A Step-By-Step Guide To e-Filing Of Income Tax Return On New Tax Portal
Under the Income Tax Act, 1961, it is mandatory for taxpayers to file Income Tax Returns (ITR) for reporting their income and assets for a financial year. Now, with the implementation of the new Income Tax portal on 20th May 2021, the process has become much more convenient. However, if you are still having difficulty figuring out how to e-file income tax returns online, this guide is for you!
Read on to know how to file income tax returns online on the new portal, how to verify ITR, important dates, the penalty for not filing ITR and more.
What is e-Filing ITR?
E-filing refers to the process of electronically filing Income Tax Returns (ITR) for a specific financial year. This process exempts you from the tedious procedure of visiting the Income Tax Department’s office to file your Income Tax Return. Instead, you can simply use the online portal of the Income Tax Department and file ITR within a few minutes.
How to e File Income Tax Returns on the New Portal
To e-file income tax returns, you need to follow these steps:
Step 1: Visit the official website of the Income Tax Department to start e-filing your tax returns.
Step 2: If you are an existing user, then log in using your user ID and password. In case you are a new user, register yourself first.
Step 3: Click on the “e-File” menu on the top navigation bar and select “File Income Tax Return.”
Step 4: You will be redirected to a new page. On this page, select the assessment year, filing type, and ITR form number.
Step 5: Scroll down and select the submission mode as “Online” and press “Continue.”
Step 6: Then, choose the status that applies to you in terms of Individual, Hindu Undivided Family or Others and press “Continue.”
Step 7: From the dropdown menu, select the ITR form that you need to file and press “Proceed.”
Step 8: Carefully read the reasons mentioned for filing income tax returns and choose the one that applies to you.
Step 9: Fill in or verify your bank details.
Step 10: A new page with the income tax returns form will open up. Some details are already filled up, which you should verify carefully.
Step 11: Verify ITR and press “Submit.” You can either send a hard copy of this to the Income Tax Department or choose the “e-Verify” option.
Important Dates Regarding E-filing of ITR for AY 2022-23
Here are important dates that taxpayers must keep in mind with respect to e-filing ITR:
- 31 July 2022: Last date to file ITR for individuals and businesses whose books do not require a tax audit.
- 31 October 2022: Last date to file ITR for taxpayers whose book requires tax audit and they have not entered into specified international or domestic transactions.
- 30 November 2022: Last date to file ITR for taxpayers whose books require tax audit and they have entered into specified domestic and international financial transactions.
- 31sDecember 2022: Last date to file belated or revised return for AY 2022-23.
All these dates can be extended as per notification issued by the IT Department.
How to Download ITR Verification Form
Taxpayers can download their ITR verification form by following these steps:
Step 1: Visit the e-filing portal of the Income Tax Department and log in using proper credentials.
Step 2: Go to the e-file section on the homepage after logging in. Under this section, one must select the ‘View Filed Returns’ option.
Step 3: On selecting that option one will be able to see past ITR history.
Step 4: They can download the ITR verification form by clicking on the ‘Download Form’ option for the relevant assessment year.
Individuals must download the verification form after filing their returns for their future references.
Steps to File ITR for Super Senior Citizens
Here is a list of steps that one must follow for filing ITR for super senior citizens:
Step 1: Go to the e-filing portal of the Income Tax Department and log in using proper credentials.
Step 2: After this go to the e-file section and select the ‘Income Tax Return’ option
Step 3: Next, the taxpayer must select the assessment year for which he/she wishes to file ITR.
Step 4: In this step, they must choose the mode of filing. After this, they must select the ITR form type i.e. ITR 1/2/3/4. They should also choose the submission mode and the filing type option. Choose your bank account number from the list and tap on ‘Continue’.
Step 5: The chosen ITR form will be displayed on the screen and the taxpayer must fill out all the relevant information accurately.
Step 6: After filling in all the details, one must proceed toward validation of the ITR. Click on the right verification option, see the preview of the form and then submit. E-verify the return and your ITR filing process will be done.
It is important to note that the Government of India has exempted people aged 75 and above from filing any ITR. It is applicable if the taxpayer is earning interest and pension income only. If there are other sources of income they will have to e-file relevant ITR.
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How to Check the Status of ITR Online?
