E-Filing Income Tax Made Easy: A Step-by-Step Guide to Filing Your Taxes

An Income Tax Return (ITR) form enables taxpayers to file their tax returns. Income tax filing is mandatory under the Income Tax Act 1961. The IT (Income Tax) department allows the e-filing of tax returns on their site. This portal allows you to complete tax payments or claim your returns easily.

In this article, we'll be able to guide you through complete tax functionality. This includes linking your Aadhar and PAN (Permanent Account Number) cards, logging into the e-filing portal, filing income tax returns and paying your income tax.

Link your Aadhaar and PAN cards 

Before filing your income tax return, you must link your Aadhaar and PAN cards. Here's a step-by-step process to link your Aadhaar and PAN cards:

1. Fee payment: You must pay a fee to link Aadhaar and PAN on the e-filing portal. This can be done on the portal via net banking facility if your bank is authorised. If not, you can complete it via the NSDL (National Securities Depository Limited) portal.
2. Submit an Aadhaar PAN link request: If you pay through the e-filing portal, you can submit the link request immediately. Otherwise, you must wait 4-5 working days if you pay through the NSDL portal. Then, keep checking the PAN card link status. It usually takes 6-7 working days.

Log into the e-filing portal 

To log into the income tax e-portal, visit the official website and click the "Login Here" button on the homepage. Then, you can just enter your login credentials, such as your user ID, password, and captcha code.

If you're new to the portal, follow these steps to register:

1. Visit the e-filing website: https://www.incometax.gov.in/iec/foportal/ . Click on "Register."
2. Click on "taxpayer" and enter your PAN details.
3. Next, click "Validate" and "Continue."
4. Enter your details like name, address, date of birth, gender, residence, etc.
5. Enter your email address and phone number.
6. Once done, click on "Continue." Make sure you check your personal and PAN card details before proceeding.
7. Now you will receive an OTP to verify your email and phone. Please follow the next instructions on the portal to go ahead.
8. The last step is to set a password. Once it is set, click "Register." You will receive an acknowledgement that you have successfully registered.

File your ITR and pay tax using the filing portal 

Now your Aadhaar and PAN link status is successful, and you have an e-filing account. To pay your tax and file your ITR, you must first log in to your account on the portal link above. Once you have logged in, follow these steps:

1. Goto e-file and click "File income tax return" on the portal home page.
2. Select your assessment year and click "Continue."
3. You will see options to file your tax return online or offline. Choose "Online."
4. You will be asked if you want to file tax returns as an individual, HUF (Hindu Undivided Family), or others. Choose "Individual."
5. Choose the ITR you need to file. ITR1 and ITR4 are for individuals, while ITR2 is for HUF. Here you need to select "ITR1."
6. Next, you must select the reason for filing your tax return. Make sure you choose the correct option based on the instructions given.
7. Fill in your bank details. If already done, then pre-validate them.
8. The next page will have a lot of pre-filled data you need to verify. Make sure all the details are correct before confirming the summary.
9. The final step is to verify your tax returns and send a hard copy to the Income Tax department.

Conclusion 

Filing taxes on time is a smart financial move. An essential aspect of managing personal finances, and with the right tools, it can be a hassle-free experience. On Fi Money, you can open a Federal Bank Savings Account which opens the door to a plethora of benefits. You also get your intuitive personal finance assistant, Ask Fi, to help you make sense of your finances.

Additionally, by using this money management app you can easily categorise your expenses and manage your money online to spend smarter, not less. With Fi, you can streamline your financial management and be confident in your tax filing process.

Frequently Asked Questions 

1. How do I reset my password for an income tax e-filing account? 

You can reset your income tax e-filing account password by clicking on the "Forgot Password" link on the login page and following the instructions to reset your password.

2. What exactly is e-filing in India? 

e-Filing in India is the electronic filing of income tax returns through the Income Tax Department's official website, which allows taxpayers to file their returns and complete various tax-related activities online.

3. How many times can we reset our income tax e-filing password? 

There is no fixed limit to resetting the income tax e-filing password. However, using a strong and memorable password is best to avoid frequent resetting.