What is the process of filling your income tax return

Income tax return or ITR can be filed in two ways: (1) filing income tax return electronically, (2) Manual filling of IT return which is submitting the return in paper format with the tax department.

Now a days, most of the ITRs are required to be filing online.

To file your ITR you need to select the ITR form applicable to you based on your income and status.

After selecting the income tax return form, you need to fill up all the mandatory details as asked in the form and generate the XML file. The XML file generated need to be uploaded to the income tax filing site.

After uploading, you will have option to e-verify the return.

After filing your IT Return online the server of IT department generates an acknowledgement which can be printed by the taxpayer. If IT Return is filed with the digital signature of the taxpayer then there is no need of sending the acknowledgement (ITRV) to Income tax CPC, Bangalore office. Otherwise, a copy of the acknowledgement has to be sent with the signature of the assessee.

The date of transmitting data electronically to the IT site while filling your return will be the date of filing your tax return only if the ITRV has been received by the income tax CPC office in time and in a proper format.

If the assessee has decided to file a revised return then it has to be filled in the mode or the way the original was filled earlier. If the original was filed electronically then the revised return has also to be filled electronically otherwise it has to be filled with income tax manually.

In case of a defective return, the CPC shall intimate the assessee and the person has to comply with the intimation within the date specified therein. In the failure of replying to the intimation, department many declare a return not having been uploaded at all or process is based on the information available with them.

After processing your return, the IT department if found everything ok then, generate intimation and will send it to your given email id specifying the sum due or refund due.

In the case of rectification of mistake, an application has to be filled with the IT department electronically in the specified format and should be processed in the same manner as IT return has been processed.

Editorial Staff at Yourfinancebook is a team of finance professionals. The team has more than a decade experience in taxation and personal finance.