How To Fill Income Tax Return 2023-24: A Step-by-Step Guide, Form-16

Income Tax Return 2023 | How To Fill Income Tax Return Online | income tax e-filing login | Income Tax Return Form 16 | eFiling Income Tax Return

Every year, lakhs of taxpayers apply online for income tax returns. The process Of filing for an Income Tax Return is straightforward and stress-free and others find it confusing. Get complete information on ITR, What is Income Tax Return, why it’s important, and how to file it. In this article, we will provide complete details on how to file your Income Tax Return, including all you need to know about the deadlines, documents required, and the different modes of filing.

Income Tax Return

ITR stands for Income Tax Return. The primary purpose of ITR is to declare the total income earned by an individual during the financial year. According to the new Income Tax Rule, individuals whose income is less than Rs 7 lakh annually do not have to pay any tax. It is legally mandatory to pay income tax for every individual, HUF, company, firm, association of persons, the body of individuals, and every person earning income during the financial year in excess of the tax-exempt limit.

ITR also serves as proof of income for the taxpayer and is required for availing loans, visas, and other financial services. Applications for ITR 2023-24 start in April and usually the last date for application is July for individuals and non-audit cases, and 31st October for audit cases.

About	eFiling Income Tax Return Online
Concerned Authority	Income Tax Department, Government Of India
Started On	April
Last Date	July
Objective	To File Income Tax Return
Beneficiary	Residents Of India
Official Website	Click Here

Why Is ITR Important?

• To determine the tax liability of the taxpayer
• To keep a record of the income of the taxpayer
• To avail of loans and other financial services
• To avoid penalties and legal consequences for not filing ITR

Who Are Eligible To File ITR?

Any individual, Hindu Undivided Family (HUF), company, firm, association of persons, body of individuals, or any other person who has earned income during the financial year in excess of the tax-exempt limit are eligible to file Income Tax Return.

Documents required For File Income Tax Return

For filing IT return online, the following documents are required:

• Pan card
• Form 26AS
• Form 16A, 16B, 16C
• Salary Pay slips
• Bank statements
• Interest certificates
• TDS certificate
• Proof of tax-saving investments

How To File Income Tax Returns Online?

• First of all, you have to visit the official website of the  Income Tax e-Filing portal.

• If you are new to the portal, you have to register first, and if you are already registered then login into the portal.
• If you are new click on register.
• Now enter the PAN number and click on validate.
• Now a form will open, fill in all the details asked in the form such as Name, DOB / DOI, Gende, Residential Status, and Basic Details as per your PAN, and click on continue.
• Now the Contact Details page for Individual Taxpayers will open. Enter your contact details including your primary mobile number, email id, and address.
• After completing the form click on continue.
• You will receive OTP on your mobile number and email ID, enter the separate received OTPs and click Continue.
• Now verify the entered details again and click on Confirm to submit the form.
• Now set your password, and a personalized message, and click Register.
• Now you are successfully registered into the portal and can apply for the ITR.
• Now go to the homepage and click on login.
• Enter your login credentials and click on continue.
• Now click on the e-File menu and click the File Income Tax Return.
• PAN will be auto-populated, you have to select the following things:
  1. Assessment Year
  2. ITR Form Number
  3. Filing Type as Original/Revised Return
  4. Select Submission Mode as ‘Prepare and Submit Online
• Now click on continue.
• You need to select the appropriate verification option in the Tax Paid & Verification tab. Select any one of the following options to verify the Income Tax Return:
  1. I would like to e-Verify
  2. I would like to e-Verify later within 120 days from the date of filing.
  3. I do not wish to e-verify and wish to send the signed ITR-V to “Centralized Processing Centre, Income Tax Department, Bengaluru – 560 500” through normal or speed post within 120 days from the date of filing.
• Now click on the ‘Preview and Submit’ button, verify all the data entered in the ITR, and click on submit.
• On selecting the option I would like to e-verify, e-verification can be done by any of the following methods by entering the EVC/OTP.
  1. EVC generated through Bank ATM or Generate EVC option under My Account
  2. Aadhaar OTP
  3. Prevalidated Bank Account
  4. Prevalidated Demat Account
• The EVC/OTP must be entered within 60 seconds, or else the Income Tax Return (ITR) will get auto-submitted. The submitted ITR should be subsequently verified using the option ‘My Account > E-Verify Return’ or by sending the signed ITR-V to the CPC.
• On selecting the other two verification options, the ITR will be submitted but the ITR filing process is not complete until it is verified. The submitted ITR should be subsequently e-Verified using the option My Account > E-Verified Return’ or the signed ITR-V should be sent to CPC, Bengaluru.

How To Fill The Income Tax Return Offline?

• First of all, you have to visit the official website of the  Income Tax e-Filing portal.
• On the homepage, you have to click on download.
• Now select the financial year and then click on utility and download it.
• Extract the downloaded utility zip file and open the utility from the extracted folder.
• Now fill in all the details asked in the ITR form.
• Validate all the tabs in the ITR form and calculate tax.
• You have to generate and Save the XML.
• Now login to the portal and click on the e-File menu and then click Income Tax Return.
• PAN will be auto-populated, you have to select the following things:
  1. Assessment Year
  2. ITR Form Number
  3. Filing Type as Original/Revised Return
  4. Select Submission Mode as ‘Prepare and Submit Online
• Now click on continue.
• You need to select the appropriate verification option in the Tax Paid & Verification tab. Select any one of the following options to verify the Income Tax Return:
  1. Digital Signature Certificate (DSC).
  2. Aadhaar OTP.
  3. EVC using Prevalidated Bank Account Details.
  4. EVC using Prevalidated Demat Account Details
  5. Already generated EVC through My Account Generate EVC Option or Bank ATM. The validity of such EVC is 72 hours from the time of generation. I would like to e-verify later. Please remind me.
  6. I do not wish to e-verify and wish to send the signed ITR-V to “Centralized Processing Centre, Income Tax Department, Bengaluru – 560 500” through normal or speed post within 120 days from the date of filing.
• After selecting one of the options click on continue.
• Now you have to upload the ITR XML File and select DSC as the verification option and attach the signature file generated from the DSC Management Utility.
• Select Aadhar OTP as a verification option, Enter the OTP received in the mobile number registered with UIDAI.
• On selecting EVC through a Bank account, Demat account, or Bank ATM as a verification option, you have to enter the EVC received in the mobile number registered with Bank or Demat Account respectively.
• On selecting the other two verification options, the ITR will be submitted but the ITR filing process is not complete until it is verified. The submitted ITR should be subsequently e-Verified using the option My Account > E-Verified Return’ or the signed ITR-V should be sent to CPC, Bengaluru.
• At last click on submit ITR.

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