Filing Income Tax Returns
An Income Tax Return (ITR) is a form that enables a taxpayer to declare his income, expenses, tax deductions, investments, taxes, etc. The Income-tax Act, 1961 makes it mandatory for a taxpayer to file an income tax return under various scenarios. However, there may be various other reasons to file an income tax return even in the absence of requisite income, like carrying forward losses, claiming an income tax refund, for availing the VISA, loan from banking institutions, term Insurance, etc.
E-filing refers to the process of filing an Income Tax Return (ITR) online, using the Internet. By accessing the new income tax portal using PAN-based login credentials, individuals can take advantage of a range of features that simplify the tax filing process.
The Income Tax Department provides the facility for e-filing an income tax return. Before discussing the steps involved in e-filling an ITR, it is essential for a taxpayer to keep the following documents/information readily available for e-filing their ITR.
- PAN and Aadhaar
- Bank Statements
- Form 16
- Donation receipts
- Stock trading statements from the broker platform
- Insurance policy paid receipts related to life and health
- Bank account information linked to PAN
- Aadhaar registered mobile number for e-verifying the return
- Interest certificates from banks
How to E-file Income Tax Returns
Step 1: Login
- Visit the official Income Tax e-filing website and click on 'Login'.
- Enter your PAN in the User ID section.
- Click on ‘Continue’.
- Check the security message in the tick box.
- Enter your password
- ‘Continue’
Step 2: Go to ‘File Income Tax Return’
- Click on the 'e-File' tab
- 'Income Tax Returns'
- ‘File Income Tax Return’
Step 3: Select the right ‘Assessment YeaR
Select ‘Assessment Year’ as ‘AY 2024-25’ if you file for FY 2023-24. Similarly, select ‘AY 2023-24’ if you are filing for FY 2022-23 and use the mode of filing as ‘Online’. Select the filing type correctly as original return or revised return.
Select your applicable filing status: Individual, HUF, or Others.
For filing of persons like you and me, select 'Individual' and 'Continue'.
Step 4: Select the status
Now, select ITR type. The taxpayer must first ascertain which ITR form they must fill out before filing returns. There are a total of 7 ITR forms available, of which ITR 1 to 4 is applicable for Individuals and HUFs.
Step 5: Select the ITR type
Step 6: Choose the reason for filing ITR
In the following step, you will be prompted to specify the reason for filing your returns. Select the appropriate option that is applicable to your situation:
Taxable income is more than the basic exemption limit
Meets specific criteria and is mandatorily required to file ITR
Others
Most of the details, such as your PAN, Aadhaar, Name, Date of birth, contact information, and bank details will be pre-filled. Validate these details carefully before you proceed further. Also, provide your bank account information. If you have already provided these details, ensure they are pre-validated.
As you proceed step by step, ensure to disclose all relevant income, exemptions, and deduction details. Most of your information will be pre-filled based on the data provided by your employer, bank, etc. Review the information carefully to ensure it is correct. Confirm the summary of your returns, validate the details and make the payment of balance taxes, if any.
Step 7: Validate the pre-filled information
Step 8: e-Verify ITR
The last and crucial step is to verify your return within the time limit (30 days). Failing to verify your return is equivalent to not filing it at all. You have the option to e-verify your return using different methods such as Aadhaar OTP, electronic verification code (EVC), Net Banking, or by sending a physical copy of ITR-V to CPC, Bengaluru
Income Tax Return Filing Video
