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ITR filing: How to file income tax return online? Step-by-step guide
The deadline for filing the income tax return for the financial year 2023-24 is nearing, and taxpayers should start the process to avoid last-minute hassle.
The process of finding the ITR has become easy as it is now available online by accessing the income tax portal.
But, before you start filing your ITR online, you must keep handy certain documents to simplify the process
The documents required 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.
Step 1: Login to the income tax portal
To log in to the official Income Tax e-filing website, visit the site and click on 'Login', enter your PAN as the User ID, click 'Continue', check the security message in the tickbox, enter your password, and click 'Continue'.
Step 2: Click on ‘file income tax return’
Click on the 'e-File' tab, select 'Income Tax Returns,' and then choose 'File Income Tax Return.'
Step 3: Choose the right assessment year
Select 'Assessment Year' as 'AY 2024-25' for FY 2023–24 filings or 'AY 2023-24' for FY 2022–23 filings, and opt for 'Online' mode of filing. Ensure to correctly specify whether it's an original return or a revised return.
Step 4: Choose the right status
To proceed, choose your filing status from the options provided: Individual, HUF, or Others; for individuals like yourself, select 'Individual' and click 'Continue'.
Step 5: Choose ITR type
Now, select the appropriate ITR form based on your circumstances.
Determine which of the 7 available forms (ITR 1 to 4 are applicable for individuals and HUFs) matches your tax situation, such as ITR 2 for individuals and HUFs with capital gains but no income from business or profession.
Step 6: ITR filing reason
In the next step, you need to choose the right reason for filing the ITR.
You will select the reason for filing your returns, choosing from options such as having taxable income exceeding the basic exemption limit, meeting specific criteria mandating ITR filing, or selecting 'Others'.
Step 7: Validation
Validate pre-filled information such as PAN, Aadhaar, name, date of birth, contact information, and bank details before proceeding.
Also, provide your bank account information and ensure it is pre-validated if already provided. Disclose all relevant income, exemptions, and deductions step
Review pre-filled information from sources like your employer and bank, ensuring accuracy. Confirm the summary of your returns, validate the details, and make any necessary payment of balance taxes.
Step 8: E-verification
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, as failing to do so nullifies the filing process