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How to File ITR Online: The Ultimate Guide

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Learn How to File ITR Online In These Simple Steps

The inability to claim financial refunds gets an easy accidental claim, or struggle with loan approval can be frustrating. But you can easily avoid these adversities by timely filing your ITR. ITR filing has become easier than before, since the inception of the trend of online ITR filing. As we all know, the Government has a tiny claim on our gross income, which we are supposed to submit at the end of each financial year. This ideates the concept of Income Tax Return. It is a necessity for both, individual taxpayers as well as corporate bodies. In this blog, it has been discussed how you can file ITR online, enjoy seamless tax benefits, and avoid penalties.

Table of Contents

Learn How to File ITR Online In These Simple Steps

Who Needs to File an ITR?

Both individual taxpayers and corporate entities are supposed to file an ITR in each fiscal year. Now, it has become easier than ever to file ITR online. Both the above-mentioned categories of taxpayers have further been discussed hereunder. 

  • Individual taxpayers

As per the Income Tax Act, of 1961, an individual under 60 years of age must file ITR, if their income is taxable. According to the new tax regime, income above ₹3 lakh is taxable. 

  • Corporate entities 

Any company that is registered in India, and has been operating a business for profit, is required to file an ITR. To be precise, companies like limited liability partnerships, private limited companies, one-person companies, etc., need to file an ITR.  

Choosing the Right ITR Form

There exists a total of 7 ITR forms. Refer to https://actaxindia.com/income-tax-returns/itr-filing-due-dates/ to know more about the different kinds of ITR Forms. It is mandatory to understand and subsequently choose the correct ITR form to successfully file ITR online. This is because different categories of taxpayers are required to fill up different ITR Forms.

Step-by-Step Guide to Filing ITR Online

List of Documents Required to File an ITR Online

Here’s a basic checklist for you, to provide you with some clarity about the documents required, while you figure out how to file ITR online: 

  • PAN Card
  • Aadhar Card
  • Bank Statements 
  • Form 16
  • Interest Certificates 
  • Capital Gains Statement 
  • Rental Receipts 
  • Business Income Documents 
  • Investment Proofs
  • Loan Repayment Proofs 
  • Medical Insurance Receipts 
  • Education Loan Repayment Receipts 
  • Donation Receipts 
  • Other Deduction Proofs

Download ITR Filing Forms below

FAQs 

Is it necessary that I file ITR? 

In India, not everyone is required to file an Income Tax Return (ITR). Here’s a broad guideline to assist in your decision:

  1. If your total income in a given financial year exceeds the basic exemption ceiling for your income bracket, you have to file an ITR. The Income Tax Department website, https://www.incometax.gov.in/iec/foportal/, has the most recent exemption limitations listed.
  2. You should still file an ITR even if your income is below the exemption threshold if:
  • You have more than the allowed amount of TDS (Tax Deducted at Source) deducted.
  • You receive money from a variety of sources, including business, foreign, and capital gains.
  • You would like to carry over losses from prior years.
  • You’re requesting a tax return. 

What is the deadline for filing ITR?

The deadline for filing ITR varies depending on your tax liability. Refer to this blog (https://actaxindia.com/income-tax-returns/itr-filing-due-dates/) of Actax India to get clarity on this! 

How to pre-validate bank account details?

The Income Tax e-filing portal’s pre-validation of your bank account guarantees that any tax refund is deposited into the right account. This is how you do it:

  1. Go to https://www.incometax.gov.in/iec/foportal/ to access the Income Tax e-filing portal.
  2. Access your account by logging in.
  3. Select “My Profile” and then “My Bank Accounts.”
  4. “Add Bank Account” should be clicked.
  5. Choose the account type and holder type, and enter your bank account number, and the IFSC code.
  6. Based on the IFSC code, the system will automatically fill in the bank name and branch.
  7. Make sure that every detail—including your name, email address, mobile number, and PAN—exactly matches your bank account.
  8. Press “Submit” to start the pre-validation process.

After the bank verifies the information, the status will be published on the site in less than a day. Additionally, you may get a notification on your phone. 

Login to the e-filing portal

 Use your PAN and password to access your account on the Income Tax Department's e-filing portal.