Taxpayers can check their ITR status by following these steps:
Step 1: Visit the e-filing portal of the IT Department and select the ‘Income Tax Return (ITR) Status’ option on the homepage.
Step 2: The taxpayer will be redirected to another page where he needs to submit his acknowledgement number and registered mobile number.
Step 3: After filling in these details he will receive an OPT on his mobile number.
Step 4: On successful validation of OTP, his ITR status will be reflected on the screen.
Taxpayers can also view their ITR status after logging in to their account and visiting the section of past returns filed. There they can see the status of ITR forms of different assessment years.
Next Steps To Take After Filing Income Tax Returns
Once you are done filing your ITR online, follow the steps mentioned below:
Step 1: Complete your ITR verification within 120 days of filing and trace the ITR-V status.
Step 2: Look out for intimations or further notices.
Step 3: Make sure to secure all the income tax documents for future use.
Step 4: Verify the bank details and communication address as well so that you do not face any delay in receiving a tax refund.
Why Should You e-File Income Tax Return?
Although income tax laws of India make it mandatory for only a specific group of individuals to file ITR, it should be done regardless of the category one falls under. From getting easy loan approval to quick visa processing, filing ITR has several advantages. These documents are often used for verification purposes, which is why it is essential to e-file income tax returns within the due date and keep the documents.
Features and Benefits of the New Income Tax e-Filing Portal
The new e-filing portal comes with numerous exciting features that enhance user experience and bring a modern touch. A few of these incredible features and benefits are as follows:
- Faster ITR Filing and Processing
Owing to improvements in technology, income tax returns get processed faster, and taxpayers are able to file ITR immediately. Thus, it reduces the time in which a taxpayer gets his/her tax refunds.
- Introduction of a Mobile App
The Income Tax Department will subsequently launch a mobile application. On this app, you can get access to all vital functions that are available on the website. Thus, you can now conduct any tax-related task via your mobile phone at any point in time.
- Numerous Payment Options
The new filing portal comes along with multiple payment options. Due to this, taxpayers can choose from a wide array of options and select one that is the most feasible. The new payment methods include RTGS/NEFT, UPI, credit card, and net banking.
- Free ITR Preparation Software
Taxpayers can now make use of an ITR preparation software that is available free of cost for the offline and offline modes. It provides interactive instructions to individuals with no knowledge regarding tax.
Furthermore, you can also pre-fill some details regarding your profession, salary, property, TDS, etc. Thus, you will not have to face the trouble of filling out the ITR form again and again. However, carefully check these pre-filled details and make changes when necessary.
Currently, this feature is only available online and offline for ITR-1 and ITR-4. Meanwhile, ITR-2 is available online only. The Income Tax Department will soon launch the software for ITR-3, ITR-5, ITR-6, and ITR-7.
- Comprehensive Dashboard
On a single dashboard, you will be able to see all the pending requests, interactions, uploads, and actions required. Moreover, you can also check the status of the grievances filed, tax deposits and yearly tax returns.
On this portal, all these services were available but under different tabs. This feature brings it all together and makes navigating through the website easier.
- Better Assistance and Guidance
To respond to your queries and guide you through the services offered, the new portal introduces a “call centre” service. Furthermore, to enhance the “Help” section, there is a chatbox, FAQ column and video tutorials.
- Static Password
Having access to an uninterrupted internet connection and a mobile phone is not always possible. In these circumstances, getting an OTP (One Time Password) or EVC (Electronic Verification Code) can be difficult. The new portal launched a static password to resolve this problem.
You can generate a static password by going to the “Profile” page on the new e-filing portal. You will get 10 static passwords. These are valid for 30 days and can be used while logging in.
Types of ITR Forms
Here is a comprehensive list of ITR for AY 2022-23:
| Name of ITR | Who can file |
| ITR-1 | Resident Indians having a total income of less than Rs. 50 lakhs. This income must come from salary/pension, other sources (such as interest income) and one house property only. |
| ITR-2 | Individual taxpayers and HUF not earning income from any profession or business can file this return. |
| ITR-3 | Individual taxpayers and HUF earning income from any profession or business can file this return. |
| ITR-4 | Firms (except LLPs), HUFs or individuals having an income that totals less than Rs. 50 lakh. This also includes income from any profession or business that is calculated under Sections 44ADA, 44AD or 44AE. |
| ITR-5 | Those other than HUF, company or individual who are filing ITR-7 |
| ITR-6 | Companies that are not claiming exemptions u/s 11 of IT Act. |
| ITR-7 | Individuals or companies that have to show returns as per under Section 139(4A), 139(4B), 139(4C), 139(4D). |
When is Income Tax e-Filing Necessary?
