Since the 2024 deadline is quickly approaching, it is more essential than ever for taxpayers to comprehend the procedure of filing Income Tax Returns ( ITR ) for the fiscal year 2023–24 and assessment year 2024–25. The process has been made easier for people and businesses by the Indian Income Tax Department through its online portal.
A step-by-step guide will be provided in this article on how to file your ITR on the Income Tax Portal so that you can sail through it with confidence and accuracy.
Individuals need to prepare several key documents for initiating the registration on the e-filing portal. These include:
These documents are important as they verify the identity of the taxpayer and facilitate the setup of secure communication channels through mobile and email OTP verification.
By following these detailed steps, taxpayers can successfully create an account on the e-Filing portal, enabling them to file their ITRs and access various tax-related services efficiently.
Choosing the Right ITR Form
Determining the right ITR form to apply in one’s particular case is what taxpayers must do first. Among these are seven tax forms available with ITR 1-4 being applicable to Individuals and HUFs, for example, individuals and HUFs without any business income or profession but who have capital gains should go for ITR 2.
Filling and Review of Returns
After selecting the correct ITR forms, taxpayers should begin by validating pre-filled information which normally include employers’ and bank details. To maintain accuracy therefore, it is important to carefully scrutinize and confirm all incomes as well as exemptions along with deductions.
However, this return process includes a number of sections like Personal Information, Gross Total Income and Total Deductions that need to be reviewed with care as well as validating.
Upon completing all those parts that were mandatory; you should review your summarized tax returns to verify further its details then make your balance payments if any. The system provides options for immediate payment or deferred payment where there is a tax liability.
Finally, the taxpayer must verify and submit their return. This involves selecting the declaration checkbox, previewing the return, and proceeding through the steps of validation and verification.
Once the return is successfully verified, the process concludes with an e-verification, where the taxpayer can choose their preferred verification method to finalize the submission.
E-Verification and Submission
Modes of E-Verification
To accomplish e-verification, taxpayers have several methods to choose from. They may use a one-time password ( OTP ) sent to their registered mobile number with Aadhaar or an Electronic Verification Code ( EVC ) generated through their prevalidated bank account or demat account. Besides, an EVC can be obtained using an ATM ( offline method ), net banking or a Digital Signature Certificate ( DSC ).
These modes can also be used by the Authorized Signatories or Representative Assessees for verification of returns. Depending on the option chosen, they could receive either an OTP or EVC directly to their registered email ID and cell phone number.
Final Steps in Submission
A successful completion of e-verification process will display a success message accompanied by Transaction ID. This means that ITR has been verified. Additionally, taxpayers will get email confirmation at their given email address which serves as proof of successful submission.
For those who are using a Digital Signature Certificate it is important to note that if “e-Verify Later” was selected during the submission of the ITR; this DSC cannot be used later for verification purposes. Therefore, it is necessary to determine how to verify at the point when the return is being filed.
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