How To File Income Tax Returns Online & Offline With Due Dates
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Taxes are the sources of the revenue generation system of the government for any country. There are a lot of taxes that are present and one among them is the income tax. It takes care of the tax of the salary of the person, firm or organization in the fiscal year. The earning can be in terms of interest, regular wages, capital gains, dividends, or any other profits.

What is Income Tax Return (ITR)?

ITR is evidence of the income tax that an individual has paid. It has all the details of an annual income and how much amount of tax has been paid by an individual. ITR is filed every year by the Indian citizens whose income is taxable. If an individual files an ITR, he will get a refund of the tax which he paid more instead of what he has to pay.

What will happen if ITR is not filed?

If an individual fails to file the ITR, then he will have to pay the penalty or will have to face strict legal punishment.

Is it Necessary To File an Income Tax Return?

From 2018, it has been stated that a person must mandatorily file income tax in India if the given below conditions are met-

  • Before deduction under 80C to 80U, the gross total annual income-

For less than 60 years of age, must be Rs 2,50,000
For 60 years but less than 80 years, must be Rs 3,00,000
For 80 years and above, it must be Rs 5,00,000.

  • If there is a firm or a company and even if the profit or loss is made in the fiscal year
  • If a refund of the tax is to be claimed
  • If a loss has to be carried forward
  • If an individual is from India but has an asset or fiscal interest in any organization which is situated in foreign
  • If an individual is from India but is a signing authority in outside India
  • If an individual is earning income from the property of trust for charitable or religious purposes or a research association or a political party, educational or medical institution, news agency, a not for profit university or educational institution, trade union, infrastructure debt fund, a hospital, any authority, body or trust
  • If an individual is applying for a visa or a loan

If any foreign individual takes any or entire income via any sources in India, then that income will be taxable in the country and the income tax will also be mandatory.

Given below are the cases in which it is necessary to file the Income Tax-

  • If in a situation a refund is needed
  • If in any situation, the gross total annual income becomes more than Rs 5,00,000
  • If in a situation an income tax refund is needed
  • It is necessary to file the ITR-3,4,5,6,7

Income Tax Returns Forms:

Given below are the forms that are for income tax returns along with the functionality-

  • ITR-1

Also known as Filing ITR 1 SAHAJ Form and it manages the income of a person which includes salary or income or pension either from one house property or from other sources. The incomes exclude lotteries or racehorses.

  • ITR-2

It is applicable to the person or HUFs (Hindu Undivided Families) that gets the income excluding the ‘Profits and gains of business or profession’.ITR is a form for all the Individuals and Hindu Undivided Families earning their sources of income from the profession. Get the details such as when to file ITR 2, Due Date for Filing ITR 2 Form, Different Methods of Filing ITR-2 Form & Step by Step Process to File ITR 2 Online for AY 2019-20

  • ITR-3

It is applicable to the person or HUFs (Hindu Undivided Families) that gets the income the ‘Profits and gains of business or profession’.

  • ITR-4

ITR-4 is also known as SUGAM and is applicable only to those individuals and HUFs (Hindu Undivided Families) that choose the presumptive taxation scheme under Section 44AD/44AE.

  • ITR-5

ITR-5 is for the entities that are firm, AOP, LLP, BOI, co-operative society, artificial juridical person, and local authority. But this excludes trusts, institutions, political parties, colleges or entities who mandatorily must file the income returns under Section 139(4A), 139 (4B), 139(4C) or 139 (4B).

  • ITR-6

ITR-6 is only applicable to that company which does not claim a deduction under section 11.

  • ITR-7

ITR-7 is applicable to the entire entities that issue an income return under Section 139(4A), 139 (4B), 139(4C) or 139(4B).

  • ITV

ITR-V is an acknowledgment form that is used for filing a return of income.

How to File Income Tax Return Online?

Aforementioned, there are many forms to file tax returns and other than that there are more things are very important while filing an income tax return online which includes-

  • Bank statements
  • Form 16
  • Previous year’s return copy

After collecting these documents, follow the steps given below to file the income tax return online smoothly. To file the income tax return online, the URL is e-Filing.

Steps

  1. For Registration, the PAN (Permanent Account Number) is the user ID
  2. Tax Credit Statement (Form 26AS)- for the former fiscal year, it must be checked because it will list the entire taxes deducted that are in real deposited with the Income Tax Department.
  3. The TDS (Tax Deducted at Source) of Form 16 should match with the people in Form 26AS.
  4. Tax Return for the present running year- below the ‘Download’ menu -> Income Tax Return Forms -> current financial year. After this the correct ITR form will be downloaded. The process will be completed and this option is given on the portal. This can be done by the ‘Quick e-file ITR’ link.
  5. Return Preparation Software- this is a spreadsheet that can also be used via Open Office, Microsoft Office, or any other online spreadsheet applications. For filing this, the details from Form 16 is needed.
  6. To find the amount of tax that is to be paid, click on the ‘Calculate Tax’ tab. If an individual is applicable then pay the tax. In the tax return, fill the details of the challan.
  7. To confirm all the information click the ‘Validate’ tab.
  8. Now generate an ‘XML file’ and save it in the computer.
  9. Upload Return – if the current financial year has been selected from the ‘Upload Return’ link which is on the left-hand navigation area in the portal, then select the XML file that was saved in the computer. After this, there will be an option of digitally sign the file. If there is a digital signature then choose ‘Yes’ or else choose ‘No’.
  10. ITR-V- when the process of filing has been completed then a message will be popped-up and now you can download the acknowledgment form i.e. the ITR-V.
  11. Take a print out of the ITR-V form and then sign it. After signing send it to the nearest Income Tax Department office via normal or Speed post. This must be done within 120 days of filing the return.

