When an individual earns a certain amount of income annually, the government mandates the filing of an
income tax return
(ITR) by a specified deadline. Filing your ITR can secure a tax refund if you've overpaid and serves as a valuable proof of income, especially useful for visa applications, loans, or government jobs.
Why it is important to file ITR (Income Tax Return)
- Tax refunds: Filing your ITR can get you a refund if you have overpaid.
- Income verification: Essential for visa applications, loans, and government jobs.
Prerequisites for registering on the e-filing portal
To register on the e-filing portal, ensure you have:
- A valid and active PAN
- A valid mobile number
- A valid email ID
How to register on the e-filing portal
Registering on the e-filing portal is essential for first-time taxpayers to file their income tax returns online.
Follow these steps to create your account and access tax-related services efficiently.
Step 1: Visit the e-filing portal
- Go to the e-Filing portal homepage at https://www.incometax.gov.in/, and click on "Register."
Step 2: Validate your PAN
- Input your PAN in the "Register as a Taxpayer" field and click "Validate."
- An error message will appear if the PAN is already registered or invalid.
Step 3: Enter basic details
- On the Basic Details page, fill in the required information such as your name, date of birth/incorporation, gender (if applicable), and residential status as per your PAN. Click "Continue."
Step 4: Provide contact details
- After PAN authentication, individual taxpayers will be directed to the Contact Details page. Provide your primary mobile number, email address, and physical address, then click "Continue."
Step 5: Verify OTPs
- Two OTPs will be sent to your primary mobile number and email ID. Enter the 6-digit OTPs received and click "Continue."
- Note: The OTPs are valid for 15 minutes, and you have 3 attempts to enter the correct OTP. An OTP expiry countdown timer will be displayed. If needed, click "Resend OTP" for a new OTP.
Step 6: Confirm details
- Review and edit the details if necessary, then click "Confirm."
Step 7: Set password
- On the Set Password page, create your desired password in both the "Set Password" and "Confirm Password" fields.
Step 8: Create personalised message
- Enter a personalised message and click "Register."
Step 9: Complete registration
- Once successfully registered, click "Proceed to Login" to begin the login process.
How to file ITR (Income Tax Returns) online
Filing your ITR online is a streamlined process that ensures compliance and potential refunds. Follow these steps to submit your income tax returns through the e-filing portal efficiently and accurately.
Step 1: Access the e-filing portal
- Go to the Income Tax e-filing website at https://www.incometax.gov.in/.
Step 2: Log in
- Log in to the portal using your registered credentials.
Step 3: Enter required details
- Provide all necessary information as prompted on the portal.
Step 4: Select mode of filing
- Choose between the online or offline filing modes.
Step 5: Select your status
- Specify your filing status (e.g., individual, HUF).
Step 6: Choose the appropriate ITR form
- Select the correct ITR form based on your income type and source.
Step 7: Review your ITR
- Carefully review all the details entered in your ITR form.
Step 8: Compute tax summary
- Ensure that the summary of tax computation is accurate.
Step 9: Validate your return
- Proceed to the validation step to verify your ITR details.
Step 10: Submit your ITR
- Submit your ITR after successful validation.
ITR filing online related FAQs:
- What is the last date for filing ITR?
The deadline for submitting income tax returns for the financial year 2023-24 (Assessment Year 2024-25) is July 31, 2024, marking the end of this month.
- What happens if you miss the deadline?
Taxpayers who fail to meet the July 31 deadline can still submit their return by December 31, 2024, for the financial year 2023-24 and assessment year 2024-25.
- Is there any penalty for missing the deadline?
Although you can file a delayed ITR until the end of the year, be aware that late filings will incur penalties ranging from Rs 1,000 to Rs 10,000 based on the delay duration. Additionally, delaying your ITR filing may result in the loss of certain deductions for lower taxes and increased scrutiny from the Income Tax Department.
- What are the documents required to file ITR?
Before proceeding with your ITR filing, ensure you have the essential documents prepared, including: Form 16 (from current and previous employers if applicable), PAN Card, Aadhaar Card (ensuring it's linked with PAN), investment proofs (like bank deposits, PPF deposits), home loan interest certificate, and receipts for insurance premium payments.
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