A guide for beginners: Step-by-step process to file Income Tax Returns (ITR)
The deadline for filing Income Tax Returns (ITRs) for the fiscal year 2022-23 is July 31, while the new assessment year 2023-24 will begin on April 1. Make sure that you file income tax returns by the deadline as it is mandatory to do so without which you will incur late filing charges of Rs 5,000.
Electronic filing (e-filing) of income tax return is offered by the Income Tax Department portal. Taxpayers must first ensure they have the necessary documentation to calculate and report their data in ITR in order to proceed with e-filing.
A step-by-step guide to filing your income tax return (ITR):
Enter the required data directly online at the e-filing portal and submit it. The taxpayer can file ITR 1 and ITR 4 online. These are the steps you need to take in order to know how to file income tax return for beginners:
Visit the Income Tax e-Filing portal, https://www.incometax.gov.in/iec/foportal/
Log in to the e-Filing portal by entering your user ID (PAN), Password, and Captcha code and click 'Login'
Click on the 'e-File' menu and click the 'Income Tax Return' link
While you are on the Income Tax Return Page, you will see there:
PAN will be auto-populated
Select 'Assessment Year'
Select 'ITR Form Number'
Select 'Filing Type' as 'Original/Revised Return'
Select 'Submission Mode' as 'Prepare and Submit Online'
Click on 'Continue'
Read the instructions carefully and fill in all the applicable and mandatory fields of the Online ITR Form
Note: To avoid loss of data/rework due to session time out, Click on the 'Save Draft' button once a while to save the entered ITR details as a draft. The saved draft will be available for 30 days from the date of saving or till the date of filing the return or till there is no change in the XML schema of the notified ITR (which is earlier).
Choose the appropriate verification option in the 'Taxes Paid and Verification' tab. Choose any one of the following options to verify the Income Tax Return:
I would like to e-Verify
I would like to e-Verify later within 120 days from the date of filing
I don't want to e-Verify and would like to send a signed ITR-V through normal or speed post to "Centralized Processing Center, Income Tax Department, Bengaluru - 560 500" within 120 days from the date of filing
Click on the 'Preview and Submit' button. Verify all the data entered in the ITR
Submit the ITR
When you choose 'I would like to e-Verify' option, e-Verification can be done through any of the following methods by entering the EVC/OTP when asked for
EVC generated through a bank ATM or Generate EVC option under My Account
Aadhaar OTP
Prevalidated Bank Account
Prevalidated Demat Account
Note: On choosing the other two verification options, the ITR will be submitted but the process of filing the ITR is not complete until it is verified. The submitted ITR should be e-Verified later by using the 'My Account > e-Verify Return' option or the signed ITR-V should be sent to CPC, Bengaluru.
The EVC/OTP must be entered within 60 seconds else, the Income Tax Return (ITR) will be auto-submitted. The submitted ITR must be verified later by using the 'My Account > e-Verify Return' option or by sending a signed ITR-V to CPC.
For more information, you can visit: https://incometaxindia.gov.in/Pages/tax-services/file-income-tax-return.aspx