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A person is required to submit an Income Tax Return (ITR) form to the CBDT or Department of Indian Income Tax. It basically includes the declaration of details on the individualearnings and the yearly tax liability of such person. Information included in an ITR must be specific to a fiscal year, defined as one that begins on April 1 and ends on March 31 of the following year.
Key Takeaways
Income can be earned from 5 sources majorly and this would include the following:
1. Income from salary
2. Profits and gains from business and profession
3. Income from house property
4. Income from capital gains
5. Income from other sources such as interest received on deposits, dividend, income from royalty, winning on lottery, etc.
The Income Tax Department has prescribed 7 types of ITR forms as provided below:
ITR-1
ITR-2
ITR-3
ITR-4
ITR-5
ITR-6
ITR-7 and
applicability of the form will depend on the source and amount of income and also taxpayer type coupled with nature of income declared.
To finish completing your returns, you must validate your income tax returns. ITRs are regarded as invalid if they are not verified within the allotted period. The convenient and fastest way to complete verification of your ITR is through e-Verification.
With the use of your Aadhar Card, you may submit your tax returns online.
The ITR-V, a 1-page verification document, no longer has to be sent by taxpayers to the Bangalore office of the Income Tax Department. Instead, customers can use an Electronic Verification Code to check their returns online (EVC).
A 10-digit alphanumeric code known as an Electronic Verification Code (EVC) is provided to the taxpayer’s registered cell phone number when the taxpayer files his or her taxes online. It aids in confirming the taxpayers identities. Both individuals and Hindu Undivided Families submit taxes under this category (HUF). While the Karta must validate the HUF records, the individuals are obligated to self-check their own returns. Through the Income Tax Department e-filing system, an EVC may be created.
Please ensure that your Aadhar card and PAN card are linked in order to electronically authenticate your returns using an Aadhaar card.
To connect your Aadhar card to your ITR, follow these procedures.
Step 1: Access the Department online filing system.
Step 2: After logging in, select & Link Aadhaar from the fast links page.
Step 3: Check your PAN information in Step 3 and input your Aadhar number. Make sure you click the Save button after entering these data. After approval, your Aadhar number will be connected to your PAN.
To e-verify your returns after linking your Aadhar to your PAN, take the following actions:
Step 1: Use the Income Tax e-Filing website to upload your ITR.
Step 2: Following this, you will be prompted to choose the method of return verification. The following choices will appear:
Choose the third option, Generate Aadhaar OTP, from the menu. Your registered Aadhaar mobile number will receive a one-time password (OTP), which is only good for 10 minutes.
Step 3: In the final step, enter the OTP number and press "Submit." Then you will see the message Return successfully e-Verified." The Acknowledgement can be downloaded. Your registered email address will automatically get the same acknowledgment. Your income tax return has now been properly e-filed and e-verified.
Conclusion
If you face any issues or have any questions regarding the Aadhaar services, you can also reach out to Kanakkupillai, an online business services platform that offers a range of services related to Aadhaar, including applying for a new Aadhaar card or updating an existing one. They can provide you with guidance and assistance throughout the process, making it easier for you to get started with Aadhaar services.
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