As the deadline for filing the income tax return (ITR) for the financial year 2023-24 approaches, taxpayers are urged to initiate the process to avoid last-minute complications. The ITR filing process has been simplified and is now accessible online via the income tax portal.
Before embarking on the online ITR filing journey, taxpayers should have certain documents at their disposal. These include PAN and Aadhaar cards, bank statements, Form 16, donation receipts, stock trading statements from the broker platform, insurance policy paid receipts for life and health, bank account information linked to PAN, Aadhaar registered mobile number for e-verifying the return and interest certificates from banks.
The step-by-step process for filing ITR online is as follows:
Step 1: Access the Income Tax Portal Visit the official Income Tax e-filing website, click on ‘Login’, enter your PAN as the User ID, check the security message in the tickbox, enter your password and proceed.
Step 2: Initiate the ITR Filing Process Navigate to the ‘e-File’ tab, select ‘Income Tax Returns,’ and choose ‘File Income Tax Return.’
Step 3: Select the Appropriate Assessment Year Choose ‘Assessment Year’ as ‘AY 2024-25’ for FY 2023–24 filings or ‘AY 2023-24’ for FY 2022–23 filings. Opt for the ‘Online’ mode of filing and specify whether it’s an original return or a revised return.
Step 4: Determine Your Filing Status Select your filing status from the options provided: Individual, HUF, or Others. For individuals, select ‘Individual’ and proceed.
Step 5: Choose the Correct ITR Form Select the appropriate ITR form based on your circumstances. For instance, ITR 2 is for individuals and HUFs with capital gains but no income from business or profession.
Step 6: Specify the Reason for Filing ITR Choose the reason for filing your returns, such as having taxable income exceeding the basic exemption limit, meeting specific criteria mandating ITR filing, or selecting ‘Others’.
Step 7: Validate Pre-filled Information Confirm pre-filled information such as PAN, Aadhaar, name, date of birth, contact information and bank details. Disclose all relevant income, exemptions and deductions step by step. Review pre-filled information from sources like your employer and bank, ensure accuracy, confirm the summary of your returns, validate the details and make any necessary payment of balance taxes.
Step 8: E-verify Your ITR The final step involves verifying your ITR within 30 days using methods like Aadhaar OTP, EVC, Net Banking, or by sending a physical copy of ITR-V to CPC, Bengaluru. Failure to do so will nullify the filing process.
By following these steps, taxpayers can ensure a smooth and hassle-free ITR filing experience.
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