Income Tax Return efiling for FY2023-24

Income Tax Return efiling is the practice of utilizing the internet to electronically file an Income Tax Return (ITR) is known as efiling. By exercising the new income tax portal, individuals can take advantage of a range of features aimed at simplifying the tax filing process.

The Income Tax Department provides the facility for efiling of an income tax return. Before discussing the steps involved in the e-filing of an ITR, it’s essential for a taxpayer to keep the documents for efiling their ITR. The documents like PAN, From 26AS, AIS, Form 16, Bank Statements, etc. A taxpayer can report his income, spending, tax deductions, investments, taxes, and other information on an ITR.

What is Income Tax Return efiling?

Income Tax Return efiling refers to the process of filing ITR online, using the internet. By exercising the new income tax portal, individuals can take advantage of a range of features aimed at simplifying the tax filing process.

The Income Tax Act of 1961 requires a taxpayer to file an income tax return in certain situations.  Still, there may be various other reasons to file an income tax return indeed in the absence of income, like carrying forward losses, claiming an income tax refund, claiming tax deductions, etc.

How to file Income Tax Return online?

A step by step guide for using the Income Tax Portal for Income Tax Return efiling.

• Step 1: Login
  • Visit the Income Tax efiling website and click on ‘Login’.
  • In the User ID section, enter your Permanant Account Number (PAN).
  • Click on ‘Continue’.
  • Click the checkbox next to the security notice.
  • Enter your password and click ‘continue’.

• Step 2: Go to the section ‘File Income Tax Return’
  • Click on the ‘e-file’ tab followed by Income Tax Returns’ and ‘File Income Tax Return’.

• Step 3: Choose the appropriate “Assessment Year”.
  • Select “Online” as the filing method and
  • “AY 2023–24” as the assessment year.

• Step 4: Select Status.
  • Select your preferred filing status. Like;
    • Individual,
    • Hindu Undivided Family (HUF), or
    • Others opt for Individual and Continue.

• Step 5: Select the ITR type at this time.
  • Before Income Tax Return efiling, the taxpayer must first determine which ITR form they need to complete out of the seven ITR forms available.
  • For example; Individuals and HUFs can use ITR 2 if they have capital gains but no income from a company or profession. Determine which ITR you ought to submit.

• Step 6: Reason for filing an ITR.
  • In the following step, you’ll be prompted to specify the reason for filing your returns. Select the applicable option that applies to your situation 
  • Taxable income is further than the introductory exemption limit 
  • Fulfils certain requirements and is needed to file an ITR.
  • Others

• Step 7: Add Bank Account Details and Other Information
  • Provide your bank account information. However, ensure they’re pre-validated if you have already provided these details.
  • You’ll then be taken to a new page which will have most of your details pre-filled. Review and ensure the information is correct.

• Step 8: e-Verify ITR
  • The last and pivotal step is to verify your return. Failing to verify your return is original to not filing it at all.
  • You have the option to e-verify your return using different methods such as Aadhaar OTP, Electronic Verification Code (EVC), Net Banking, or by sending a physical copy of ITR-V to CPC, Bengaluru.

How to do Income Tax Return efiling for pensioners?

Pensioners would follow an analogous efiling process as other taxpayers, like providing details of their pension income, any other sources of income, deductions, and exemptions. They may need to use the applicable form designated for pensioners or elderly citizens, if available.

Also, they would include details of any tax deductions they may be eligible for, similar to under Section 80TTB for interest income from deposits.

How to do Income Tax Return efiling for salaried individuals?

Salaried individuals would generally use Form 16 provided by their employers to report their salary income, deductions, and taxes withheld. They would also include details of any other income sources, investments, and deductions applicable to them.

The Income Tax Return efiling for salaried individuals involves accurately entering this information into the designated form on the efiling portal and submitting it electronically.

How to do Income Tax Return efiling through net banking?

Some tax authorities offer the option to efile income tax returns directly through net banking portals. To do this, you would log in to your net banking account, navigate to the section for income tax efiling or tax services, and follow the instructions provided.

You would generally be redirected to the tax authority’s efiling portal to complete the filing process securely. 

Conclusion

In conclusion, Income tax return efiling simplifies the process of filing taxes by allowing individuals to submit their tax returns online. Through the new income tax portal, taxpayers can easily report their income, deductions, and other financial details, ensuring accuracy and efficiency in tax compliance.

With the help of 24efiling, taxpayers can fulfill their tax obligations with ease and confidence, making tax season a smoother experience for everyone.

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