Income tax return filing is a scheduled process for every taxpayer and has to be filed every year (ITR) is a form that enables a taxpayer to declare his income, expenses, tax deductions, investments, taxes, etc. The Income Tax Act, of 1961 makes it mandatory under various scenarios for a taxpayer to file an income tax return.
What is ITR?
ITR is a form where you declare income, expenses, deductions, investments, and taxes. Mandatory under the Income Tax Act, 1961, even with no income for reasons like losses or refunds.
What is E-filing?
E-filing is online tax return submission using the internet. The New income tax portal offers user-friendly features for a smoother filing experience.
Step-by-Step Guide To File Income Tax Return FY 2022-23
Calculate Income and Taxes:
- Include all types of income.
- Consider deductions (e.g., Section 80C).
- Account for TDS, TCS, or advance tax paid.
- TDS Certificates and Form 26AS:
Sum up TDS from certificates.
- Check Form 26AS for tax summary.
- Select Correct ITR Form:
Identify the applicable ITR form.
- Download ITR Utility:
Visit www.incometax.gov.in.
- Under 'Downloads,' select assessment year and download preferred utility (Excel/Java/JSON).
- Enter Details in Downloaded File:
Fill in income details and tax calculations.
- Include income tax challan details.
- Check Entered Information:
Validate information using the form's 'Validate' button.
- Convert File to XML Format:
If validated, click 'Generate XML' to convert the file.
- Upload XML file to Income Tax Portal:
Log in to the portal, go to 'e-File,' and choose 'Income Tax Return.'
- Provide PAN, assessment year, ITR form number, and select 'Upload XML.'
- Choose verification method (Aadhaar OTP, EVC, or send signed ITR-V copy to CPC, Bengaluru).
- Submit ITR:
Attach XML file and click "Submit."
- View Uploaded ITRs:
Check the portal for your uploaded ITRs.
- Common Mistakes to Avoid:
Using the wrong ITR form.
- Quoting the incorrect assessment year.
- Providing inaccurate personal information.
- Failure to reconcile TDS with Form 26AS.
- Claiming tax rebate twice.
- Avoid waiting until the last minute.
What Latest Update on E-filing?
- The Income Tax e-filing portal now has a 'Pay Later' option.
- Complete filing before making tax payments.
- Refer to the portal for more details.
How can I check my ITR e-filing status online?
- Visit e-Filing Portal:
- Go to the e-Filing portal homepage.
- Select ITR Status:
- Click on "Income Tax Return (ITR) Status."
- Enter Details:
- On the ITR Status page, input your acknowledgment number.
- Provide a valid mobile number and click "Continue."
- Verify with OTP:
- Enter the 6-digit OTP received on the mobile number from Step 3.
- Click "Submit" to complete the process.
How can I check my ITR status offline?
- Visit e-Filing Portal:
- Log in to the e-filing portal.
- Navigate to Filed Returns:
- On your dashboard, click on "e-file" and hover to "Income tax return."
- Click on 'View Filed Returns.'
- Download ITR Form:
- A page with your filed returns will appear.
- Click on the "Download Form" button next to your return details.
- Download Process:
- Click the download button to save the form.
What is ITR-V?
- ITR-V (Income Tax Return-Verification) is a verification form.
- After e-filing, ITR-V is generated, and it needs to be signed and sent to the Centralized Processing Center (CPC), Bengaluru, for verification.
- Why Download ITR Form:
- Downloading the form allows you to access and print the ITR-V.
- Signing and sending the ITR-V to CPC completes the verification process.