  • Step 2: Click on ‘E-file now’ located at the center of the homepage
  • Step 3: Click on ‘Upload Form – 16 now’. Locate Form 16 in your PC and upload the document.
    ClearTax will extract required information from Form 16 and pre-fill necessary information which would require manual entry otherwise.
  • Step 4: You can see a summary generated from the uploaded file.
    Click on ‘Proceed to E-filing’.
  • Step 5: Before you proceed, you need to sign-up.
    Enter your email id and your account will be created (make sure you have access to the email id as it will be used for further communication and notification).  
  • Step 6: You have reached the part where you can start filing your ITR. But since you have uploaded Form 16, most of the information is already filled on your behalf.
    The information to be filled is divided into five sections as shown below:
Sections What Information is Required
Personal Info
Name, Address, DoB, etc
Income Sources
Salary, House Rental Income, Income from Interest on the Savings Account, Dividends, Shares, etc
Deductions
Details of all the tax deductions under section 80
Taxes Paid
Tax Deducted at Source, Tax Collected at Source, Advance Tax, etc
Tax Filing
Bank Information, Aadhar Card Number, etc
  • Step 7: Your tax liability status is displayed on screen once you enter all the required information. Click on ‘Proceed to e-filing‘ button.
    Based on the information provided, ClearTax files one of the 7 ITR forms whichever is applicable to you and submits to the Income Tax Department.
    It takes about 7 minutes for this process, and you’ll receive a confirmation mail on completion.
  • Step 8: After successfully filing your ITR, there is just one thing left… e-verifying your ITR. Without e-verification, your e-filing is incomplete.
    To e-verify, follow these steps:
    1. Go to incometaxindiaefiling.gov.in
    2. Click on ‘e-verify return’ tab
    3. You need to login to portal.
      It is recommended that you login through Netbanking which is the most convenient method.
      Click on ‘e-Filing Login Through NetBanking’ and select your bank from the list.
      This will redirect you to your bank’s NetBanking page.
    4. In your NetBanking portal, search for ‘Income Tax E-Filing’ section.(HDFC Customers can find it in the ‘Request’ tab)
      This will again redirect you to the income tax portal.
    5. Click on ‘View Return/Forms’ tab.
      You’ll notice that your ITR is uploaded and it is pending e-verification.
    6. Click on ‘e-verify’ and you’re done. You’ll immediately get an acknowledgement mail from Income Tax Department.

Congratulations on filing your first Income Tax Return!

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