One can also file the returns from any private portal instead of the official site that is managed by the Government of India. But the private portals charge the fees based on the service level they will offer.

How to e-File the Income Tax Return offline?

To e-File the Income Tax Return in offline mode for the fiscal year 2018-19, one must follow the below-given steps-

  • Visit the official website of Income Tax Department of India and select the e-filing option.
  • When you will select it, then you will be redirected to another site from which you have to select the appropriate ITR form.
  • For the fiscal year 2018-19, the Income Tax Department has two utilities i.e. Excel Utility and Java Utility. And one can download any one among both.

If you choose Excel Utility, then:

  • Open the file and then fill the form after downloading the utility.
  • Check the information, calculate the tax and then click on Generate XML.
  • Save the form and upload the saved form on the e-filing site of the Income Tax Department.

After uploading the form, attach all the documents and then click on submit.

If you download JAVA utility, then:

  • Download the utility, open it and then click on ‘Prefill’.
  • Enter the User ID, Password, DOB/DOI and choose Prefill Address.
  • Enter the details, calculate the tax and save the XML file.
  • Click on the Submit button.

Attach the given below documents as:

  • Bank Statement.
  • Copy of Previous Year’s ITR.
  • TDS Certificates.
  • Deductions or Savings Certificates.
  • Interest Statement displaying that you have received interest during the fiscal year.
  • Profit, Balance Sheet, and Loss Account Statement and other Audit Reports if applicable.

The mentioned above process is the same for all the Income Tax Return forms.
Note: In case, there is also Income Tax Return Filing via Gen IT software mainly focused on filing income tax returns as per the compliance of government authorized norms & regulations

Benefits of Filing ITR Online

This process takes too long time to track every little detail which will be needed to file the Income Tax Return. This is very helpful after it is done in the proper way and before time mostly online. Given below are the benefits to file the ITR online.

  1. Online filing can be done till 31st July or every fiscal year. So if one files the income tax returns one or two months before then it will be easy for an individual to file it as there will be no traffic or the site will not go down.
  2. If an individual misses filing the tax returns of the previous year, then till 31st July he will get the penalty interest. So it is very important to file the tax return before 1 or 2 months.
  3. If the ITR is filed online, then history will be created of the fiscal records along with the tax department that to faster and in an easy way. Many organizations accepted this because it keeps the records of the fiscal and other details.
  4. Proof of fiscal record- the ITR-V is proof that is always available and one can easily provide it as proof if there is any financial liability or for opening a line of credit.

What to do after filing the Income Tax Return?

If an individual file the income tax returns online successfully, then he/she will get a 15-digit acknowledgment number from the portal. After this, the individual must check the tax returns and this can be done via Netbanking.

The due date for filing ITR for the AY 2019-20

Due dates for filing the ITR for AY 2019-20 is-

  • The salaried person and pensioners / Body of Individuals (BOI) / Hindu Undivided Family (HUF) /Association of persons (AOP) can file the Income Tax Returns till 31st July 2019 for the Assessment Year 2019-20.
  • The individuals whose accounts have to be audited can file the ITR till 30th September 2019.
  • The individual who is indulged in international transactions and have to provide the report from an accountant as per the Section 92E of the Income Tax Act, 1961 can file the Income Tax Returns till 30th November 2019.

Penalties if ITR not filed on time?

Given below are the penalties that one has to pay if he or she fails to file the Income Tax Return in A.Y. 2019-20 on time-

  • For the individual who has to pay the ITR till 31st July 2019, he has to pay Rs 1,000 as a penalty and this is applicable for the person who earns under Rs 5 lakh.
  • For the individual who has to pay the ITR till 31st December 2019, he has to pay Rs 5,000.
  • If the time exceeds more than 31st December 2019, then the individual has to pay Rs 10,000.

Final deadline to file the ITR for A.S. 2019-20

An individual can file the Income Tax Return for the A.Y 2019-20 till 31st March 2020. The taxpayer can only file the ITR if the authorities allow them to do it only in exceptional situations. It might also be possible that the tax department can extend the due date to complete the ITR filing. Like for the former A.Y 2019-19, the due date to file the ITR was extended to 31st August 2018.

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