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How to File ITR ( Income Tax Returns ) on Cleartax ? - Step by step guide that will help you e-file income tax return return.
Nothing proves your financial wisdom and ethics like tax compliance – timely filing of ITR. Filing your income tax return is not as difficult as it sounds. Here is a step-by-step guide to e-file your income tax return using ClearTax. It is simple, easy and quick. Steps to e-File Your Income Tax Returns Online:
CBDT has issued a circular on 20th May 2021 extending the timelines for certain direct tax compliances for AY 2021-22.
1. ITR Filing:
i. The due date for filing ITR by taxpayers (whose accounts not required to be audited) is extended from 31st July 21 to 30th Sep 21.
ii. The ITR filing for Tax audit cases is extended to 30th Nov 2021
iii. The ITR filing for Transfer Pricing cases is extended to 31st December.
iv. The due date to file a Belated or Revised Return is extended from 31st Dec 2021 to 31st Jan 2022.
2. Furnishing Audit Report:
i. The due date to furnish the audit report under Income Tax Act is extended to 31st Oct 2021
ii. The due date of furnishing of audit report for transfer pricing cases is extended to 30th Nov 2021.
Union Budget 2021 Update:
Exemption from ITR filing to senior citizens aged 75 years and above, earning only pension and interest income.
Before we get started, you should have the following documents at hand to pace up the process:
Login to your ClearTax account. Click on ‘Upload Form 16 PDF’ if you have your Form 16 in PDF format. If you do not have Form 16 in PDF format click on ‘Continue Here’
Enter your name as per PAN, PAN, date of birth, father’s name and address.
Fill in your employer name and type.
Enter investment details for deductions to be claimed (eg. LIC, PPF etc., and claim other tax benefits here.
Tip: Do you have kids?Claim benefits on their tuition fees under Section 80C
If you have any non-salary income, say, interest income or freelance income, then add tax payments that are already made. You can also add these details by uploading Form 26AS. In case of uploading Form 26AS, only the TDS details get auto-populated and not the income, hence required to enter the income details in the respective place.
Also enter the details of self assessment tax paid for the relevant financial year under the tab ‘Self Tax Payments’.
Enter your bank account details and proceed towards e-filing.
If you see ‘Refund’ or ‘No Tax Due’ here, Click on proceed to e-Filing. You will get an acknowledgment number on the next screen.
Tip: See a ‘Tax Due’ message? Read this guide to know how to pay your tax dues.
Once your return is filed e-Verify your income tax return
Yay! You are done
Income tax department has mandated to file the return to individuals only in case their income is above basic exemption limit or if they meet certain criteria like expenditure on foreign travel being more than Rs 2 lakh and electricity consumption of Rs 1 lakh or more, Deposited an amount/aggregate of an amount above Rs 1 crore in one or more current accounts in FY 2019-20 or onwards.
In the case of a resident whose asset is located outside India or has signing authority for an account-based outside India.It is always a good idea to file your ITR even if you are not eligible due to the benefits.
Income tax is a direct tax on your income. It means a portion of your income is paid to the government. The government charges this amount for expenditure related to health, education , providing subsidy to agriculture , infrastructure etc. It is paid by an individual/HUF/any taxpayer depending on income levels or gains in a financial year. A company has to pay income tax irrespective of the level of income. The government passes laws prescribing the rate of taxation on your income from time to time.
You have to pay your taxes before filing your tax return. If you are a salaried individual, then most of your tax liability is deducted from your salary by your employer in the form of TDS and paid to the government on your behalf. In case you are liable to pay advance tax, then you have to pay 90% of it before the 31st of March every financial year. You can file your ITR once the financial year ends.
The window to file ITR is generally open till the 31st of July of the relevant assessment year. However, the due date to file ITR may get extended, and the IT department will notify the same through notifications. It is always advisable to file your ITR within the due date. It’s worthwhile noting that you attract a late filing fee of Rs 5,000 on failing to file ITR within the due date of the assessment year.
There are many ways to save income tax by proper tax planning. Income tax Act provides certain deductions and exemptions that can be claimed which will reduce your total taxable income and reduce tax outflow. Below are some of the most common deductions and exemptions:
You can file your ITR return online either through the income tax e-filing portal or through ClearTax. If you wish to file the return through the government portal, then you have to file it using the “offline” mode or the “online” mode.