How to Download Your ITR and Acknowledgement: A Comprehensive Guide
Do you get worried when you hear the word ‘taxes’? Not able to figure out how to download your ITR and Acknowledgement? Well, don’t worry; we are here to help! In this guide, we will show you how to easily download your Income Tax Return (ITR) and acknowledgement. Think of it like getting a certificate for doing well on a test – it’s a way to show the government that you are a responsible taxpayer. So, let’s get started and make tax filing a breeze!
What is ITR?
ITR stands for Income Tax Return. It is a form that taxpayers use to report their income earned during a financial year, as well as any tax deductions and exemptions that they may be eligible for. Filing an ITR is mandatory for individuals whose total income exceeds a certain threshold specified by the Income Tax Department. Filing your ITR is essential in staying compliant with tax laws and avoiding penalties. It also serves as proof of income, which may be required for various financial transactions, such as obtaining a loan or visa.
Types of Income Tax Return
The Income Tax Department has prescribed seven types of ITR forms – ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7 and the applicability of the form will depend on the nature and amount of income and the type of taxpayer.
|ITR-1 (also called Sahaj)||To be filed by resident individuals having total income up to ₹50 lakhs from the following sources:|
1. Salary2. One-house property3. Other income sources, excluding winning from lotteries and income from horse races4. Agricultural income up to ₹5,000
|ITR-2||To be filed by individuals and Hindu Undivided Families (HUFs) who are not eligible to file form ITR-1 and don’t have income from profits and gains from business or profession|
|ITR-3||To be filed by individuals and HUFs having income from profits and gains from business or profession|
|ITR-4 (also called as Sugam)||To be filed by resident individuals, HUFs, and firms (other than LLP) who are residents having total income up to ₹50 lakhs and having income from business or profession computed under section 44AD, 44ADA or 44AE|
|ITR-5||Anyone falling under the categories mentioned below can file ITR 5 Form: 1. Artificial Juridical Person (AJP) 2. Business trusts 3. Estate of insolvent 4. Estate of deceased 5. Associations of Persons (AOPs) 6. Body of Individuals (BOIs) 7. Limited Liability Partnerships (LLPs) and firms 8. Cooperative Society|
|ITR-6||ITR-6 is for companies not claiming exemptions related to Section 11 of the Income Tax Act of 1961.|
|ITR 7||Individuals and firms that have furnished returns related to Section 139(4A), Section 139(4B), Section 139(4C), Section 139(4D), Section 139(4E) and Section 139(4F) must choose this ITR form.|
How to download the Income Tax Return Form?
Online filing of income tax returns has become very simple and convenient in recent years, allowing individuals to do it themselves rather than relying on a tax practitioner.
Irrespective of the type of ITR form, the procedure to download the form is the same. Once you file your return, you can download the ITR form using the below steps:
Step 1: Log in to the official income tax filing portal – https://www.incometax.gov.in/iec/foportal/
Step 2: If you are a new user, click ‘Register yourself’ and register yourself. (To register, choose a user type, enter the required information, and validate the registration.) If you already have an account, click the ‘Login’ button and enter your credentials.
Step 3: Click e-File > Income Tax Returns > View Filed Returns.
Step 4: On the ‘View Filed Returns’ page, you can view all the returns filed by you. You can download the ITR-V Acknowledgement, upload JSON (from the offline utility), complete the ITR form in PDF, and intimation order (using the options on the right-hand side).
- Click ‘Filter’ to view your filed returns based on different criteria (AY or Filing Type).
- Click ‘Export to Excel’ to export your returns data to Excel format.
Step 5: Click ‘View Details’ to view the life cycle of the return and action items related to it (e.g., returns pending for e-Verification).
Step 6: Once you have downloaded the document, open it, and it will ask for a password. The password is your PAN number (All in lowercase letters), followed by your date of birth (DDMMYYYY) without any space.
- PAN: BPKAP1234F
- DOB: 11/03/1987
- Password: BPKAP113F11031987
Step 7: Print, sign, and return this document to CPC Bangalore within 30 days of the e-filing date. You can skip this step if you have e-verified.
Points to keep in mind for ITR-V
If you are unable to ‘e-verify’ your ITR, then the following are the points to keep in mind:
- ITR-V should be printed in dark black ink and clear to read.
- ITR-V should have an original signature in blue ink.
- The signature should not be on the barcode of the Form. Barcodes and numbers below the barcode should be seen.
- You should not use a stapler on Form ITR-V.
- Do not fold this signed ITR-V.
- Enclose the ITR-V form in an A-4 size white envelope.
- Send ITR-V to the CPC address mentioned above through speed post or ordinary post within 30 days from the filing date.
In conclusion, downloading your ITR and Acknowledgement has become more accessible than ever with the Indian government’s push towards digitization. With simple steps, taxpayers can easily download their ITR and Acknowledgement online. It not only saves time and effort but also reduces the risk of errors and increases the efficiency of the entire process. By following the guidelines outlined in this comprehensive guide, taxpayers can ensure a smooth and hassle-free experience in downloading their ITR and Acknowledgement.
Frequently Asked Questions (FAQs)
When was online ITR filing started?
In India, e-filing of income tax was introduced in September 2004, initially on a voluntary usage basis for all categories of income tax assesses. But from July 2006, the Income Tax Department made it mandatory for all corporate firms to e-file their income tax returns.
In 2007, the income tax department of India started the facility to e-file income tax returns (ITR) online for individual taxpayers under its agenda of e-governance.
Who created the ITR website?
Infosys Ltd. created the Income Tax Department’s tax return filing portal.
What happens if I don’t verify my ITR?
If you do not verify in time, your return is treated as not filed, and it will attract all the consequences of not filing ITR under the Income Tax Act of 1961. However, you may request a condonation of delay in verification by giving the appropriate reason.
Is it mandatory to declare all bank accounts in ITR?
The Income Tax Department needs at least one bank account number to process your refund. However, since 2015 it has mandated that all taxpayers must disclose all of their bank accounts in their tax returns. Joint accounts are also included in this.
Is AIS mandatory in ITR?
While filing ITR, a taxpayer is advised to go through one’s Annual Information Statement (AIS) and report all high-value cash and non-cash transactions and any mismatch between the government data and the ITR date filed by the taxpayer.