Step by Step Guide to File ITR Online on Income Tax Portal
Filing your Income Tax Return (ITR) can seem hard but the Income Tax Department’s e-filing portal makes it easier than ever. The portal makes the process easy for taxpayers. Here’s a simple guide to help you file your ITR for 2024
Creating an E-filing Account
Before you can file your ITR you need to create an account on Income Tax Department’s e-filing portal.
1. Visit the Portal: Go to the official website at the official Income Tax E-filing Portal.
2. Register as a New User: If you are a first-time user, click on the ‘Register’ button. Fill in your details like PAN (Permanent Account Number), Name and date of birth. Follow the instructions to complete registration.
3. Login to Your Account: If you already have an account. Simply enter your User ID (which is your PAN) password and captcha code to log in.
Filing ITR on the Income Tax Portal
Once logged in follow these steps to file your ITR:
1. Go to the Filing Section: Click on the ‘e-File’ tab on the dashboard. Then select ‘Income Tax Return’.
2. Select Assessment Year: Choose the assessment year 2024-25 from the dropdown menu.
3. Choose Appropriate ITR Form: Select an ITR form that matches your income sources. For example. ITR-1 is for individuals with income from salary, one house property and other sources like interest.
4. Fill in Your Details:
- Personal Information: Some details will be auto-filled from the profile. Verify. Fill in any missing information.
- Income Details: Enter your income details. Salary house property income and income from other sources.
- Deductions: Fill in deductions you are eligible for under sections like 80C, 80D etc.
- Tax Details: Enter details of taxes deducted at source (TDS) as per Form 16 Form 16A and other relevant documents.
5. Validate Your Data: After entering all details, click on ‘Preview and Submit’. Check all the information for accuracy. The portal will validate your data. Prompt you to correct any errors.
E-Verification and Submission
After submitting the ITR successfully, you need to verify it:
1. Once the Return is submitted after checking everything accurately, all taxpayers need to verify their returns by the following means.
2. E-Verification Methods:
- Aadhaar OTP: Verify using OTP sent to your registered mobile number linked with Aadhaar.
- Net Banking: Verify through your net banking account.
- Electronic Verification Code (EVC): Generate EVC through your bank account or Demat account.
- Send a Physical Copy: If you prefer not to e-verify. You can send a signed physical copy of ITR-V. Send it to the Centralized Processing Center (CPC) in Bengaluru within 120 days of filing.
Tips for a Smooth Filing Process
- Gather Required Documents: Keep documents like Form 16 interest certificates and investment proofs. Also, keep bank statements ready.
- Check Form 26AS: This form provides details of taxes deducted and deposited with the government. Ensure all TDS credits are correctly reflected.
- Claim Eligible Deductions: Make sure to claim all deductions. Those you are eligible for will help reduce your tax liability.