Steps to file ITR online: The last date of ITR filing is July 31 and taxpayers and tax professionals are hopeful that the government will extend the deadline to file income tax returns beyond the due date as there have been reports of technical glitches on the e-filing portal. E-filing refers to filing of income tax returns online using PAN details linked with Aadhaar. In this article, we will discuss steps to file income tax return online. Before starting e-filing of return, taxpayers must have key documents like Form 16, 26AS, Annual Information Statement (AIS), Tax Information Statement (TIS), bank statements and interest certificates ready with them for filing of tax returns.

Once these documents are ready they need to find a right ITR form for which they are eligible. The Income Tax Department has notified 7 forms – ITR-1 to ITR-7, for the tax return filing for the financial year 2023-24.

E-filing is the process of submitting tax return and completing all tasks digitally. To e-file a tax return, a taxpayer can access the new income tax portal with PAN-based login credentials and utilize various features that simplify his or her tax filing process.

Also read: ITR Filing 2024: Shift from old tax regime to new in ‘transition stage’, 66% taxpayers already under new tax system, says govt

Steps to file income tax return (ITR) online:

Step 1:

-Log in to visit the official income tax e-filing website and click on ‘Login’.
-Enter your PAN in the User ID section.
-Click on ‘Continue’ and enter your password.
-Click on ‘Continue’ to log in.

Step 2:

-Go To ‘File Income Tax Return’
-Click on the ‘e-File’ tab > ‘Income Tax Returns’ > ‘File Income Tax Return’.

Step 3:

-Select the Right ‘Assessment Year’
-Select ‘Assessment Year’ as ‘AY 2024-25’ if you file for FY 2023-24. Use the mode of filing as ‘Online’. Select the filing type as either original return or revised return.

Also read: ITR Filing for FY2023-24: Key documents required for filing income tax returns

Step 4:

-Select the Status
-Select your applicable filing status: Individual, HUF, or Others. For most people, select ‘Individual’ and ‘Continue’.

Step 5:

-Select ITR Type
-Now, select the ITR type. Determine which ITR form you need based on your income sources. There are 7 ITR forms, of which ITR 1 to 4 are applicable for Individuals and HUFs.

Step 6:

-Choose the Reason for Filing ITR
-Specify the reason for filing your returns: taxable income above the exemption limit, meeting specific criteria, etc.

Step 7:

-Validate Pre-filled Information
-Validate pre-filled details such as PAN, Aadhaar, name, contact information, and bank details. Review your income, exemptions, and deduction details.

Step 8:

-E-Verify ITR
-The last step is to verify your return within the time limit (30 days). You can e-verify using methods like Aadhaar OTP, EVC, Net Banking, or by sending a physical copy of ITR-V to CPC, Bengaluru.

Also read: ITR Filing Date 2024 Live Updates: Income tax return deadline to be extended beyond July 31? What we know so far

Benefits of filing income tax return (ITR)

As per the Income Tax Act, 1961, if an individual’s earning is more than the basic exemption limit, the person is mandated to pay an income tax and file an ITR. Filing income tax return also helps in many other ways. Tax experts suggest that even your income is not taxable because it falls under basic exemption limit, it is advisable to file an ITR. The filing of a tax return allows one to carry forward losses to next fiscal years and claim a tax refund. ITR filing can also come handy in obtaining a visa, securing loans from banks, and getting a term insurance.