All you ought to know about e-filing your taxes

Byshaheen shaikh

How to do IT e-filing? Unfortunately, this question only arises when every income-earning individual must file income tax returns in due time. And, then as a last resort, you generally seek the help of a professional to for IT e-filling. But, the income tax filing is not as difficult as it seems, especially if it filled online.

So, if you want to be able to fill you IT returns without any trouble, we’ve got you covered. In this article, we will take you through all that you ought to know about income tax filing online.

How many ways are there to fill an IT e-filing form?

There are three types of filing your ITRs. Let’s take a quick look at each way:

  • IT e-filing with a Digital Signature Certificate (DSC)
  • IT e-filing with an ITR V form. This form is generally generated. You have to print this form, sign it, and submitted to CPC (Bangalore). This needs to be done within 120 days of filing the tax return.
  • IT e-filing with an E-return Intermediary (ERI). However, here you get an option of using the DSC way.

What are the documents required for e-filing IT?

If you are filing your income tax online then, keep the documents mentioned below, ready for uploading.

  • PAN number
  • Registered PAN address
  • Bank account details
  • Aadhaar card
  • Form 16
  • Payslips
  • Rent receipts to claim HRA

If IT e-filing is for reporting capital gains then, you will require:

  • Mutual funds’ details
  • Sale and purchase of equity funds or debt funds or ELSS or SIPs
  • If the capital gains have come from selling shares, then purchase details of the shares and stock, and the stock trading statement will be required.

Who should be IT e-filing?

IT e-filing is to be done by those whose:

  • Total income for the FY exceeds the tax exemption limits.
  • Signing authority is required over a foreign account or possesses overseas assets.
  • Returns are to be submitted under Section 139 (4B) (ITR 7).
  • Notice under Section 11(2) (a) is to be checked by an assessing officer.

Along with these, companies which operate within the country need file income tax online. Additionally, individuals who claim tax relief under Sections 90, 90A, or 91 are also required to IT e-file their tax returns.

With this information, we hope our article helps you the next time you wonder how to do IT e-filing of your returns.