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Income Tax Efiling Return

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0% found this document useful (0 votes)
48 views12 pages

Income Tax Efiling Return

Uploaded by

saranya2003au
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Index HOME INCOME TAX HOW TO FILE ITR ONLINE -… SHARE


Quick Summary
Latest Update:

Step-by-Step on How to E-…


How To File ITR Online - Step Income Tax Return (ITR)
Step 1: Login
by Step Guide to Efile Income declaration, e-filing steps,
documents required, Cleartax

Tax Return, FY 2023-24 (AY


Step 2: Go to ‘File Income T…
option, 'Pay Later' feature,
Step 3: Select the right ‘Asse… verifying returns are explained
Step 4: Select the status 2024-25) in detail.

Step 5: Select the ITR type


By Ektha Surana | Updated on: Mar 12th, 2024 | 11 min read
Step 6: Choose the reason f…
Switch Language
Step 7: Validate the pre-fille…
BROWSE BY TOPICS
An Income Tax Return (ITR) is a form that enables a taxpayer to
Income Tax e-Filing
declare his income, expenses, tax deductions, investments, taxes,
etc. The Income-tax Act, 1961 makes it mandatory for a taxpayer Last Date To File ITR For 2022-
23
to file an income tax return under various scenarios. However,
there may be various other reasons to file an income tax Income Tax Slabs FY 2023-24
return even in the absence of requisite income, like carrying Which Is Better: Old vs New Tax
forward losses, claiming an income tax refund, for availing the Regime For Salaried
Employees?
VISA, loan from banking institutions, term Insurance, etc.
House Property
E-filing refers to the process of filing an Income Tax Return (ITR)
Business, Professional &
online, using the Internet. By accessing the new income tax portal Freelance
using PAN-based login credentials, individuals can take
Which ITR Should I File?
advantage of a range of features that simplify the tax filing
process. Income Tax Refunds
Paying Tax Due
The Income Tax Department provides the facility for e-filing an
Salary Income
income tax return. Before discussing the steps involved in e-filing
an ITR, it is essential for a taxpayer to keep the following Capital Gains Income
documents/information readily available for e-filing their ITR. Other income sources

PAN and Aadhaar Advance Tax

Bank Statements NRI


HUF
Form 16
Income Tax Notices
Donation receipts
Stock trading statements from the broker platform
Insurance policy paid receipts related to life and health
RELATED ARTICLES
Bank account information linked to PAN
How to file ITR Online - Step by
Aadhaar registered mobile number for e-verifying the return Step Guide to Efile Income Tax
Return, FY 2022-23 (AY 2023-24)
Interest certificates from banks
Which ITR Should I File? Types
of ITR Forms for FY 2023-24 (AY
However
Filings , you
for AY can have
2023-24 e-filebeen
your ITR onWe
stopped. Cleartax byyou
will notify justonce
adding 2024-25)
yourfor AY 2024-25
ITR lings are enabled.
PAN. We will auto-fill most of your details, like salary income, TDS, UAN Login, Portal Registration,
Products Resources Company
deduction details, etc, from the Income Tax Department. Here's a Universal Account Number Login/Signup
Activation And Status Check
detailed guide on how to e-file your ITR on Cleartax.
Income Tax Raid, Search and
Seizure – What, When,
Latest Update: How
ITR U – What is ITR-U Form and
The Income Tax e-filing portal has recently rolled out a 'Pay Later' How to File ITR-U
option, allowing you to complete your tax filing process before Budget 2023 Highlights: PDF
making any tax payments. You can pay taxes after you are done Download, Key Takeaways,
Important Points
filing. For additional information, please refer to this page.
Budget 2023: Full List of
Cheaper and Costlier Items
Step-by-Step on How to E-file
ITR on the Income Tax Portal
POPULAR ARTICLES
Step 1: Login Section 80G - Donations
Eligible Under Section 80G and
80GGA - 80G Exemption List
Visit the o cial Income Tax e-filing website and click on
'Login'. Budget 2024 Expectations:
Here Are Our Top Expectations
Enter your PAN in the User ID section. From Income Tax And GST

Click on ‘Continue’. Budget 2024 - Date, Time,


When And Where To Live?
Check the security message in the tickbox.
Budget 2024 Highlights: PDF
Enter your password Download, Key Takeaways,
Important Points
‘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
Filings for AY 2023-24 have been stopped. We will notify you once ITR lings for AY 2024-25 are enabled.

‘Assessment Products
Year’ Resources Company Login/Signup

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.

Step 4: Select the status


Select your applicable filing status: Individual, HUF, or Others.
For filing of persons like you and me,
select 'Individual' and 'Continue'.

Step 5: Select the ITR type


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. For example, individuals and HUFs without income from
business or profession but with capital gains can use ITR 2. Find
out which ITR you should be filing.
Filings for AY 2023-24 have been stopped. We will notify you once ITR lings for AY 2024-25 are enabled.

Products Resources Company Login/Signup

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

Step 7: Validate the pre-filled


information
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 , .


Filings for AY 2023-24 have been stopped. We will notify you once ITR lings for AY 2024-25 are enabled.

