Filing your Income Tax Return (ITR) online has become convenient with the income tax e-filing portal. This guide provides a structured approach to navigate through the process, ensuring accuracy and compliance. Whether you’re an individual, Hindu Undivided Family (HUF), or a firm, these steps will help you file your taxes efficiently.
11 Steps to file ITR online
- Step 1: Visit the income tax e-filing website
- Step 2: Now, log in to the website
- Step 3: fill the required details
- Step 4: Next step is to select the mode of filing
- Step 5: Now, choose the status
- Step 6: Select the an appropriate ITR form
- Step 7: On selecting ITR 1
- Step 8: On selecting ITR 4
- Step 9: Tax computation summarized
- Step 10: Next step will be proceeding for validation
- Step 11: At last, submit the ITR
Step 1: Visit the income tax e-filing website
Use the link given below to visit the tax e-filing website
https://www.incometax.gov.in/iec/foportal/
Step 2: Now, log in to the website
For logging in to the website Use your user ID or you can also use your PAN, enter the password and then the captcha code.
Select the “e-file” menu and select the “income tax return” option in order to file your income tax return.
Step 3: Fill the required details
Permanent account number (PAN) will be auto-filled. The following details are supposed to be entered-
- Assessment Year: This is the year which follows your financial year which follows the financial year in which the income is earned. For example, the year for earning in 2023-2024 is the session 2024-2025.
- Form no.: Choose between ITR 1 and ITR 4.
- You can choose between original/revised return here
- Submission mode: Choose the ‘prepare and submit online’ option in the step.
Step 4: Select the mode of filing
Click on “continue”
Click on “online” under the mode of filing and select proceed.
Step 5: Choose the status
Choose “status” it can be Firm/ LPP or Hindu undivided family ( HUF).
- Individual: The term refers to any individual he/she can be minor or major, male or female who is covered under the definition of the term person under section 2(31) of income tax act, 1961.
- Hindu undivided family (HUF): This is a separate entity which comes under the act. Hindu undivided family consists of all the individuals descended for one ancestor the family included the wives and unmarried daughters also.
It is taxed separately and is different from the individual entity under the income tax act. HUF has its own PAN. The filing of HUF is done separately and is not connected to the ITR filed by the individuals of the family.
- Firm/LPP: When two people enter into a partnership they are called partners. When a group of people enter into a partnership collectively it is called a firm. According to the income tax act, 1961 the definition of firm is the same as in the partnership act of 1932.
The income tax act states that it is necessary for a firm to have a LPP that is a limited liability partnership. Limited liability partnership can be defined according to the limited liability partnership act, 2008 as a partnership formed and registered under the act. It is a legal entity which is separate from its partner.
Step 6: Select the an appropriate ITR form
Now select the ITR form which is most appropriate for you. In case of online filing two options will be available, you can choose between ITR 1 and ITR 4.
Step 7: On selecting ITR 1
On selecting ITR 1, you will have to fill 5 sections such as follows:
- Personal information: this section includes the basic details like your name, your aadhar number, PAN, your bank account details and your contact details.
- Gross total income: This section will require you to add your income and provide the details of the source of your income. Verification of the income is necessary. It can be done by the sources such as salary, house property and pension and some other sources such as family pension or interest income.
- Total deductions: There are many deductions offered under the Income tax act, 1961. Some common sections are 80D, 80C, 80TTB, 80TTA and many more.
- Tax paid: This section reflects the amount you have paid as tax from all your sources. However, it is not limited to advance tax, Self-Assessment tax, TDS and TCS.
- Total tax liability: According to the tax filed previously this section reflects the tax liability. It can be understood as tax payable on total income = (Your income – total deductions – tax which has been paid till date). If the amount of tax payable on total income is positive then it needs to be paid as tax and if it is negative a refund of the given amount can be claimed.
Step 8: On selecting ITR 4
On selecting ITR 4, you will have to fill in the following six sections
- Personal Information
- Gross Total Income
- Disclosures
- Total Deductions
- Taxes Paid
- Total Tax Liability
Step 9: Tax computation summarized
A summary of the tax computation will appear on your screen for the year for which you have added the information on the website.
The summary will tell you how much tax is supposed to be paid by you or if you are eligible for a tax refund. Next, you can preview and then submit it by adding the details of the place of your residence.
Step 10: Next step will be proceeding for validation
Select the option “Proceed for validation”. Here you will be able to check if any errors are present. If there are no errors, then you can proceed for verification.
In order to verify your income tax return you can choose the following options:
- e-Verify
- You can also choose e-Verify via ITR-V through normal or speed post to “Centralised Processing Center, Income Tax Department, Bengaluru – 560 500” ; it has to be done within 120 days from the date of filing.
- You can choose e-Verify later . But make sure that you verify within 120 days from the date of filing.
If you want to verify yourself then opt for e-Verify yourself. The verification will be completed by generating an e-Verification code or an OTP (one time password).
OPTION 1
Generate EVC through your bank’s ATM
OPTION 2
Generate OTP through Aadhaar Card
OPTION 3
Use a pre-validated bank account
OPTION 4
Use a pre-validated Demat account
On not choosing the option to verify yourself you will have to send a copy of your ITS form to CPC Bengaluru. Address will be mentioned in the form. The income tax return is not considered to be complete until you verify it. After verification choose the option “preview and submit”.
Step 11: At last, submit the ITR
Choose the option to submit in order to submit the income tax return.
On uploading the income tax return you will receive an e mail of income tax acknowledgement at your email address.
Conclusion: Filing your ITR online offers ease and efficiency, ensuring compliance with tax regulations. By following these steps – from selecting the correct ITR form to validating and submitting your return – you can complete the process seamlessly. Utilize the e-filing options available on the income tax portal for a hassle-free experience and timely tax compliance.
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The Author is an Income tax, Accounting and GST Practitioner and can be contacted at 9024915488.
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