ITR Filing: The Income Tax Department has fixed July 31, 2023 as the last date for filing ITR for the financial year 2022-23 and assessment year 2023-24. You can easily complete this work sitting at home.
The deadline for ITR filing for the financial year 2022-23 and assessment year 2023-24 is getting closer. 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 to file ITR for every taxpayer, whereas even if you do not come under the purview of income tax, you should still file ITR. Meanwhile, Form-16 is being made available to the salaried class for ITR filing by 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 is worth noting that along with the details of income in Form-16, there is also mention about the deduction, for which taxpayers can claim. The employee has to check the details mentioned in Form-16. He has to see whether it matches the amount earned or not. There should be no difference between the details given in the tax return and AIS, otherwise the taxpayer may get a notice.
New and old tax regime
While filing ITR, it is important to keep one thing in mind. We are talking about the new and old tax regime. This time the new tax regime has been kept in default. If you want to file ITR under Old Tax Regime, then you have to change it manually or automatically. There are very limited options to avail tax exemption in the new tax regime.
However, income up to Rs 7 lakh has been effectively made tax free. At the same time, the tax exemption limit has not been increased in the old tax regime. But there you can claim tax exemption by investing in various government schemes and in 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 on the dashboard, click on e-File > Income Tax Return > ‘File Income Tax Return’.
- 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 according to taxable income and TDS.
- After selecting the applicable ITR form for you, keeping all the necessary documents close, click on the start option.
- Now some questions will appear on the screen, whatever is applicable to you, mark its check box 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 brief description of the tax-calculation based on the details provided by you will appear.
- Taxability is created according to the calculation, 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 ‘Preview and submit return’ declaration checkbox and select ‘Proceed for validation’ option.
- View the preview and on the ‘Submit Return’ page, proceed to verify. It is mandatory to verify and e-verify the return.
- On the e-verify page, select the option using which you want to do e-verification and click on ‘Continue’.
- Once you have e-verified the return, a successful submission of the form is displayed on the screen.
- Transaction ID and Acknowledgment Number are 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.
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