A Step-by-Step Guide on How to File ITR Online, AY 2023-24

Q: Q4 Can we get ITR online?

Yes. You can file your IT return onlinevia the official e-filing portal of the Income Tax Department. You can also download the ITR form online in Excel or Java utility format, fill it out, and upload it as a JSON file on the official portal to submit your return. Just ensure that you download the correct ITR form.

Updated: Feb 1

Filing your Income Tax Return (ITR) in India doesn't have to be a stressful ordeal. Follow these steps and breathe easy:

Step 1: Gather Your Documents

Form 16: Download it from your employer's online portal or request a physical copy. (Link: https://www.ica.gov.sg/docs/default-source/ica/forms/form-16_application-for-stp_fss_kid_pei.pdf)
Interest Certificates: Collect certificates from banks and financial institutions for any interest income earned.
Investment Statements: Gather statements for capital gains/losses from mutual funds, stocks, or property sales.
Deduction Proofs: Keep receipts, bills, and documents for deductions (medical expenses, education, home loan interest) you want to claim. (Link: https://www.incometax.gov.in/iec/foportal/)
PAN Card: Your PAN is mandatory for filing ITR. (Link: https://www.onlineservices.nsdl.com/paam/requestAndDownloadEPAN.html)

Step 2: Choose the Right ITR Form

There are different forms for different income types and taxpayers. Here's a quick guide:

ITR-1 (Sahaj): For resident individuals with income from salary, interest, and house property below ₹50 lakhs. (Link: https://incometaxindia.gov.in/pages/downloads/income-tax-return.aspx)
ITR-2: For resident individuals with income from salary, interest, house property, capital gains, and business income below ₹50 lakhs.
ITR-3: For resident individuals and Hindu Undivided Families (HUFs) with income from various sources exceeding ₹50 lakhs. (Link: https://incometaxindia.gov.in/forms/income-tax%20rules/2021/itr3_english.pdf)

Unsure which form to choose? The Income Tax Department website provides detailed information and a handy tool to help you select the right one.

Step 3: Register or Log in to the e-filing Portal

Visit the e-filing portal: https://www.incometax.gov.in/iec/foportal/

New users: Register with your PAN and basic information.

Returning users: Log in with your existing credentials.

Step 4: Fill Out Your ITR Form

Choose the appropriate form and start filling it out.
The portal pre-fills information based on your Form 16 and other sources, making it easier.
Don't forget to include gross salary, encompassing all sources of income like rent, interest, etc.
Explore eligible tax-saving deductions to minimise your tax liability.

Step 5: Review and Submit Your ITR

Carefully review all details before submitting.
Electronically verify your return using your Aadhaar card or bank OTP. (Link: https://www.incometax.gov.in/iec/foportal/help/e-filing-e-verify-your-return-faq)

Step 6: Pay Any Outstanding Tax

Settle any tax dues online through net banking, credit/debit card.

Step 7: Download and Save Your Acknowledgement

Download and save the receipt for your records.

Bonus Tip: Consider using an online income tax calculator for an easy estimate of your taxes based on your income. (Link: https://filemyreturns.taxbuddy.com/)

FAQs:

Q1 What is the significance of Income tax return filing?

The Income Tax Department requires individuals to file their returns only if their income exceeds the basic exemption limit or if they meet specific criteria.

However, even if someone is not eligible, it is still beneficial to file the ITR for various reasons, such as creating a valid proof of income, applying for loans, credit cards, VISA applications, and more. This is particularly crucial for residents with assets located outside India or those with signing authority for accounts based outside India.

Q2 How to obtain a copy of your income tax return online?

Log in to incometaxindiaefiling.com using your credentials.
Click on "View Returns/Forms".
Click "Submit" after selecting "Income Tax Returns" and the pertinent assessment year.
A list of filed ITRs will appear. You can download an ITR-V acknowledgment number by choosing it. The ITR V PDF file will open, which can then get downloaded.

Q3 How can I fill out my ITR online by myself?

You can file your ITR by yourself without availing of financial advisors or Chartered Accountants (CA) services. First, you need to register yourself on the official portal of the Income Tax department. After successful registration, you can log in to the portal using your credentials and submit your ITR online.

However, filing IT returns after consulting with tax professionals is advised, as it reduces the chances of filing incorrect returns.

Q4 Can we get ITR online?

Yes. You can file your IT return online via the official e-filing portal of the Income Tax Department. You can also download the ITR form online in Excel or Java utility format, fill it out, and upload it as a JSON file on the official portal to submit your return. Just ensure that you download the correct ITR form.

Q5 How do I file my ITR for the first time?

Before filing an ITR for the first time, you must register on the Income Tax portal. After successful registration, follow these steps to ensure a seamless filing procedure:

Visit the official e-filing website and log in by using your credentials.
On the homepage, click on 'e-file'. After that, click on the 'File Income Tax Return' option.
Select the Assessment Year and click on 'Continue'. Select your mode of filing, taxpayer category, and ITR form.
When asked, input your bank account details. If you've already given them, make sure to pre-validate.
Once redirected, check all the pre-filled information in your IT return. You need to make sure that all details are correct. You can make modifications wherever applicable.
Once you confirm the summary of your ITR, validate it and submit it.
Lastly, e-verify your IT return for successful filing.

Q6 Is it easy to file ITR on your own?

The process to file ITR online is quick and hassle-free. The easy-to-understand interface of the portal makes it easy for taxpayers to select their preferred tax regime and file the IT return in a few easy steps. However, first-time taxpayers or businesses are advised to avail of the assistance of a chartered accountant (CA) for ITR filing. In addition to professional taxation services, a CA may help you legally save taxes.

Q7 Can I file ITR directly?

Yes. File your Income Tax Return directly on the official e-filing portal of the Income Tax Department. Visit the new portal, log in with your user ID and password, go to 'e-File,' and click 'Income Tax Return' to complete your filing. Alternatively, you can seek assistance from a chartered accountant to file your return.

Q8 Can I file my ITR myself without CA?

Yes. It is not mandatory to file ITR by availing the services of a Chartered Accountant. You can file your ITR by yourself without the help of a CA by simply uploading Form 16 during the filing process. However, if you are self-employed, you must maintain a book of accounts, which a CA must audit.

Q9 Why is it compulsory to file an ITR?

Yes. Filing an Income Tax Return (ITR) is a legal obligation in India for taxpayers whose income exceeds the tax exemption limit. So, suppose you are an individual or a business whose income exceeds the basic exemption limit before applying for any deductions or exemptions. In that case, you must file your ITR and pay taxes to avoid penalties.

Q10 Can I pay income tax by UPI?

Yes. The new Income Tax Portal allows online payment of income tax via UPI. When prompted to pay your tax on the portal, select the "Payment Gateway" option. Select the "UPI" option and enter your UPI ID to pay your tax online.