Filing ITR Online Made Easy: Step-by-Step Guide for E-filing Income Tax Return, FY 2023-24 (AY 2024-25)

Taxpayers in India now find e-filing income tax returns online a convenient process. This method involves submitting your Income Tax Return (ITR) electronically over the Internet using the income tax department's e-filing website, overtaking traditional paper filing.

However, before we proceed and look at how one can file an income tax return online, let's understand what ITR is. 

What Is ITR?

Income Tax Return (ITR) is a form that individuals or businesses submit to the Income Tax Department of India, declaring their income and tax applicable on the same. 

The three main types of ITR forms available in India are:

1. ITR-1 (Sahaj)

For: Individuals being a resident (other than not ordinarily resident) having total income upto INR 50 lakhs.

2. ITR-2

For: Individuals and HUFs not having income from profits and gains of business or profession.

3. ITR-3

For individuals and HUFs having income from profits and gains of business or profession.

You can read more about these and the other ITR forms available in India here.

Documents To Keep Handy Before Filing ITR

The documents needed while filing a tax return will vary depending on the tax bracket. Here’s a list of the essential documents one must keep handy before filing ITR:  

• Pan Card
• Form 26AS
• Form 16
• Salary Pay slips
• Bank statements
• Interest certificates
• TDS certificate
• Proof of tax saving investments 

The income tax department provides an e-filing facility through its online portal. To e-file your returns, you need to register on this portal using your PAN. The e-filing ITR process requires your PAN card, basic details, income proof documents, and internet access.

E-filing offers taxpayers a quick, paperless way to file their ITR comfortably from home. This article will guide you through the e-filing process.

‘File Now, Pay Later’ Option

Last year (FY 2022-23), the Income Tax Department introduced a new 'File Now, Pay Later' facility. This allows taxpayers to complete the e-filing process without paying taxes at the time of submission. The tax payment can be made later after filing returns.

This makes filing quicker as you don't have to wait for tax payment processing to complete e-filing. The taxes due can be paid by the specified dates even after return filing.

Step By Step Guide On How to E-file ITR On Income Tax Portal

Here is how to file ITR online with these 8 easy steps:

Step 1: Login

Visit https://www.incometax.gov.in/iec/foportal/ and click on 'Login.' For user ID, enter your PAN number. Check the 'I Agree' box and enter the captcha code. Click 'Continue'. Enter your password and log in. 

New users must register by entering details, PAN, and password creation.

Step 2: Go To ‘File Income Tax Return’

On the menu bar, click 'e-File.' From the drop-down, select 'Income Tax Return'.

Step 3: Select the right ‘Assessment Year’

Select 'Assessment Year' as '2024-25' for FY 2023-24. Choose the filing type 'Original' for first-time filing and 'Revised Return' for corrections.

Step 4: Select Status

Based on your taxpayer status, choose from ‘Individual,’ ‘Hindu Undivided Family,’ or ‘Company’. Salaried employees and freelancers must choose ‘Individual’ to file the return.

Step 5: Select ITR Type

Choose the applicable  ITR form number based on your income sources and eligibility. There are 7 ITR forms- ITR 1 to ITR 7. 

You can also read: Which ITR Should I File? Type Of ITR Forms For FY 2023-24 (AY 2024-25)

Step 6: Choose The Reason For Filing ITR

Select the reasons for filing ITR from options like 'Taxable income above exemption limit,' 'Mandatory filing,' 'Filing for refund,' etc.

Step 7: Add Bank Account Details And Other Information

On clicking ‘Continue’ on the previous step, the online ITR form will open. Most fields will be auto-filled with your PAN and Aadhaar-linked data. Fill in the remaining mandatory fields accurately and compute tax liabilities.

Step 8: e-Verify ITR

The final step is to e-verify your ITR within 120 days of filing by Aadhaar OTP, net banking, electronic verification code (EVC), digital signature certificate (DSC), etc. Otherwise, your return will be incomplete.

Conclusion

We have presented the end-to-end process of e-filing income tax returns online. Efiling ITR is a simple process. You should follow these steps diligently for error-free filing. Keeping all documents handy before you begin also makes the process faster. 

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Frequently Asked Questions On How To File ITR

1. What is the last date for filing ITR 2024?

The deadline for filing income tax returns in India for the financial year 2023-24 (AY 2024-25) is July 31, 2024. However, the deadline for filing an overdue or missed return is December 31, 2024, with applicable late fees.

2. What is the fine amount for late ITR filing?

Under the updated regulations in section 234F of the Income Tax Act, if you file your ITR past the deadline, you may face a maximum penalty of INR 5,000. Please mention the complete information about small taxpayers

3. How do you check if your ITR is filed?

To check if you have filed your ITR, follow these steps:

• Log into the e-filing portal with your user ID and password. Navigate to e-File, then to Income Tax Returns, and select View Filed Returns.
• On the page, you can see all your filed returns. By clicking on "View Details," you can check the status of your ITR, which will display the return's life cycle and any pending actions, such as e-Verification.

4. What is the tax exemption for senior citizens?

Senior citizens enjoy significant tax benefits in India, making retirement planning more rewarding. For those aged 60-80 years, the basic exemption is INR 3 lakh, while super senior citizens (80 years and above) enjoy an even higher exemption of INR 5 lakh. 

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