Filing Income Tax Returns (ITR) directly on the Income Tax Department's e-filing website is straightforward if you follow the steps carefully. This guide will cover filing ITR for income from futures and options, intra-day trading, capital gains, professional receipts under Section 44ADA, and other income sources.
Step-by-Step Guide
1. Gathering Required Documents
Before starting, ensure you have the following documents:
- PAN Card
- Aadhar Card
- Bank Statements
- Trading Account Statements (for futures and options, intra-day trading)
- Form 26AS
- Capital Gains Statements
- Professional Income Receipts (for Section 44ADA)
- Other relevant income documents
2. Login to the E-Filing Portal
Visit the Income Tax Department’s e-filing website: Income Tax E-Filing Portal
Login: Use your PAN as the user ID, along with your password and Captcha code.
3. Navigate to the E-Filing Section
Dashboard: Once logged in, go to the 'e-File' menu.
Income Tax Return: Select ‘Income Tax Return’ from the dropdown menu.
4. Select the Assessment Year and ITR Form
Assessment Year: Choose the relevant assessment year.
ITR Form: Select the appropriate ITR form based on your income sources:
- ITR-3: For income from futures and options (F&O), intra-day trading (speculative business), and other business/professional income.
- ITR-2: For capital gains and other income (excluding business income).
- ITR-4: For professional receipts under Section 44ADA (presumptive taxation).
5. Filling Out the ITR Form
a. Income from Futures and Options (F&O)
Profit and Loss Statement: Input the details from your trading account.
Business Income Section: Enter F&O income under 'Business Income'.
Books of Accounts: Maintain records and fill in details as required.
b. Income from Intra-day Trading
Speculative Business Income: Report this under 'Business Income'.
Details of Speculative Transactions: Input daily trading details.
c. Capital Gains
Short-term and Long-term: Classify and report capital gains accordingly.
Capital Gains Schedule: Fill in the 'Schedule CG' with details of each transaction.
Indexation: Apply indexation for long-term capital gains.
d. Professional Receipts under Section 44ADA
Presumptive Income: Under Section 44ADA, 50% of gross receipts are deemed as income.
Gross Receipts: Enter total gross receipts under 'Presumptive Income' section.
Form ITR-4: Complete the simplified form.
e. Other Income
Interest Income: Report interest from savings accounts, fixed deposits, etc.
Rental Income: Include any rental income received.
Other Sources: Use the appropriate section for other incomes.
6. Deductions and Exemptions
Sections 80C, 80D, etc.: Enter details of deductions and exemptions.
Verify against Form 26AS: Ensure TDS details match with Form 26AS.
7. Validate the Return
Validation: Use the 'Validate' button to check for any errors in the form.
Correction: Rectify any errors highlighted during validation.
8. Submit and E-Verify
Submit: Once validated, click on 'Submit'.
E-Verification: Choose an e-verification method (Aadhar OTP, Net Banking, etc.) to complete the process.
Acknowledgment: Download and save the acknowledgment receipt.
Conclusion
Filing your ITR directly on the Income Tax Department’s e-filing website is a detailed process that ensures compliance and accuracy. By following these steps, you can efficiently report income from various sources and take advantage of applicable deductions and exemptions.