The E filing income tax return process has simplified the way of filing ITR. This facility allows a taxpayer, business, or organization to file their ITR return online using an active internet connection. It is one of the essential filings that individuals, HUFs, and businesses need to follow every year before the due date for each year. ITR Return Filing before the last date or its deadline keeps you away from the penalties, or legal actions that you may attract due to non-filing or late filing of ITR. Explore the below step by step guide to e file Income Tax Return FY 2023-24 (AY 2024-25) to learn how to file ITR online efficiently.
Overview
With the start of the new financial year and the applicability of the new tax regime, people have several doubts about how to do ITR Registration. It’s always advisable to file ITR before the due date for the financial year to avoid any penalties or fines. Before gaining deep knowledge about the process of e file income tax return FY 2023-24, let’s explore what ITR exactly is!
An Income Tax Return (ITR) is a form used by an individual to submit to the Income Tax Department of India. It consists of information about the income of an individual and also the taxes to be paid on the income earned during a financial year. The Income Tax laws says that every individual and business making income should go for ITR return filing every year. It helps in declaring taxable income, tax liability, or any tax deductions claims. Even in the absence of taxable income, you can file ITR as it helps in carrying forward losses, claiming income tax refund, loan from banking institutions, availing VISA, or taking loans from banking institutions, etc.
ITR can be filed by the Firms or Corporations, Hindu Undivided Families (HUFs), and self-employed or salaried individuals, before the due date for the year. If one fails to e file ITR within deadline, penalty for late filing or non-filing will be charged at the time of next ITR return filing.
Step by Step Process to e-file ITR on Income Tax Portal
If you follow a step by step guide on e-filing ITR on the Income Tax Portal, you can file your income tax return seamlessly. The steps that you need to follow to file your Income Tax return are below;
Step 1: Login to ITR Filing Portal
If you are new to the portal, register first by entering the required details, PAN, and Password creation.
Step 2: Go to 'File Income Tax Return'
In the main Menu section, click on ‘e-File’ feature. From the drop-down bar, choose the option ‘Income Tax Return’.
Step 3: Select Assessment Year
Choose the right ‘Assessment Year’. For FY 2023-24, select ‘2024-25’ as Assessment Year. If you are filing for the first time choose ‘Original’ and ‘Revised Return’ for corrections.
Step 4: Select Status
Depending on your taxpayer status, you need to choose from an Individual, Hindu Undivided Family or Company. Freelancers and Individuals having income in the form of salary must choose ‘Individual’ to file ITR.
Step 5: Select Type of ITR
Choose the applicable ITR Form number that depends on your sources of Income & Eligibility. Totally 7 ITR Forms exist; from Form 1 to Form 7.
Step 6: Choose a Reason for Filing ITR
It is also required to disclose your reason for e-filing ITR Return. The options given to choose your reason are ‘Taxable Income above Exemption Limit’, Mandatory filing, ‘Filing for refund’, etc.
Step 7: Enter Bank Account details and Other Required Information
Post clicking on ‘Continue’ in the last step, your e-filing ITR Form will get opened. Most fields will be auto-filled with PAN and Aadhaar-linked data. Enter all the mandatory fields accurately and compute tax liabilities.
Step 8: Verify ITR online
Verify your ITR online within 30 days of filing using OTP on Aadhaar, net banking, electronic verification code (EVC), digital signature certificate (DSC), or sending a physical copy of ITR-V to CPC, Bengaluru. If you will not verify your ITR within specified time, your return filing won’t be completed. Failing to verify your return is considered similar to not filing ITR.
Recent/Latest Update
For FY 2022-23, the Income Tax Department recently made amendments in ITR regulations. In this amendment, a new feature, ‘File Now, Pay Later’ came into effect. With the help of this feature, taxpayers can complete their e-filing process without paying taxes at the time of submission. The payment of tax amount can be made later after filing returns.
With this step, the e-filing of ITR has become a quicker process as now a taxpayer doesn’t need to wait for tax payment processing to complete the process of e-filing income tax return. Due taxes can be paid by the specified dates even after return filing.
Income tax return filing is a necessary return that individuals, Hindu Undivided Families (HUF), firms or organizations need to file every financial year within or before the due date. For the Financial Year 2023-24 (AY 2024-25), the due date for ITR filing is July 31, 2024.
Even if your income doesn’t come under the taxable limit, still you can e-file income tax return to reap several benefits such as carry forward loss (es), claim income tax refund, availing loans from financial entities, seeking VISA, etc.
Income tax return filing within the due date not only reduces your ITR burden but also helps you avoid penalties associated with late or non-filing of ITR late or after the due date for the respective financial year.
FAQs
Q1: What is the last date to e file income tax return 2024?
The due date to e file income tax return in India for the financial year 2023-24 (AY 2024-25) is July 31, 2024. However, the deadline for e filing an overdue or missed return is December 31, 2024, with applicable late fees.
Q2: How to obtain your income tax return copy online?
If you want to obtain income tax return copy online, you need to follow the steps;
- Visit incometaxindiaefiling.com with the required login credentials.
- Then click on View Returns/Forms.
- Select ‘Income Tax Returns’ option and choose the relevant assessment year followed by clicking on ‘Submit’.
- A list of ITR will be seen on your screen.
- Later on, click on ITR-V acknowledgment number.
- A PDF File for ITR V will be downloaded.
Q3: When do I need to file Income tax return?
Income tax return can be filed if;
- your Income exceeds the basic exemption limit.
- you have deposited more than Rs. 1 crore in your current bank account.
- you have deposited more than Rs. 50 lakh in your savings bank account.
- your TDS or TCS is more than Rs. 25,000.
- your electricity expenditure is more than Rs 1 lakh.
- your business turnover is more than Rs. 60 lakh.
- your professional income is more than Rs. 10 lakh.
Q4: How can I file an income tax return for the previous year (s)?
In case, you missed to e file ITR for the previous year/years, you can file it with the help of updated return (ITR U Form). However, there are certain restrictions on eligibility and also the number of years for which you can use Form ITR-U.
Q5: What documents do I need to attach while e-filing ITR?
No documents are needed to be attached or uploaded when you are filing income tax return online. But, you should keep them with you. As income tax authorities may ask for the supporting documents in case you receive any assessment notice.