Products Resources Company Login/Signup

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 di erent
methods such as Aadhaar OTP, electronic verification code (EVC),
Net Banking, or by sending a physical copy of ITR-V to CPC,
Bengaluru

Related Articles
How to file ITR on ClearTax
How to file ITR-1?
Which ITR should I file?
ITR 1 vs ITR 4 Di erence
ITR 3 vs ITR 4 Di erence
What is ITR 2 Form & How to File ITR-2
How to File ITR-2 for Income from Capital Gains FY 2022-23
What is ITR 3 Form & How to File ITR-3
How to File and Download ITR-7 Form
What is ITR-5 Form, Structure & How to File ITR 5
ITR 6

Frequently Asked Questions


Why is income tax return filing important?

The income tax department has mandated to file the return


to individuals only if their income is above basic exemption
limit or if they meet certain criteria like expenditure on foreign
travel being more than Rs.2 lakh, the electricity consumption
of Rs.1 lakh or more, deposit an amount/aggregate of an
amount above Rs.1 crore in one or more current accounts in
FY 2019-20 or onwards.

ITR filing is also mandatory if business receipts exceed Rs.60


lakhsfor
Filings , professional receipts
AY 2023-24 have exceedWe
been stopped. Rs.10
will lakhs
notify and TDSITR
you once andlings for AY 2024-25 are enabled.
TCS amount exceeds Rs.25,000.
Products Resources Company Login/Signup
In the case of a resident whose asset is located outside India
or who has signing authority for an account-based account
outside India, It is always a good idea to file your ITR even if
you are not eligible due to the benefits.

Filing of ITR creates a valid proof of income or net worth,


ITR is required for applying for any loan in the future
ITR is required by banks even for applying credit cards
ITR is required for VISA applications, etc.
ITR is required for obtaining Term insurance
ITR is required for obtaining government tenders

Hence it is advisable to file ITR even if your income is below


the basic exemption limit.

What is income tax?

Income tax is a direct tax on your income. It means a portion


of your income is paid to the government. The government
employs this amount for expenditures related to health,
education, providing subsidies to agriculture, infrastructure
etc. It is paid by an individual/HUF/any taxpayer depending
on income levels or gains in a financial year. A company has
to pay income tax irrespective of the level of income. The
government passes laws prescribing the rate of taxation on
your income from time to time.

How do I pay income tax online?

Every individual can pay taxes Online or O ine. Please refer


to this link for more details.

How are taxes paid to the government?

You have to pay your taxes before filing your tax return. If you
are a salaried individual, then most of your tax liability is
deducted from your salary by your employer in the form of
TDS and paid to the government on your behalf. If you are
liable to pay advance tax, then you have to pay 90% of it
before the 31st of March every financial year. You can file your
ITR once the financial year ends.
The window to file ITR is generally open till the 31st of July of
the relevant assessment year. However, the due date to file
ITR may get extended, and the IT department will notify the
same through notifications. It is always advisable to file your
ITR within the due date. It’s worthwhile noting that you attract
a late filing fee of Rs.5,000 on failing to file ITR within the due
date of the assessment year.
Filings for AY 2023-24 have been stopped. We will notify you once ITR lings for AY 2024-25 are enabled.

How to save income tax ?


Products Resources Company Login/Signup

There are many ways to save income tax by proper tax


planning. The Income Tax Act provides certain deductions and
exemptions that can be claimed, which will reduce your total
taxable income and reduce tax outflow. Below are some of
the most common deductions and exemptions:

Deduction upto Rs 1.5 lakh under 80C – Investment in tax


saving options like 80 C- investing in ELSS, LIC, mutual
funds, deduction for tuition fees for children, deduction
for principal amount of home loan, etc
Additional deduction of Rs 50,000 above Rs 1.5 lakh in 80
CCC (1b) for contribution towards National pension
schemes of the central government.
80D allows deduction of medical insurance premium paid
for self, spouse, children (Rs 25000 / 50,000 ) and
dependent parents ( Rs 25000 / 50,000)
80G allows a deduction for donations made to
recognised institutions and trusts as per specified limits.
House rent allowance exemption allowed partially or
wholly under 10 (13A)
Deduction for higher education loans under 80E
Deduction for a home loan paid upto Rs. 2 lakhs under
section 24 for self-occupied property and total amount if
rented property and Rs. 1.5 lakhs under section 80EEA
upon fulfilling specified conditions.

How to get an income tax return copy online?

Log on to incometaxindiaefiling.com with credentials


Click on View Returns/ Forms
Selection an option as “Income tax returns” and the
relevant assessment year and click on submit
A window displaying a list of ITR filed will open.
Click on ITR-V acknowledgement number you want to
download
ITR V PDF file will open which can be downloaded.

How to file an income tax return online?

You can file your ITR return online through the income tax e-
filing portal or ClearTax. If you wish to file the return through
the government portal, then you have to file it using the
“o ine” mode or the “online” mode.

