How to File Income Tax Return, 2020

How to file income tax return online for salaried employees?

It is always good to be well-prepared in advance, especially in the money related matters. And, to make your 2020 a smooth ride, at least money-wise, here is the answer to the most searched query. If how to file an income tax return is also on your mind, you can file the ITR online. Yes, the online process is quick, easy and convenient as an individual can file his ITR from home or office. Visit the e-filing website and follow the simple steps online to register yourself (for first-time users) or login with your existing credentials to file an ITR.  However, e-filing ITR is also helpful in saving money as you would not have to hire an individual to file your ITR. With the simple mentioned below, you can file your income tax return easily online.   

How to File Income Tax Return Online

Follow the guide to know how to file an income tax return step by step.

Step 1: Go to the Income Tax e-Filing Website (http://www.incometaxindiaefiling.gov.in/home)

Step 2: Log in to e-filing portal with your User ID: PAN, Password and Captcha Code

Step 3: Click on e-File Menu and Click on Income Tax Return Link 

Step 4: On Income Tax Return Page:

  • PAN will be auto popped out
  • Select ‘Assessment Year’
  • Select ‘ITR Form Number’
  • Select ‘Filing Type’ as ‘Original/Revised Return’
  • Select ‘Submission Mode’ as ‘Prepare and Submit Online’

Step 5: Click on Continue

Step 6:Read all the instructions carefully and fill all the applicable and mandatory fields of the ITR Form online

Note: To avoid loss of data/rework due to session timeout, Click on ‘Save Draft’ to periodically save the entered ITR details as a draft. 

Step 7:Choose the appropriate Verification option in the ‘Taxes Paid and Verification’ Tab

Note: Choose any of the following options to verify the Income Tax Return

Step 8: I would like to e-verify

Step 9:I would like to e-Verify later within 120 days from the date of filing.

Step 10:I don’t want to e-Verify and would like to send signed ITR-V through normal or speed post to “Centralized Processing Center, Income Tax Department, Bengaluru – 560 500” within 120 days from date of filing.

Step 11:Click on ‘Preview and Submit’ button, Verify all the data entered in the ITR.

Step 12:‘Submit’ the ITR.

Step 13:On Choosing ‘I would like to e-Verify’ option, e-Verification can be done through any of the following methods by entering the EVC/OTP when asked for:

  • EVC generated through bank ATM OR Generated EVC Option under My Account
  • Aadhaar OTP
  • Prevalidated Bank Account
  • Prevalidated Demat Account 

Note: On choosing the other two verification options, the ITR will be submitted by the process of filing the ITRs is not complete until its verified. The submitted ITR should be e-Verified later by using My Account>e-verify return option or the signed ITR-V should be sent to CPC, Bengaluru.

Step 14: The EVC/OTP should be entered within 60 seconds else, the Income Tax Return (ITR) will be auto-submitted. The submitted ITR should be verified later by using ‘My Account > e-Verify Return‘ option or by sending signed ITR-V to CPC.

Step 15: To view the uploaded ITRs (go to:http://www.incometaxindiaefiling.gov.in)

How to File Income Tax Return First Time: A Complete Guide for First-time User

Being a first-time user, you first need to register yourself. Know the ITR filing process below.

Step 1: Visit the e-filing website (http://www.incometaxindiaefiling.gov.in/home)

Step 2: Register Yourself

Step 3: Select the User Type from the dropdown

Step 4: Fill all the mandatory details shown on the page

Step 5: Verification of PAN 

Note: You need to verify your PAN. While verifying transaction ID along with Contact Details will be shown on screen.

Step 6: Activation of Account

Now that you know how to file ITR, it is also important that you should know about the new income tax slabs recently announced by the Finance Minister in the Union Budget 2020.

New Income Tax Slabs for Individual FY2020-21

Annual IncomeNew Income Tax Slabs
Up to Rs.2,50,000Nil
From Rs.2,50,001 to 5,00,0005% of the total income that is more than Rs.2.5 lakh + 4% cess
From Rs.5,00,001 to 7,50,00010% of the total income that is more than Rs.5 lakh + 4% cess
From Rs.7,50,001 to 10,00,00015% of the total income that is more than Rs.7.5 lakh + 4% cess
From Rs.10,00,001 to Rs.12,50,00020% of the total income that is more than Rs.10 lakh + 4% cess
From Rs.12,50,001 to Rs.15,00,00025% of the total income that is more than Rs.12.5 lakh + 4% cess
Income above Rs.15,00,00130% of the total income that is more than Rs.15 lakh + 4% cess

Note: New income tax rates are optional

Documents Required for ITR

  • Form 16 by your previous employer
  • Salary Slips
  • Tax Savings Investment Proof
  • Interest Certificates from Banks and Post Office
  • Form- 16A/Form-16B/Form-16C
  • Form 26A S
  • Deductions under Section 80D to 80U
  • Home Loan Statement from Bank/NBFC
  • Capital Gains
  • Aadhaar

Who Should Pay Income Tax in India

  • Artificial Judicial Persons
  • Corporate firms
  • Association of Persons (AOPs)
  • Hindu Undivided Families (HUFs)
  • Companies
  • Local Authorities
  • Body of Individuals (BOIs)

Important Dates to Remember

The important dates to remember for individuals who fall under the bracket to pay Income Tax for the year (FY 2019-20 & AY 2020-21) is mentioned in the table below:

ParticularDetails
Before January 31Individuals must submit their proof of investments
Before March 31It is deadline before which any investments under Section 80C of the Income Tax Act, 1961 must be made
Before July 31Due Date to File Income Tax Return
Between October and NovemberTax Returns must be verified by this time

ITR Forms

Depending on the income assessment group, the individual will need to submit one of the ITR Forms listed below:

ITR FormDetail
ITR-1For Individuals having Income from Salaries, One house property, Other sources (Interest etc.)
ITR-2For Individuals and HUFs not having Income from Business or Profession
ITR-2AFor Individuals and HUFs not having Income from Business or Profession and Capital Gains and who do not hold foreign assets
ITR-3For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
ITR-4For individuals and HUFs having income from a proprietary business or profession
ITR-4SPresumptive business income tax return
ITR-5For persons other than, – (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
ITR-6For Companies other than companies claiming exemption under section 11
ITR-7For 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)
ITR-VThe acknowledgment form of filing a return of income

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