Individuals need to file income tax returns via the online or offline mode under such circumstances:
- If a person is about to avail of a loan.
- In case an individual wants to claim a refund from the IT department.
- If one plans to invest in foreign assets or earn from them.
- In case an individual earns income from his/her housing property, etc.
Additionally, organisations or firms should file ITR irrespective of earnings. Note that if the total income of individuals aged below 60 years does not exceed Rs. 2.5 lakh, it will not be subject to tax.
Documents required for e-Filing
Here are all the documents you need to submit for income tax return filing online:
- PAN of the taxpayer.
- The Aadhaar number should be provided; it should be linked with the PAN.
- Bank account details such as account number, branch name, IFSC code, etc., of the taxpayer.
For those who want to file ITR based on their salary, it is mandatory to provide the following documents:
- Form 16
- Salary slips
- Rent slips in case the individual has claimed House Rent Allowance (HRA)
For claiming deductions, one has to provide the documents mentioned below:
- Proof of income that must include house property income and capital gains.
- Information regarding the individual’s investments which are liable for deductions.
- Details of insurance and home loans.
- Interest certificates of deposit and savings account.
It takes only a few minutes to complete the ITR return e-filing process when you have all these documents handy. If you are new to this, note that not filing ITR on time also has certain negative repercussions.
Penalty For Late Income Tax e-Filing
The Central Board of Direct Taxes (CBDT) levies penalty charges under Section 234F on individuals who miss the allotted deadline for filing their ITR. The maximum penalty imposed in case of late e-filing is Rs.10,000.
Final Word
Technological advancements have made it much easier to file income tax returns for individuals. Note that for salaried individuals, the process to e-file income tax online is slightly different. So, if you fall under that group, you will have to choose the form that is suitable for you. For a seamless ITR filing process, use the online method and pay within the due date to avoid a penalty!
FAQs on Filing Income Tax Return Online
Ans: Self-assessment tax is a balance tax paid by an assessee on their income after considering TDS and advanced tax. It needs to be paid before you file your ITR to ensure that e-filing takes place successfully.
Ans: No, the Income Tax Department generally does not ask for documents during ITR filing. However, in some cases, the authorities might ask you to furnish certain documents to verify your identity or tax deduction details.
Ans: Yes, you can file ITR offline by downloading the ITR form and carefully filling it out. After this, you need to visit a nearby Income Tax Office and submit the form. However, this facility is only available to taxpayers above the age of 80.
Ans: ITR-1 is meant for all taxpaying individuals who receive their gross income from salary or pension, one house property and other sources, like lottery or interest. Meanwhile, if you are a company’s director or have a total income of more than Rs. 50 lakh, you cannot use ITR-1.
Ans: Yes, it is mandatory to link your PAN with Aadhaar. The Central Board of Direct Taxes mentioned that if an individual fails to do so, their PAN card will become inoperative. Thus, you will not be able to conduct most financial transactions if you don’t link your PAN with Aadhaar.
Ans: It may happen that an individual forgets to disclose a part of his/her income unintentionally. This is very much possible in the case of salaried individuals relying on Form 16; the form does consist of details regarding capital gains, and interest earned from fixed/savings account deposits. If the Income Tax Department is able to spot the missing earnings, the individual could get a notice.
Ans: Yes, in that case, the IT Department will evaluate your net tax liability after adjusting the TDS paid. In case you are not liable to pay any tax, you can claim it by filing an income tax return.
Ans: Form 16 is the TDS certificate that an employer issues in order to show details of the deductions they have claimed. This document is extremely important for most salaried individuals as they need it while filing their annual ITR.
Ans: A major portion of the necessary details is submitted to the Income Tax Department via post, email or online portal. It is essential to submit accurate contact details; otherwise, you will miss out on important notifications.
Ans: No, it is extremely important to assess which taxpayer category you fall under before choosing any one of the seven ITR forms available. If you choose the wrong form while filing your ITR, it might lead to your returns being held invalid.
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This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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