Partner With Us NRI

Open Free Demat Account Online with ICICIDIRECT

How to File Your Income Tax Return?


One of America's founding fathers famously said that in this world, nothing could be said to be certain, except death and taxes. In India, too, except for agriculture income, you pay taxes on all other income beyond a particular limit. You have to pay your taxes to the government depending on income level and the applicable tax slabs. The Income Tax department offers the facility of electronically filing your Income Tax Return (ITR) to simplify this process for you.

Filing your ITR

The prerequisite for filing an ITR is to register yourself on the IT portal, i.e. www.incometax.gov.in. It is a basic OTP-based registration process that requires your details like name, residential address, mobile number, PAN, etc. It also includes a self-verification feature, after which you can get yourself a password-protected account. The process of filing IT returns can be clubbed into the following seven significant steps.

Selection of the IT form applicable to you

The first step in ITR filing is ascertaining the ITR form applicable to you for filing your return. Once that is done, you can choose to file your returns in the following modes.


Only ITR 1 and ITR 4 can be filed online. In this mode, you can simply fill in your necessary details on the IT portal itself and proceed with the rest of your ITR filing process.


All IT forms can be filed in offline mode. This mode requires you to generate an XML file and upload it on the IT portal.

ITR Utility download from the IT portal

Follow these steps if you have opted for the offline route.

  1. Go to the IT portal
  2. Click on 'Downloads' located on the menu bar
  3. Select the applicable assessment year (AY)
  4. Download your preferred utility software - Microsoft Excel or Java, or JSON. IT department has discontinued Excel and Java utility from AY 2020-21.

Submission of your Details

In the offline route, you have to submit your income details in the form downloaded. Based on the calculations of the utility software, you can assess if you have to pay taxes or collect a tax refund. You also have to fill in IT challan details in this form. You can fill in the same set of more information on the portal itself and check your tax liability in the online route.

Validation of your Information

Once you jot details on the form, you must validate your information submitted to ensure no miss-out and all the mandatory components are entered. This step is applicable for online as well as offline modes.

Conversion of your file to XML Format

In the offline mode, the next step is converting your file to XML format by clicking on the 'Generate XML' option.

Upload of the XML file on the IT Portal

Upload this XML file onto the logged-in IT portal by first clicking on the 'e-File' option and then the 'Income Tax Return' option. The 'Submission mode' has to be stated as 'Upload XML' here. Then upload your XML file and submit it. Irrespective of whether you have opted for offline or online mode, in this step, you have to also submit required details here such as PAN, Assessment year, etc.

ITR Verification

The final step to the ITR filing process, for both – the offline and the online mode, is verifying the ITR.  You can do that physically or electronically within 120 days of e-filing the ITR. If you fail to verify it within this period, your tax filing will be invalid as per the IT laws. The ITR verification can be done online or offline.  The offline route requires you to send a copy of your ITR through the post. Multiple online ways need generating an e-verification code (EVC) through Aadhar OTP, Bank Account, Demat Account, and Net-Banking.


The ITR filing process may seem too complex to comprehend for someone who is not well-versed with taxation in general. However, this is untrue. Technology has simplified the ITR filing and verification process to a great extent, such that you need to be no tax genius to figure it out yourself. But, if you still stumble somewhere, you can always lean on a subject matter expert for guidelines and quickly complete your ITR filing process.

Additional Read: How to File Your Child's First Income Tax

Additional Read: Understanding the Basics of Income Tax for Beginners

Additional Read: Income Tax Rebate? What is Income Tax Rebate?

Additional Read: What are the Benefits of Filing Income Tax Return on Time?

Additional Read: What is Form 16? Basics Part A & Part B of Form 16

Disclaimer : ICICI Securities Ltd.( I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Centre, H. T. Parekh Marg, Churchgate, Mumbai - 400020, India, Tel No : 022 - 2288 2460, 022 - 2288 2470.  The contents herein above shall not be considered as an invitation or persuasion to trade or invest.  Investments in securities market are subject to market risks, read all the related documents carefully before investing. I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. The contents are solely for informational and educational purpose.

Most Popular

  • 13 May 2022
  • ICICI Securities

The Five-Point Financial Planning Checklist For Your Family

Whether you just got married or planning to have a baby or have dependents, you should have financial plans for every stage in your life to ensure a secured future for your family members. Here are five things you can do financially for your family.   

  • 12 May 2022
  • ICICI Securities

What is a Zero Coupon Bond?

You get fixed returns in the form of interest until maturity when you invest in a bond. Zero-coupon bonds work a little differently. In this article, find out what zero-coupon bonds are, their advantages and whether you should invest in them. 

  • 12 May 2022
  • ICICI Securities

What are Cross Currency Pairs?

The forex market is the largest financial market globally. Currency trading is a lucrative and booming business. While most currencies trading happens in relation to the US Dollar, some don’t. That forms the basis of cross currency pairs. Here’s what you need to know about it. 

  • 12 May 2022
  • ICICI Securities

Investing principles from Benjamin Graham: The Father of Value Investing

Benjamin Graham was a British born economist, professor, and investor who taught at Columbia University. He was also a mentor to some of the most famous investors of the 20th century, including Irving Khan, John Templeton, & Warren Buffett. Buffett called him "the second most influential figure in his life, only after my father". 

  • 12 May 2022
  • ICICI Securities

How to Invest in Nifty 50?

The Nifty 50 is the benchmark index of the National Stock Exchange. It represents the 50 largest companies listed in India. Investing in the Nifty 50 can be a good idea for those looking to make index-linked returns. Here’s how you can invest in the index. 

  • 12 May 2022
  • ICICI Securities

Investment philosophy of Cathie Wood: The most powerful woman on Wall Street

Catherine Duddy Wood, also called Cathie Wood, is an investor who primarily invests in disruptive technologies and is the founder, chief executive officer, and chief investment officer of ARK Investment Management, LLC, an investment management firm mostly active in the United States.

  • 11 May 2022
  • ICICI Securities

How to Use Technology to Improve Your Finances

Technology has made life simpler for everyone. In the realm of personal finance, technology has streamlined many processes—from budgeting to automating your payments. On National Technology Day, let’s look at how technology has transformed our finances. 

  • 11 May 2022
  • ICICI Securities

How to Invest in your Every Goal with Mutual Funds?

Each of us is unique. We have different needs and goals in life. Some of us can ride along swinging markets, while some may need a relatively conservative investment tool. 

  • 11 May 2022
  • ICICI Securities

Four Reasons Why Entrepreneurs should Invest in Equity Mutual Funds

Equity mutual funds provide growth opportunities not just for individual investors but also for entrepreneurs and corporates. They make excellent investments for anyone looking for wealth creation. This article will give you four reasons why businesspeople should consider investing in equity mutual funds.