The income tax return (ITR) is a critical process in which individuals or companies inform the government of their total income received in the preceding fiscal year and pay taxes on it. Revenue is earned and tax returns are made during the fiscal year. This method helps the government make sure taxes are paid appropriately and monitor taxpayer income.
People will be busy finishing the filing process as the deadline of July 31 to file your income tax return for the fiscal year 2023–24 draws near. You need to make sure you have all the information and steps necessary to file your ITR by the deadline if you haven't already.
Step 1: Compile the Necessary Records
Make sure you have your Aadhaar card, PAN card, bank account details, Form 16 (issued by your employer), investment proofs (for claiming deductions under the previous tax regime), TDS certificates, interest certificates from banks and post offices, and capital gains statements ready before starting the online filing process.
Step 2: Open the Income Tax e-Filing Portal and register.
- Access the Income Tax e-Filing Gateway. If this is your first time using the site, click "Register Yourself" and enter your PAN to finish the registration process.
- For logged-in users, input your password, captcha code, and PAN.
Step 3: Choose ITR form
Choose the relevant ITR form based on your sources of income
Step 4: Complete the Information
1. Verify the pre-filled personal data, including name, PAN, and address.
2. Provide details regarding your income, including capital gains, other sources of income, house ownership, and wages.
3. Complete the sections 80C, 80D, and any other appropriate deductions.
4. Verify the accuracy of all TDS data and advance tax payments.
Step 5: Verfiy the details
Utilise the "Validate" option located on every tab to verify that all required fields have been filled out accurately and without mistakes.
Step 6: Determine the Owed Tax and Pay It
Click the "Calculate Tax" button to determine your tax due. You may then utilise the "e-Pay Tax" option to settle any unpaid taxes.
Step 7: Confirmation and Entries
Use net banking, Aadhaar OTP, or fax a signed ITR-V to the CPC in Bengaluru to confirm the refund. Once you've confirmed, press "Submit."
Taxpayers in FY24 can select between the old and new tax regimes —
New Tax Regime: Provides reduced tax rates but no exemptions or deductions.
Old Tax Regime: Deductions and exemptions such as 80C, 80D and HRA are included.
It is important to note that based on their income and possible deductions, taxpayers must determine which regime is most beneficial to them.
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