Updated : October 7, 2024How To File ITR Online – Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)?
Overview : The E-Filing income tax return process has simplified the way ITR is filed. This facility allows taxpayers, businesses, or entities to file their ITR returns online using an active internet connection. ITR is one of the essential compliances that individuals, HUFs, and companies need to follow every year before the due date for each year. ITR Return Filing timely helps avoid penalties or legal prosecution. This step-by-step guide helps learn about e-filing Income Tax Return FY 2023-24 (AY 2024-25) to file it hassle-free.
With the beginning 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
Browse the website www.incometaxindiaefiling.gov.in and then click on ‘Login’. Enter your PAN number to login to this portal. Check the ‘I Agree’ box and then enter captcha code displayed on your screen. Later on, click on ‘Continue’ to enter your password and log in.
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.
Conclusion
Income tax return filing is a necessary return that individuals, Hindu Undivided Families (HUF), firms, or organizations must 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. Timely ITR filing reduces your ITR burden and helps you avoid penalties associated with late or non-filing of ITR late or after the due date for the respective financial year. We hope the above blog has provided you with a detailed understanding of the ITR e-Filing process.
