Thanks to advancements in technology, you can now file your income tax returns online from the comfort of your home or workplace. The ITR filing software has been made available by the Income Tax Returns, and all you have to do is download the relevant form, fill in the required information, and submit it online.  

Income Tax Returns in India

ITR Forms Used For Filing Income Tax Returns 

There are seven forms to choose from in order to file your income tax returns. They are as follows: 

  • ITR-1: This form is applicable to individuals who derive income from salaries, income from other sources, and income from single house property. The total income of the individual must be Rs.50 lakh or less. 
  • ITR-2: This form is applicable to individuals and Hindu Undivided Families who do not carry out their profession or business under any proprietorship. 
  • ITR-3: This form is applicable to individuals and Hindu Undivided Families who derive income from a profession or a proprietary business. 
  • ITR-4: This form is applicable to those who derive presumptive income from profession or business. 
  • ITR-5: This is applicable to all persons apart from individuals, Hindu Undivided Families, companies, and those filing Form ITR-7. 
  • ITR-6: This form is applicable to companies apart from those that claim an exemption under Section 11 of the Income Tax Act. 
  • ITR-7: This form is applicable for persons including companies that need to submit their returns under Sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E), or 139(4F).  

How To File Your Income Tax Returns Online 

Here is a step-by-step procedure to file your income tax returns online:  

  1. Visit the official e-filing website of the Income Tax Department: https://incometaxindiaefiling.gov.in/. 
  2. First-time users will have to select ‘New Registration’ before registering themselves. To register, you will have to provide the required details before creating your user ID along with the password. An active mobile number and email ID are necessary to create your profile. In case you are a registered user, select ‘Registered user’ to proceed. 
  3. Click on the login option next, and fill in the necessary information such as your user ID and password, your PAN, and the captcha code. Then click on the login button to proceed. 
  4. Once you have signed in, you will be redirected to a new page where you will have to click on the ‘e-File’ tab before clicking on ‘Income Tax Return’.  
  5. You will then be redirected to a new page where you will be required to enter certain details such as the assessment year and choose the relevant form based on the kind of taxpayer you are. You will also have to choose the option to verify your returns. There are three options for the same, viz. Via Aadhaar OTP, Generated EVC option through My Account or Bank ATM, or by sending a signed copy of your ITR-V to the Centralised Processing Centre in Bangalore. Once you have chosen your preferred option, hit ‘Submit’.  
  6. You will then be redirected to the page where you will have to fill the form you have chosen. Before you commence filling the form, it is advised that you go through the ‘General Instructions’ provided in the do’s and don’ts section of the form.  
  7. You will then have to enter the required details in each tab, viz. ‘General Instructions’, ‘Income Tax’, ‘Tax Details’, etc. Make sure that that the tax payable in the online form is the same your calculations. 
  8. Prior to submitting the form, make sure you save the information you have entered and verify the same in order to avoid any errors. The form will appear when you click on the ‘Preview and Submit’ option, thereby giving you a preview before you finally submit it. 
  9. Your returns will be uploaded once you select ‘Submit’ and you will have to verify your ITR by using any of the available options. The options available to you include using the EVC, the Aadhaar OTP, and the offline methods of sending a signed printout of ITR-V to the Central Processing Centre in Bangalore within 120 days from the date on which your returns were filed.   
  10. You will receive the ITR-V or acknowledgement on your registered email ID after it has been uploaded successfully. You can also view and download this acknowledgement from your account in the e-filing website. Your ITR will be processed once it has been verified by you, and you will get a notification regarding the same via an SMS and email.  

Income Tax Slabs for FY 2019-20 

Here is the income tax slab for individuals who are under 60 years of age:  

Taxable Income  Income Tax Rate 
Up to Rs.2.5 lakh  Nil 
Rs.2.5 lakh to Rs.5 lakh  5% of the total income minus Rs.2.5 lakh + cess at 4% 
Rs.5 lakh to Rs.10 lakh  Rs.12,500 + 20% of the total income minus Rs.5 lakh + cess at 4% 
Above Rs.10 lakh  Rs.1,12,500 +30% of the total income minus Rs.10 lakh + cess at 4% 

   Here is the income tax slab for individuals who are between 60 and 80 years old 

Taxable Income  Income Tax Rate 
Up to Rs.3 lakh  Nil 
Rs.3 lakh to Rs.5 lakh  5% of the total income minus Rs.3 lakh + cess at 4% 
Rs.5 lakh to Rs.10 lakh  Rs.10,000 + 20% of the total income minus Rs.5 lakh + cess at 4% 
Above Rs.10 lakh  Rs.1,10,500 +30% of the total income minus Rs.10 lakh + cess at 4% 

 Here is the income tax slab for individuals who are over 80 years of age 

Taxable Income  Income Tax Rate 
Up to Rs.5 lakh  Nil 
Rs.5 lakh to Rs.10 lakh  20% of the total income minus Rs.5 lakh + cess at 4% 
Above Rs.10 lakh  Rs.1 lakh +30% of the total income minus Rs.10 lakh + cess at 4% 

Filing your income tax returns has become a very simple and hassle-free procedure thanks to its availability online. Make sure you file your returns every year without fail. To know more on how to e-file income tax online and offline check out the Bankbazaar page.