The deadline for filing ITR for FY 2022-23 and Assessment Year 2023-24 is fast approaching. The Income Tax Department has fixed July 31, 2023 as the last date for doing this important work. In such a situation, do not wait for the last date and file ITR as soon as possible without delay. This work is very easy to do and you can do it sitting at home in just 5 minutes.
It is very important to file ITR
It is necessary for every taxpayer to file ITR, whereas even if you do not come under the purview of income tax, you should file ITR. Meanwhile, Form-16 is being made available for ITR filing to the salaried class on behalf of the institute. In this case, before filing ITR, match the data given in Form-16 and Annual Information Statement (AIS). So that it can be ascertained that the data being given to the Income Tax Department is absolutely accurate.
These details are in Form-16
It may be noted that Form-16 contains details of income as well as deductions for which the taxpayer can claim. The employee has to check the details mentioned in Form-16. He has to see whether it matches with the amount earned or not. There should not be any difference in the details given in the tax return and AIS, else the taxpayer may get a notice.
new and old tax regime
It is important to keep one thing in mind while filing ITR. We are talking about the new and old tax system. This time the new tax system has been kept unchanged. If you want to file ITR under the old tax regime, you will have to convert it manually or automatically. The options to avail tax exemption in the new tax regime are very limited.
However, income up to Rs 7 lakh has been effectively made tax free. At the same time, the limit of tax exemption has not been increased in the old tax system. But there you can claim tax exemption by investing in various government schemes and other ways.
Step-by-Step Process to File ITR
- First of all go to the e-filing portal (https://eportal.incometax.gov.in/).
- Log in with the ID and Password on the homepage. Then click on e-File > Income Tax Return > ‘File Income Tax Return’ on the dashboard.
- On the new page you will have to select the assessment year, for this select 2023-24 and click on ‘Continue’.
- Now choose Online ITR Filing option and then choose your ITR form as per taxable income and TDS.
- After selecting the ITR form applicable to you, click on the Start option keeping all the required documents ready.
- Now some questions will appear on the screen, mark the check box whichever is applicable to you and click on continue.
- Enter the details of your income and deductions carefully and correctly in the different sections as per the documents.
- If there is a case of tax liability, a summary of the tax calculation based on the details provided by you will appear.
- If the taxability is calculated, then you can choose the option of ‘pay now’ and ‘pay later’.
- If no tax liability is created, then after paying the tax, one has to click on ‘Preview Return’.
- Then click on the ‘Preview and Submit Return’ declaration checkbox and select the option ‘Proceed for Verification’.
- View the preview and proceed for verification on the ‘Submit Return’ page. It is mandatory to verify and e-verify the return.
- On the e-Verify page, select the option using which you wish to do e-Verify and click on ‘Continue’.
- Once you have e-verified the return, successful submission of the form is displayed on the screen.
- Transaction ID and acknowledgment number is available on the screen, so that you can check the status of your ITR form in future.
- Your mobile number and email ID which is registered on the e-filing portal, you will get the message of successfully filling the form.