How do I register on the income tax departments e-filing portal?
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Applicants can easily register themselves on the official portal of the Income Tax Department of India with zero hassles.
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Where on the one hand filing an ITR used to include a lot of paperwork, now the process of e-filing has simplified everything. Here’s a step-by-step guide to help you e-file your ITR this time around.
The process of filing of Income Tax Return helps a government understand the earnings of an individual, a company or a HUF. With this in mind, the Government of India will charge income tax from taxpayers who are earning a total income that is above a certain amount. This is to be done every year and is a mandatory practice for all citizens who are earning above a specific amount, as mandated under The Income Tax Act 1961.
With the help of the ITR document, a government can validate transparent taxation. It also helps individuals and corporations find a clear path towards claiming refunds or even correcting any inconsistencies that might exist in the collection of the taxes due.
Income Tax Returns can now easily be filed online in a matter of minutes. The digital age has come as a saviour for anyone looking to file their tax returns online.
The basic motive of filing an Income Tax Return is for Individuals, agencies, and HUFs to reveal their income, deductions, and tax liabilities, if any, to the government. Think of the ITR as a detailed document that holds all the financial operations of an applicant including their earnings, investments, exemptions, etc.
E-filing is the process using which an individual can easily file their income tax returns online. This usually has to be done on or before a specified due date as well.
Income Tax E-filing enables an applicant to easily file their Income Tax Returns online on the official portal of the Income Tax Department without needing the help of a CA to do so. Of course, the process might still be a little confusing, but the step-by-step guide detailed below might just help you out. Read on to find out how you can E-File your Income Tax Return easily, this time around.
This is a step-by-step guide for filing Income Tax Returns online:
Step 1: Calculate Income and Tax
Applicants first need to calculate the income and applicable tax keeping in mind the tax provisions.
When calculating the income, every income source should be considered.
Visit the official Income Tax e-filing website.
Click on 'Login'.
Enter your PAN in the User ID section and click on ‘Continue’.
Check the security message tickbox and enter your password.
Click ‘Continue’.
Click on the 'e-File' tab.
Select 'Income Tax Returns' and then ‘File Income Tax Return’.
Choose ‘Assessment Year’ as ‘AY 2024-25’ if filing for FY 2023-24, or ‘AY 2023-24’ for FY 2022-23.
Select the mode of filing as ‘Online’ and the type as original return or revised return.
Choose your filing status: Individual, HUF, or Others.
For individuals, select 'Individual' and click 'Continue'.
Determine which ITR form you need. There are 7 forms, with ITR 1 to 4 applicable for Individuals and HUFs. For example, use ITR 2 for those with capital gains but no business income.
Specify the reason for filing:
Taxable income exceeds the exemption limit
Mandatory criteria met
Other reasons
Validate pre-filled details like PAN, Aadhaar, Name, Date of Birth, contact info, and bank details.
Review and confirm all pre-filled information, ensuring accuracy.
Disclose all relevant income, exemptions, and deductions.
Confirm the summary and make any necessary tax payments.
Verify your return within 30 days to complete the filing.
Methods include Aadhaar OTP, EVC, Net Banking, or sending a physical ITR-V to CPC, Bengaluru.
Certain documents are required for the E-filing of taxes. These include:
Documents that have the applicant's general details like
bank documents,
PAN, etc.
Documents that help with salary reporting like
rent receipts to help claim house rent allowance or HRA,
pay receipts and
Form 16
Documents demonstrative of the house property income like
address proof,
co-owner details and PAN of the co-owner, if any,
date of construction of the property or date of purchase if not yet constructed and
the certificate for home loan interest if any
Documents listing the capital gains, if any like
Stock trading statement,
capital gains of shares sold, its sale price and its registration details,
mutual fund statements,
purchase details of equity funds, etc.
Documents that prove the income reported like
interest proof from tax-saving bonds, corporate bonds etc.
When it comes to e-filing of taxes, certain rules need to be followed. These include:
Filing Only with Aadhaar:
This is in case an applicant does not have a Permanent Account Number or PAN.
Applicants can use Aadhaar to file their income tax return
After filing ITR with Aadhaar:
After filing an ITR with Aadhaar, applicants will be assigned a PAN.
This will be done after their demographic data is obtained from the Unique Identification Authority of India or UIDAI.
This is done according to the new income tax guidelines
The New Rule:
Implemented by the Government of India to improve tax compliance
The rule also makes the tax payment procedure easier for taxpayers
Though taxpayers need to provide their PAN while filing their taxes, it is also important that they link it with their Aadhaar before doing so
Once an applicant has filed their ITR, they can also check its status online. This can be done by following the steps listed below:
Applicants need to have the income tax e-filing acknowledgement number handy to begin with
Next, applicants need to visit the Income Tax Department’s official portal
From here, they need to select the 'Income Tax Return (ITR) Status' option
Next, applicants can proceed by entering their PAN number, the acknowledgement number, and the captcha code
Click the 'Submit' button
The status of the ITR return will be displayed on the screen
If an applicant misses out on the filing date for their Income Tax Returns, it can lead to penalties. Though rare, it can also lead to receiving notices from the IT department.
Applicants are liable to pay a late fee of up to ₹5,000 if their annual income is more than ₹5 lakh if the ITR is filed post the last date. This penalty amount sometimes can also go up to ₹10,000.
E-filing of Income Tax Returns with the Government of India is now a mandatory way to file taxes. To help encourage this move, the method itself offers many benefits to applicants.
Simpler: When compared to the previous way of filing ITR, which included a lot of paperwork, e-filing is a much simpler process.
Convenient: Every year, by default, the last date to file ITR is always July 31st. Knowing this, applicants can upload their ITR filings online one or two months before the deadline. This will help them avoid any congestion that might exist on the website during the last couple of days. This will help applicants steer clear of any further delays and possible fine accumulation.
For Potential Future Business Establishment: If an applicant wants to explore the possibility of conducting any business in the future with other organisations, the ITR record would come in handy.
Better Record Keeping: When Income Tax Returns are filed online, taxpayers can maintain a better record of all their financial interactions with the Income Tax Department.
The Income Tax Return (ITR) filing process is a mandatory obligation that must be adhered to by all citizens annually. The process itself requires a lot of attention to detail and following the rules. The e-filing of ITR has made the process simpler and more accessible to most citizens.
Apart from the mandatory nature of the ITR filing, the procedure itself helps simplify an applicant’s financial situation. These measures enable individuals to meet their tax duties more efficiently, reducing mistakes. This is why it is crucial to be aware of all the nitty-gritty of the e-filing process of ITR and to do it before the last date to avoid any unnecessary penalties or fees.
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Applicants can easily register themselves on the official portal of the Income Tax Department of India with zero hassles.
There are no charges associated with e-filing your Income Tax Return.
The deadline for e-filing income tax return is 31st July every year
There are income tax liability calculators that applicants can use to calculate their income tax on the official website of the Income Tax Department Itself.
Some of the main mistakes to avoid when e-filing ITR include:
Not meeting the deadline
Entering inaccurate information
Choosing the wrong ITR form
Not uploading form 26AS
Neglecting ITR verification
Skipping any other income sources
When done through the official portal of the income tax department, e-filing your ITR online is very safe.
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