Is it mandatory to file ITR online?
Any of the following taxpayers must file their ITR through e-filing only:
- Individuals with income above Rs 5 lakh or HUF (Hindu Undivided Families) or those claiming tax refund will have to file ITR online. However, senior citizens (individuals of age 80 or above) can opt to file ITR either manually or electronically to file ITR 1 or 4.
- Every company is required to file ITR electronically with a digital signature.
- A firm, individual, or HUF (Hindu Undivided Families), to be audited under section 44AB, has to e-file ITR.
- A person who has claimed tax exemption under Section 90, 90A, or 91 of the Income Tax Act, 1961 is required to file ITR online.
- Tax-paying Indians who own property outside the country must submit tax returns electronically.
How to Check ITR Status Online
After filing your ITR, you can track its status. There are two ways to do this:
By using the acknowledgment number (without login credentials)
- First of all, go to the website of the Income Tax Department. Select the option 'ITR Status' on the left side of the home page under the 'Services' tab.
- After selecting the option, you will be redirected to a new webpage where you must enter your PAN, ITR acknowledgment number, captcha code, etc.
- Then submit the information, and the ITR status will be displayed on your device's screen.
Using username and password
- Login to the ITR e-filing portal.
- On the 'Dashboard,' select the option "View Returns/Forms."
- Select the option ITR and Assessment Year from the drop-down menu and submit.
- After successfully submitting all the information, the ITR status will appear on the screen.
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Benefits of filing ITR
Earlier it was difficult to file ITR, but with ITR e-filing (online), this burden has been reduced. Filing income tax returns online helps in the following ways:
Once you have logged in to your account, click on the "e-File" tab and select the "Income Tax Return" option.
- An income tax return should be filed by March 31 every year. Filing your tax return a month or two in advance can help you get your work done quickly as you don't have to face the hassle of the busy website.
- Failure to file income tax returns on time may result in you paying a fine every day until you make the payment. Online Income Tax Return Filing allows you to file your return on time and anywhere.
- Filing Income Tax Online will enable you to record all financial transactions with the IT department accurately. Whenever an individual or organization applies for a loan from a bank/lending institution, it is necessary to submit proof of income.
What documents do I need to submit while filing a tax return?
You do not need to submit documents while filing your Income Tax Return. However, if you receive any notices from the tax department and have to provide these to the tax authorities later, keep important documents like your Form 16, Business Balance Sheet/ Profit and Loss Account Statement, Audit Report, and Investment Proof with you.
How do I correct my ITR if I have made a mistake while filing ITR earlier?
If you have made any mistake while filing your tax return, then you can rectify your mistake by filing a revised return. You do not have to pay any penalty while filing the revised return, but make sure that you file your revised return before the assessment officer completes the assessment or till the end of the applicable assessment year (whichever is earlier). The last date for filing a revised return for the financial year 2020-21 has been extended to March 31, 2022.
I do not have a PAN card. Can I file my income tax return?
Yes, if you do not have a PAN card, you can file your income tax return using Aadhaar.