To submit the return under ‘O ine’ mode, you can log on


to https://www.incometaxindiaefiling.gov.in/home and
download the Excel or Java utilities of the applicable ITR
f f th t b d l d ITR t ti
form from the tab download > ITR return preparation
Filings for AY 2023-24 have been stopped. We will notify you once ITR lings for AY 2024-25 are enabled.
software. A ZIP file will get downloaded. Please extract
Products Resources Company Login/Signup
the ZIP file and fill in all the relevant fields in the utility.
Remember to validate all the sheets and click on
calculate tax. Then, generate and save the JSON file.
The JSON file is ready to be uploaded on the portal for
e-filing.
To file ITR through o ine mode, log on to the e-filing
portal using PAN based login credentials. Go to the “e-
file” tab and open the “income tax return” link from the
drop-down. Fill in the relevant details and select the
filing type as ‘O ine’ in the next step. Upload JSON file
generated from JAVA/Excel utility and validate it. Upon
successful validation, proceed to submit the return.
Complete the verification of return amongst six options
available.
Through Net banking
Through Bank ATM
Digital Signature Certificate
Aadhaar OTP
Bank Account number
Demat Account.
Physically sending ITR-V.

When do we need to file the income tax return?

Income is more than basic exemption limit


Deposited more than Rs. 1 crore in 'current' bank account
Deposited more than Rs. 50 lakh in 'savings' bank
account
Spent more than Rs. 2 lakh on foreign travel
Electricity expenditure is more than Rs. 1 lakh
TDS or TCS is more than Rs. 25,000
Business turnover is more than Rs. 60 lakh
Professional income is more than Rs. 10 lakh

How to file an income tax return after the due date?

The due date to file ITR is July 31st. If you miss filing your ITR
within the deadline, you can file a belated return or updated
return. However, a late filing fee and interest will be
applicable. Penalty in terms of additional taxes is also
applicable in case of updated return.

How to file an income tax return for previous years?

You can file the ITR of previous years using updated return
(ITR U form) Nevertheless there are certain restrictions on
(ITR U form). Nevertheless, there are certain restrictions on
Filings for AY 2023-24 have been stopped. We will notify you once ITR lings for AY 2024-25 are enabled.

Products Resources Company Login/Signup


eligibility and the number of years for which ITR-U can be
used. For comprehensive information, refer to this article.

How to check if ITR is filed?

Step 1: Log in to the e-filing portal with your user ID and


password.
If your PAN is not linked with Aadhaar, a pop-up message will
indicate its inoperability. Link PAN with Aadhaar by clicking "Link
Now" or continue without linking.
Step 2: Go to e-File > Income Tax Returns > View Filed
Returns.
Step 3: View all your filed returns on the page. Use "Filter" to
sort returns based on criteria like Assessment Year or Filing
Type. Click "View Details" and you will be able to see the
status of your ITR in the form of a return's life cycle along with
action items (e.g., pending e-Verification).
Note: If PAN is inoperative, refund issuance will be on hold until
linked.

What will happen if I have missed the due date or


made a mistake while filing my Income Tax Return?

I missed the deadline: You can file a belated return before 31st
December of the AY, i.e. For FY 2023-24 (AY 2024-25), the filing
date of it would be till 31st Dec 2024. (It is called a belated
return, i.e., a late-filed return with the payment of late fees
u/s 234F).

I made a Mistake: You can revise your already filed ITR before
31st December of the AY, i.e. For FY 2022-23 (AY 2023-24), the
filing date of it would be till 31st Dec 2023.

If you missed the 31st Dec 2023 deadline, file the Updated
return (ITR U) within the additional time limit only if the
specified conditions are met.

I have filed my return. When will I get a refund?

Usually, it takes 30-90 days to get your refund after filing your
Income Tax Return. You can track the refund check status
from here.

Is it necessary to attach documents while e-filing ITR?

No, documents are not required to be attached/ uploaded,


but you are advised to keep them with you. Income tax
authorities may ask them if any assessment notice is served to
you in future.
Filings for AY 2023-24 have been stopped. We will notify you once ITR lings for AY 2024-25 are enabled.

What are the consequences


Products of nonResources
e-verifying Company Login/Signup
income tax return?

It is required to either e-verify the return or send it by making


the signature physically to CPC, Income Tax Department,
Bengaluru within 30 days of filing the return. Failing to do so
will result in invalidation of return, which means the return will
be considered as having never been filed.

If the return is verified after 30 days, the date of e-verification


will be considered as the date of filing, and if such date falls
after the due date, then

the late filing fees of Rs.5000/Rs.1000 will be levied.


The tax regime shall be switched to the default regime,
and the return will be processed. (For FY 2023-24, if the
new tax regime was opted out, then the return will be
processed under the new tax regime (default regime) by
disallowing the ineligible exemptions and deductions.

About the Author

Ektha Surana
Content Marketer

Multitasking between pouring myself co ees and poring over the


ever-changing tax laws. Here, I've authored 100+ blogs on income
tax and simplified complex income tax topics like the intimidating
crypto tax rules, old vs new tax regime debate, changes in debt
funds taxation, budget analysis and more. Some combinations I
like- tax and content, finance & startups, technology & psychology,
fitness & neuroscience. Read more

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