Filing of Income Tax Return is the process through which you inform the government about your total income during a financial year and pay the applicable taxes on it. Simply put, it is a summary of your earnings in the past financial year. You can file an ITR even if your income is not taxable since it is a valid proof of income when applying for a loan or availing another financial service.
You can file the ITR through an intermediary or chartered accountant. However, if you file it on your own, you can do so through the Income Tax Department’s e-filing portal. Follow this comprehensive guide to file the ITR online:
Visiting the e-Filing Portal
The first step is to visit the e-filing portal of the Income Tax Department at https://www.incometax.gov.in/iec/foportal/.
Registering or Logging in to the Website
If you are a new user, register to the website by creating a new account and filling in the required details. Otherwise, log in to the website by entering your PAN or user ID, password, and captcha code. Next, browse the ‘e-File’ menu and click ‘Income Tax Return’ to file your ITR. A new ITR Page will open.
Entering the Necessary Details
When you log in to the e-filing portal, you will see that your PAN (Permanent Account Number) is automatically pre-filled in the form. However, you must provide other details manually, including the following:
- Assessment Year: It is the financial year during which you earned the income and for which you are filing the ITR. When filing an ITR for income earned during a year, you must select the next financial year as your assessment year. For instance, if you earn income in the financial year 2023-2024, your assessment year would be 2024-2025.
- ITR Form Number: There are seven different ITR forms you must select according to your ITR filing purpose and taxpayer type.
- Filing Type: Here, select ‘Original/Revised Return’.
- Submission Mode: Select ‘Prepare and Submit Online’.
After entering all details, click ‘Continue’.
- Selecting the Mode of Filing
Based on whether you want to file the ITR online or offline, select ‘Online’ under ‘Mode of Filing’. Then, click ‘Proceed’.
- Selecting the Status
Selecting the taxpayer’s ‘Status’ as an individual, firm, LLP, or HUF is crucial. Here is a brief description to help you make the right choice:
- Individuals are natural people of any gender, major or minor, covered under the definition of Section 2(31) of the Income Tax Act, 1961.
- The Hindu Law treats an HUF or Hindu Undivided Family as a separate entity for GST rates and tax assessment. A family consisting of people lineally descended from common ancestors, including wives and unmarried daughters, has its own PAN and is independent of the family members’ individual ITR.
- Firm/LLP: According to Section 2(23)(i) of the Income Tax Act, 1961, a firm can be an LLP formed and registered under Section 2(1)(n) of the Limited Liability Partnership Act, 2008.
Entering the Required Details
For filing ITR through the e-filing portal, you must provide the following details accurately:
- Personal information, including your full name, Aadhaar number, PAN number, contact details, bank account details, etc.
- Gross total income from all income sources, including salary, property, pension, interest, etc.
- Total Deductions under various sections of the Income Tax Act 1961, including 80C, 80D, 80TTA, 80TTB, etc.
- Tax paid, including TDS, TCS, GST rates, Advance Tax, Self-Assessment Tax, etc.
- Total tax liabilities under different sections or refund amounts if applicable.
Validation
After providing all the details, you will see a summary of your tax computation for the selected year. This page will determine whether you must pay the tax or are eligible for a refund. After checking all the details on the page, you can proceed to validation through e-verification, OTP, or sending an ITR form copy to CPC Bengaluru.
Submitting the ITR
Finally, click on ‘Submit’ to submit the ITR. After successfully uploading the ITR, you will receive an acknowledgement at the registered email address.
Now that you know how to file ITR through the e-filing portal, do it before 31st July to avoid any last-minute hassles or mistakes. Enter the information carefully, gather the required documents, and utilise all tax-saving options to save tax and claim refunds if applicable.
