TIME TO COMPLETE YOUR INCOME TAX RETURN E-FILING (PART 1)

Yeah, it is time to complete your Income Tax return E-filing before 31st March 2018. Because the Income tax department has fixed 31st March 2018 as last date to file your IT return for the Assessment year 2016-17 and 2017-18. 

But we have to be smart in filing of our IT return without any extra charges or extra fee for outside tax consultant. There are so many online websites offering paid tax consultancy services to submit your return. But

The Income tax department of india enables its tax payers to file their returns online at free of cost. For this, we have to register ourselves on Income Tax authorized website. 

Before going to know about the registration process, lets know the basic things about Income Tax Return.

What is an income tax return and why do you have to file this return?

An income tax return is a form where taxpayers declare their taxable income, deductions and tax payments. While filing the actual, the total amount that should go to the government as income tax is calculated. If you have paid more tax, you will be refunded. if you have under paid taxes for the year, you must pay the remainder of the tax. Income tax return form ranges from ITR 1 to ITR 7, used to different types of income.

Irrespective of whether you live in india currently or not, filing an income tax return is compulsory, if your total indian income exceeds Rs.2,50,000. Even if you don't meet the Rs.2,50,000 threshold, it's good practice to file or e-file your income tax return. Because Income tax reflects your financial prosperity in later financial transactions. 

Lets start registration process on Income tax india e-filing website.

Step 1: Go to https://incometaxindiaefiling.gov.in/

Step 2: Click on the " Register yourself" button as shown in below 

Step 3: On the  registration form, select the user type as "Individual" from drop down menu and click on the "continue" button

Step 4: Next step is to fill the mandatory fields marked with asterick and click on the "Continue" button.

Step 5: Please fill all the mandatory details marked with asterick. Give your correct mobile number and email id as verification OTP will be sent and further communication will sent to your email id and mobile number only. Then click on the "Continue" button. 

Now you will get pop-up message like as below

Click on "Confirm"

Step 6: Now you will receive an email with OTP2 number on your registered email id from 'DONOTREPLY@incometaxindiaefiling.gov.in' and OTP1 will be received on registered mobile number. just enter the both OTP numbers and click on "validate" button.

Step 7: Once you validate the OTP, your registration is successfully completed. So, Now you can login to your account to do E-filing.

In my next article, i will show you how to file the income tax return.

Any suggestion or queries, please post it in comments below.