ITR filing made simple with Jhatpat processing – this is all you need to know

The ‘Jhatpat Processing’ feature would help taxpayers to file their tax returns smoothly.

As the deadline for filing the ITR for the 2019-20 tax year or the 2020-21 tax year approaches, the Income Tax Department has created the ‘Jhatpat Processing’ function.

The Income Tax Department has introduced a new initiative, the “Jhatpat process” for the smooth filing of ITR-1 and ITR-4 with the experience motto “FILE KARO JHAT SE PROCESSING HOGI PAT SE” for taxpayers . The ‘Jhatpat Processing’ feature would help taxpayers to file tax returns smoothly. The IT department also tweeted about the introduction of the new feature: it has already been released for forms ITR-1 and 4, and taxpayers can file their ITR by visiting the electronic filing website.

However, ‘Jhatpat processing’ is only possible if the taxpayer’s ITR is verified, bank statements are pre-validated, and no delays, income differences, or source taxes are deducted.

For electronic verification of returns, taxpayers can choose one of the following modes: registered mobile number, net banking, Demat account number, bank ATM, bank account number, Aadhaar OTP, and email ID.

How does the ‘Jhatpat processing’ of ITR filing work?

Before you start filing an income tax return, make sure you have the following documents with you:

(i) PAN
(ii) Employer Form-16 issued
(iii) Form 26AS
(iv) Bank statement and
(v) Aadhaar or registration identification number

What modes are available to file income tax returns?

There are two ways to submit your ITR-1 and ITR-4 (for AY 2020-21) including:

1. Offline: Download the corresponding ITR form in JAVA or Excel format at your convenience, fill it offline, create the XML and upload it by logging into the electronic archives portal.

2. Online – Log in, plan and upload a return online at the e-filing portal.

Online ITR filing process

User needs to follow the steps below to submit ITR-1 and ITR-4 using online mode:

(i) Go to the electronic filing income tax portal, using the link
https://www.incometaxindiaefiling.gov.in/in/infiling.

(ii) Enter User ID (ie PAN), password, Captcha code and click ‘Login’ to login to the electronic archives portal.

(iii) Click ‘File Income Tax Return’ or ‘Income Tax Refund’ from the Electronic File menu.

(iv) Select “Original / Revised Declaration” Original / Revised Declaration “Prepare and Submit Online” Prepare and Submit Online.

(v) Select “Prevalidated” or “Latest ITR” for the bank account for the refund credit and click “Continue”

(vi) A pre-filled Consent will appear after clicking “Continue” and the checkbox “I agree to check all the pre-loaded data (personal, income, deductions, bank account and tax details) and make the necessary changes to report the correct details “. Click on the “Continue” button.

(vii) To verify all the ITR data, click on the ‘Preview and submit’ button.

(viii) To add an ITR, click “Submit” or you can edit it.

(ix) Electronically verify the ITR.

Offline ITR submission process

User needs to follow below steps to present ITR-1 and ITR-4 in offline mode:

(i) Go to the electronic income tax filing site, https://www.incometaxindiaefiling.gov.in/in/infiling.

(ii) From the “Download” menu, click “TI Returns Preparation Software”. Select the appropriate ‘Assessment Year’ and at your convenience download the corresponding ITR form in JAVA or Excel format.

(iii) Go to the tab “My account” and press “Download preloaded XML”

(iv) Choose ‘Prevalidated’ or ‘New ITR’ bank account for refund credit. Tap “Download XML”.

(v) Click the “Continue” button.

(vi) You must install the downloaded utility on your computer.

(vii) Find the preloaded information imported from the ITR utility.

(viii) Validate all the sheets of the ITR form and repair the errors, if any, and measure the tax

(ix) Generation and saving of XML.

(x) Enter User ID (ie PAN), password, Captcha code and click ‘Login’ to login to the electronic archives portal.

(xi) In the e-File menu, click on “Income tax return”

(xii) The PAN will be completed automatically, select the evaluation year, select the ITR form number, select the filing classification “Original / Revised Declaration” and the filing mode “Upload XML”.

(xiii) Choose any of the following options to verify your income tax return:
Digital Signature Certificate (DSC)
AADHAAR OTP
And just press “Continue”

(xiv) Attach the ITR XML file and press “Submit”

(xv) Electronically verify the ITR.

Who can apply for ITR ‘Jhatpat processing’?

The ‘Jhatpat processing’ is only valid with respect to ITR-1 and ITR-4. The processing of this data is already available on the website www.incometaxindiaefiling.gov.in.

Taxpayers are advised to file their income tax returns on or before the due date to discourage interest and late fees, and for quicker ITR processing and earlier refund receipt.

What happens if by chance you miss the December 31 deadline?

If the taxpayer has a tax obligation on the Income Tax Return, then:

1. Interest u / s 234A will be paid at 1% per month or part of the month until the return date of the income statement.
2. It will also charge a late fee of Rs 10,000 u / s 234F. But if the person’s total income does not exceed Rs 500,000, the value of the late fee should not exceed Rs 1,000.

If the taxpayer has no tax liability for income taxes, then:
# A late fee of Rs 10,000 u / s 234F will be charged.
# In case the total income of the person does not exceed Rs 5,00,000, then the amount of the late fee should not exceed Rs 1,000.

The Central Processing Center 2.0 (CPC 2.0) platform that is now verified by the Income Tax Department is being implemented to provide better facilities to the taxpayer and speed up the process of filing the income tax return. It will help taxpayers file ITRs for fiscal year 2019-20 (AY 2020-21) (AY 2020-21).

With this newly updated platform, the tax department is expanding capacity and updating techniques to provide better services to taxpayers through predefined forms and minimize return time.

(By Kapil Rana, Founder and President of HostBooks Ltd)