Step 1

Navigate to the "e-File" section

  1. On the dashboard see the "e-File" heading and then click on "Income Tax Returns" and then subsequently select "File Income Tax Return."
Step 2

Select the Assessment Year (AY)

Select AY 2023-24 for filing income tax for the financial year 2023-24. Select similarly for future references too

Step 3

Select Filing Mode

  1. Select Filing Mode: Select “Online” mode for submitting the document.
Step 4

Select ITR Form:

  1. Discern the particular ITR form suited to your case. Here's a quick reference:
    • ITR-1 (Sahaj): For salaried individuals whose sources of income include salary, one house property, and other like interest.
    • ITR-2: These include persons/HUFs with capital gains income against business/professional income (excluding those taxable within the reach of ITR-3, 4, or 5).
    • ITR-3: For the entities and the HUFs engaged in business or profession (if not covered by the ITR-4 or 5). These people need to opt for this form. 
    • ITR-4 (Sugam): For the people who are salaried or drawing a pension and those who may be in a single source income class and still earning up to ₹50 lakhs.
    • Other ITR forms: ITR-5, ITR-6, and ITR-7 represent various sectors i.e. companies, limited liability partnerships, and trusts. 
    • If you are in doubt, it is recommended that you seek the services of a tax expert who will ascertain the correct ITR form for you. Contact Actax India for the same. We will help you out.
Step 5

Choose Reason for Filing

Indicate the purpose of filling up the ITR by selecting the appropriate reasons given within the form (for instance, regular assessment, reassessment, etc.).

Step 6

Review and Edit Pre-filled Information:

 The portal can pull up some income details from Form 16 or other info sources automatically. Give the information another careful read and fix any mistakes.

Step 7

Fill in Additional Income Details

 Show the income that you earned from diverse sources like salary, interest, capital gains, house property, etc. on different ITR form's sections applied. 

Step 8

Claim Deductions and Tax Credits

By opting for eligible deductions as provided under Section 80C, Section 80D, etc., reduce the limit of your taxable income. In this regard, you can further opt for text credits as per your eligibility.

Step 9

Calculate and Pay Tax Liability

Let the portal automatically calculate your total income, tax liabilities, deductions, and any payable or refundable tax amount. Only after that, you will be allowed to pay your taxes.

Step 10

Review and Verify:

Carefully review all entered information before going any further. 

Step 11

E-verify Your ITR:

  1. E-verify Your ITR: This is one of the most important steps before submission. Choose your preferred e-verification method:
    • Aadhaar OTP: Requires linking your Aadhaar with your PAN.
    • Electronic Verification Code (EVC): Sent to your registered email address.
    • Centralized Processing Center (CPC): Send a signed copy of ITR-V to CPC Bangalore within 120 days.
Step 12

Want help in filing your ITR?

Our Actax Experts help you file ITR quickly!
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How do I fix any error/mistake while filing the ITR form online?

A validation procedure is available on the income tax portal to help you find errors when filing your ITR: 

  • The system will show you errors if you run into them.
  • Examine the error message closely to determine the cause of the problem.
  • Typos, information that doesn’t match, and missing required fields are examples of common mistakes.
  • Make the necessary corrections in the ITR form’s designated sections.
  • After the form has been modified, validate it again to make sure there are no errors before submitting it. 

How to successfully track the status of my ITR Filing? 

You can check the status of your ITR online after you submit it:

  1. Open the income tax e-filing system and log in.
  2. Navigate to “My Account” and then select “Track ITR Status.”
  3. Input the assessment year and your PAN number.
  4. Your ITR’s current processing step will be shown on the portal.

How to claim a refund if applicable? 

When submitting your ITR, you have the option to request a refund if you paid more tax than necessary throughout the year, as shown in your TDS. This is what you should do:

  1. Make sure that the e-filing portal has pre-validated the details of your bank account.
  2. Select the “Refund” option in the appropriate section when filing your ITR.
  3. Provide the bank account information where you wish your refund to be deposited. 
  4. Send in your ITR.
  5. Your pre-validated bank account will receive an electronic credit for the reimbursement after the processing is finished and your ITR is confirmed.

Important Note: Please use this information solely as a general guide. For precise information and the most recent developments on ITR filing, it is advised to visit the official Income Tax Department website or speak with a tax expert. Actax India can help you with the same.

Want help in filing your ITR?

Our Actax Experts help you file ITR quickly!
File ITR Now!

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