ITR returns for FY 2020-21: How to file Income Tax Return online? A step-by-step guide

With the deadline for Income tax return filing for the financial year 2020-21 just three days away, i.e. December 31, people are busy browsing how to file ITR online. It is better to file your ITR before the deadline else, you have to pay a penalty.

An ITR can be filed online as well as offline. Not filing an income tax return or late filing can draw a penalty up to Rs 5000. If the taxable income is less than Rs five lakh then the penalty will be Rs 1,000. To avoid penance, here are steps to file your ITR online,

ITR returns for FY 2020-21: How to file Income Tax Return online

• Visit Income Tax e-Filing portal- www.incometax.gov.in/iec/foportal/
• Log in via a user ID (PAN) and password
• On the 'e-file menu, on the 'Income Tax Return' link
• On the ITR page, select 'Assessment Year', select 'ITR Forn Number', selection 'Filing Type' as 'Original/Revised Return' and lastly submission mode as 'Prepare and Submit online'. 
• on 'Continue' (To prevent loss of data you can on the 'Save Draft' button periodically to save details)
• In the 'Taxes Paid and Verification' tab, choose the appropriate verification option and choose any of the following options,
• I would like to e-Verify
• I would like to e-Verify within 120 days
• I don't want to e-Verify and would like to send signed ITR-V through normal or speed post to "Centralised Processing Center, Income Tax Department, Bengaluru" within 120 days.
• Verify all the details by ing on the 'Preview and Submit' button.
• 'Submit' the ITR.
• If your choose 'I would like to e-Verify', the e-verification can be done by entering the EVC/OTC. The EVC/OTP should be entered within a minute else, the IRT will be auto-submitted. The submitted ITR should be verified afterwards using the 'My Account > e-Verify return' option.

On Monday, the Ministry of Finance said that more than 4.67 crore ITRs had been filed on Income Tax's new portal, with over 15.49 lakh ITRs on December 27. "Out of 4.67 crore ITRs filed for AY 2021-22, 53.6% of these are ITR1 (2.5 crore), 8.9% is ITR2 (41.7 lakh), 10.75% is ITR3 (50.25 lakh), 25% are ITR4 (1.17 crore), ITR5 (5.18 lakh), ITR6 (2.15 lakh) and ITR7 (0.43 lakh). Over 48.19% of these ITRs have been filed using the online ITR form," Centre said.