File your Income Tax Return (ITR) online for Assessment Year 2023-24. Explore the step-by-step guide, benefits of online filing, and key forms (ITR 1 and ITR 4).
The commencement of a new financial year brings with it the responsibility of filing income tax returns (ITRs) for individuals and businesses. As we enter the Assessment Year (A.Y.) 2023-24, taxpayers in India are gearing up to fulfill their tax obligations. The time has come for taxpayers to fulfill their annual obligation of filing income tax returns (ITRs) for the Assessment Year (A.Y.) 2023-24.
ITR 1, also known as Sahaj, is the simplest form of income tax return and is suitable for individuals with income from salary, pension, or interest, along with income from one house property and other sources.
On the other hand, ITR 4, or Sugam, is designed for individuals and Hindu Undivided Families (HUFs) who have opted for the presumptive taxation scheme under Section 44AD, 44ADA, or 44AE of the Income Tax Act. This form is applicable for businesses with total income up to ₹2 crore and professionals with gross receipts up to ₹2 crore.
In an effort to facilitate a hassle-free and time-efficient process, the Income Tax Department has introduced the online mode for filing ITR 1 and 4. The benefits of online filing are manifold. Firstly, it offers convenience and flexibility to taxpayers.With the online mode, taxpayers can file their ITR 1 or 4 from the comfort of their homes or offices at any time, eliminating the need for physical visits and saving valuable time.
How to file ITR in online mode?
Filing your Income Tax Return (ITR) in online mode is a convenient and straightforward process. Here is a step-by-step guide to help you file your ITR online:
Step 1: Register on the Income Tax Department’s e-filing portal Visit the official website of the Income Tax Department’s e-filing portal at https://www.incometaxindiaefiling.gov.in. If you are a new user, click on the “Register Yourself” button and fill in the required details to create an account. If you are an existing user, log in using your credentials.
Step 2: Select the appropriate ITR form After logging in, click on the “e-File” tab and select the “Income Tax Return” option. Choose the assessment year for which you want to file the ITR (in this case, A.Y. 2023-24). Select the appropriate ITR form based on your income sources and category. For example, select ITR 1 for salaried individuals and ITR 4 for individuals opting for the presumptive taxation scheme.
Step 3: Fill in the required information Fill in the online form with the necessary details, including personal information, income details, deductions, and tax payable. Provide accurate information to ensure the correctness of your ITR. The e-filing portal may have in-built validations and error checks that will help you rectify any mistakes or missing information.
Step 4: Verify the information and review the return After filling in the details, review the information provided in the ITR form. Double-check all the entries to ensure accuracy and correctness. The e-filing portal allows you to preview the return before submission, giving you an opportunity to make any necessary corrections or additions.
Step 5: Submit the ITR online Once you have reviewed and verified all the information, it’s time to submit your ITR online. The e-filing portal provides options for digitally signing the return using a digital signature certificate (if available) or generating an Electronic Verification Code (EVC) to authenticate the return. Follow the instructions provided on the portal to complete the submission process.
Step 6: Keep a copy of the filed ITR After successfully submitting your ITR online, make sure to keep a copy of the filed return for your records. You can download the acknowledgement form, known as ITR-V, which will be generated after the submission.
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The author is an Income tax and GST Practitioner and can be contacted at 9024915488.
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Sir, I need to file my ITR for AY 2023-24, I have got my form 16 yesterday. Can you please help me in filing my return
Sir Mujhe return file karwani h
FORM 26 AS NOT BEEN UPDATED YET
sir still not yet updated Q4 TDs details it’s already 10 days delay I think if it’s updated filing of returns will be improve , or neither we ais and tis as also not yetvupdated