How to File ITR Online: Income Tax Return, Step-by-Step process for Taxpayers in 2024

Tripti Singh

9 months ago

How to File ITR Online

What is Income Tax Return

In accordance with tax rules and regulations, filing an income tax return is an essential procedure for all taxpayers. Every year, taxpayers are required to file an Tax Return with the income tax authorities. It includes crucial details on the taxpayer’s income, source of income, ability to claim a deduction and total tax obligations for the year.

In Shorts

What is Income Tax Return
Significance of the Filing Income Tax Return
Due dates for Income Tax Return Filing
Document Required For Filing
How To File Online?

Significance of the Filing Income Tax Return

Filing Tax Return could have following reasons as stated below

1. Legal Requirement Perspective: Being a responsible person, It is necessary for all people and businesses under the law. It displays money earned beyond the deadline for filing income tax return. There are fines and legal consequences for anyone who fails to file their Tax Return on time.

2. Documentation Perspective: An individual taxpayer’s income and tax liabilities for a specific year are recorded in their Tax Return . It keeps the taxpayer’s financial transactions documented and maintains financial transparency with the government.

3. Compliance Perspective: Filing an Tax Return is required by national taxation laws. Presenting their income report to the government and paying taxes in accordance with the law is the process.

4. Obtain Tax Benefits Perspective: Taxpayers who consistently file their income tax return are eligible to receive benefits under the Income Tax Act. It allows people to deduct investments, costs and other items done throughout the fiscal year from their taxable income.

5. Loan and Visa Applicants Perspective: In order to apply for a loan or visa, this document is necessary. It is evidence of income that can be presented when applying for a credit card, loan or visa etc.

Due dates for Income Tax Return Filing | What are the dates to file ITR

1. July 31: A firm or individuals who are not liable for audit.
2. September 30: A company or other who is liable to audit.
3. March 31: All individuals and companies filing belated return.

Document Required For Tax Return Filing

Gather the necessary paperwork while filing the Tax Return for this tax year.

According to revenue sources, claim deductions, and other financial activities, different documents are needed.

Let’s explore required artifacts to file Tax Return

PAN Card: One of the required documents to file an Tax Return is a Permanent Account Number.

Form 16: The employer issues this form, which includes information on salary earnings, TDS, and other things.

Form 16A/16B/16C: This is the income-related TDS form.

Bank Statement: Gather the bank statements for every bank account, including current and savings accounts.

Investment Proof: Gather documentation if investing in equity-linked funds, public provident funds, or provident funds (PF, PPF).

How To File ITR Online?

Online income tax return filing is a really easy and comfortable method. Just comply to the detailed instructions below:

Click official website https://www.incometax.gov.in to access the Income Tax Return Department’s official website. Enter login information or credentials to access it in case of already logged in. If not, register with email address or mobile number.

At this point, It is must to select the Tax Return form according to income source, residency status, and other factors. The most popular types are ITR-1 (Sahaj) for those with salaries, ITR-2 for HUFs without revenue from a company or occupation and so on.

Further download the chosen Tax Return form and fill it out with the necessary data, such as name, address, Aadhar number, PAN etc.

Next to collect all of the necessary artifacts such as bank statements, investment evidences, Form 16 (Part A & Part B) etc.

Provide information about all of the income sources, including salary, interest income, rental income, capital gains, and other sources.

Report all of the revenue information with care and double-check it as well.

The next step is to submit the deduction and exemption claims. Declare deductions for investments made in designated instruments such as PPF, life insurance premiums, health insurance premiums and so forth under different sections such as 80C, 80D, 80E etc. Make a claim for any eligible exemptions.

Also Read : Atal pension yojana

Next, determine overall taxable income and tax obligation based on the income tax slab rates applicable for that specific year. For correct data, Use tax computation on the website of the Income Tax Department or any other free internet resource.

Check form 26AS to make sure the TDS certifications have been received to match the TDS that got deducted by the respective employer, banks or other diductors.

Income: Showcase or confirm that taxpayers has paid any liable taxes.

The specification for the specific fiscal year, whether any taxes have been paid by the taxpayer. paid taxes such as TDS, advance tax and self-assessment tax. Double-check the correctness of these details.

Carefully cross validate all the data(s) got entered on the Tax Return form with completed all needed revisions. It should not be errors prone.

Create an XML file of the provided data post completion of Tax Return form validation. Later on, this will be used to submit the ITR form to the e-filing portal of the Income Tax Department.

It’s now time to use the electronic filing portal and upload generated file. To submit this XML file navigate to the e-file area and choose the relevant Tax Return form and year accordingly.

After successfully uploading the XML file, verify filled or provided ITR details using the available options such as Aadhaar OTP, Net Banking, Electronic Verification Code (EVC), or by sending a signed copy of ITR-V to the Centralized Processing Center (CPC) in Bangalore within 120 days of filing the return.

After successful e-verification, this would be acknowledged by the Income Tax Department. Save this acknowledgement as a records. Now finally all are done.

In case of refund eligibility check the status of refund online using the acknowledgement number.

These simple instructions will assist in filing Tax Return at home each year. In case of any concern take assistance from a friend or consult a qualified CA for proper work.

Also Read: Provident Fund / PF / EPFO and UAN

Frequently Asked Questions (FAQs) about Filing Income Tax Return

1. What is an Income Tax Return ?
– Each year, taxpayers are expected to file an income tax return with the appropriate income tax authorities. This document contains vital information about the taxpayer’s income, deductions, and tax obligations.

2. What is the significance of submitting an Tax Return ?
To preserve financial transparency, obtain tax advantages, comply with legal requirements, and meet paperwork requirements for a variety of purposes, including loans and visas etc. it is imperative to file an Tax Return every year.

3. What paperwork is needed to file an Tax Return ?
– PAN cards, Form 16s, bank statements, evidence of investments, title papers, capital gain statements, and evidence of tax payments are among the documents required for Tax Return filing.

4. How can I submit an online Tax Return ?

Tax Return can be filed online by going to the Income Tax Return Department’s official website, choosing the relevant form, filling out the required information, uploading the requisite files, and electronically confirming the form.

5. What is the best Tax Return form to select?

AS per the income source, residence status, and other considerations determine which form should be used to fill. Typically, persons with salaries must file Form -1, while those without company income must file Form -2.

6. Describe the ITR’s exclusions and deductions.

By deducting certain costs and investments made throughout the fiscal year under sections 80C, 80D, and 80E, taxpayers can lower their taxable income.

7. How can I figure out how much tax I have to pay? .
Tax burden can be computed using the income tax slab rates for the specific year or by utilizing the tax calculation tools on the website of the Income Tax Department or other online platforms.