Income Tax Return (ITR) filing: Are you confused in which ITR form to file? Here's a step-by-step guide

Income tax return (ITR) filing: Taxes form a major part of the outgo for any salaried employee. However, not everyone has to pay taxes and file for Income Tax Return. Yet, it can be said that a majority of working class people are liable to pay taxes. To make tax compliance easier for taxpayers, the Income Tax Department has broken down taxpayers into various groups based on their income and source. Paying income tax return consists of a form that needs to be filled. This form asks for various details about income from all sources and indicates the taxes imposed thereon to the I-T department. 

But often many delay in filing their ITR due to various reasons, one of which can be also not knowing the exact form to file. 

As IT-department has categorised individuals as per their income and income from other sources, it becomes of utmost important that one stays vigilant and alert to file hassle free ITR or else they will soon receive an update stating unsucessful ITR filing which will lead to penalties. 

Hence, here's a step-by-step guide for you in your ITR filing.

There are seven ITR forms which individuals have to file as per their income. 

ITR 1 - For Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh. Can be filed online and offline. 

ITR 2 - For Individuals and HUFs not carrying out business or profession under any proprietorship. Only online filing is allowed. 

ITR 3 - For individuals and HUFs having income from a proprietary business or profession. Only online service is allowed. 

ITR 4 - For presumptive income from Business & Profession. A taxpayer can file this form by both offline and online channel. 

ITR 5 - For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7. Only online filing is allowed, 

ITR 6 - For Companies other than companies claiming exemption under section 11. Only online service is allowed. 

ITR 7 - For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F). Only online filing allowed. 

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How to file ITR?

To Upload ITR , follow the below steps:

Step 1 - Download the ITR preparation software for the relevant assessment year to your PC / Laptop from the "Downloads" page.

Step 2 - Prepare the Return using the downloaded Software.

Step 3 - Login to e-Filing website with User ID, Password, Date of Birth /Date of Incorporation and enter the Captcha code.

Step 4 - Go to e-File and click on "Upload Return".

Step 5 - Select the appropriate ITR, Assessment Year and XML file previously saved in Step 2 (using browse button).

Step 6 - Upload Digital Signature Certificate (DSC), if applicable.

Step 7 - Click on "Submit" button.

Step 8 - On successful submission, ITR-V would be displayed (if DSC is not used). Click on the link and download the ITR-V. ITR-V will also be sent to the registered email. If ITR is uploaded with DSC, the Return Filing process is complete. 

OR 

The return is not uploaded with DSC, the ITR-V Form should be printed, signed and submitted to CPC within 120 days from the date of e-Filing. The return will be processed only upon receipt of signed ITR-V. Please check your emails/SMS for reminders on .non-receipt of ITR-V.

To Prepare and Submit ITR Online, follow the below steps :

Step 1 - Login to e-Filing website with User ID, Password, Date of Birth /Date of Incorporation and Captcha.

Step 2 - Go to e-File and click on "Prepare and Submit ITR Online".

Step 3 - Select the Income Tax Return Form ITR 1/ITR 4S and the Assessment Year.

Step 4 - Fill in the details and click the "Submit" button.

Step 5 - Upload Digital Signature Certificate (DSC), if applicable.

Step 6 - Click on "Submit" button.