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| May 20, 2022


As per the Income Tax Act, 1961 it is mandatory for every taxpayer to file an income tax return in India. It is a form using which an individual can report his/her annual income and declare all the expenses, tax deductions, tax saving investments etc. There is an option for electronic filing (e-filing) of your income tax return which is quick and easy. If you opt for e-filing of the income tax it is done online from the comfort of an individual’s home or office.

Types of ITR Forms:

Before filing your ITR, it is important to choose the right income tax form. There are a total of 7 different types of ITR forms.

  • ITR 1: Tax paying individuals who have one of these income sources: salary, pension, one residential property etc. or an agricultural income up to INR 5,000 are eligible to use this form. However, total income should not exceed INR 50 Lacs.
  • ITR 2: This ITR form is for salaried employees and Individuals with income sources including pension, one residential property, or agriculture but the total income should be more than INR 50 Lacs and the agricultural income should be above INR 5,000.
  • ITR 3: Taxpayers with an income from a residential property, a business or carrying on a profession can use this form. Individuals who had investments in unlisted equity shares at any time during the financial year, who are serving as an individual director of a company can also fill in this form. For this, the annual business turnover should be more than INR 2 Crores.
  • ITR 4: Individuals, Hindu Undivided Family (HUFs) and Partnership Firms (non-LLPs) who have an income from a profession or business can fill this form Taxpayers who have signed up for any income schemes under Section 44AD, 44ADA, and 44AE can use ITR 4.
  • ITR 5: This form can be used by firms, LLPs, Artificial Juridical Person (AJP), Body of Individuals (BOI), Estate of deceased, Estate of insolvent, Business trust and investment fund and Association of Persons (AOP).
  • ITR 6: The companies who have not claimed a tax exemption under section 11 are eligible to file ITR 6.
  • ITR 7: This form is for persons/companies (trusts) who are required to furnish ITR under either of the sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E), 139(4F).

How to file ITR Online:

Here is the step by step procedure of how to file income tax return online:

  • Go to the official website of the income tax department https://www.incometax.gov.in/iec/foportal and log in to file your return.
  • If you have not registered yourself on the portal, click on the ‘Register Yourself’ button and on the next screen, click on ‘Taxpayer’.
    • To proceed with your registration and filing the ITR PAN card details are required. Enter these details, click on ‘validate’ and then click on ‘Continue’.
    • Now you have to enter other details such as your name, address, gender, residential status, date of birth, email ID and mobile number. Once done, click on ‘Continue’.
    • In order to verify the details, you will have to enter a 6-digit One Time Password (OTP) that will be sent to your registered mobile number and email address.
    • Once the OTP gets verified, you can check the details provided by you once again.
    • Set up a password, secure login message and click on ‘Register’. Now you will receive an acknowledgement message that your registration process has been completed successfully.
  • Once logged into the portal, click on the tab ‘e-file’ and then click on ‘File Income Tax Return’.
  • Select the financial year for which you are going to file your ITR and click on ‘Continue’.
  • Now you have to choose ‘online’ as your preferred mode of tax filing.
  • In the next step, you have to choose whether you are filing the ITS as an individual, Hindu Undivided Family (HUF), or others. There is an option to choose the appropriate type of ITR form as well.
  • After this, you have to mention the reason for filing your returns above the basic exemption limit or because of the seventh provision under Section 139(1).
  • Now you have to enter your bank account details.
  • The next screen you will see is where you can actually file your ITR. Here, you will see several columns that are filled already. Just make sure all the details mentioned there are correct and then validate them.
  • As the final step of filing ITR (Income Tax Return) online, you have to verify the returns and send a hard copy to the Income Tax Department.

It is a common misconception that filing income tax returns is a time-consuming task and requires a lot of effort. The process is very quick and easy when you opt for e-filing. If you are a salaried employee and not sure how to file your income tax return online while declaring possible tax saving investments, you can take help from our team of experts. Visit your nearest Muthoot Finance branch to know more.

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