The last date for filing income tax return (ITR) is 31st July. Since today is 10th July, obviously most of you must have received your Form-16 as well. Experts say that no taxpayer should wait to file the return on the last date, by doing this you have time to reduce errors.

To file ITR, you can either take the help of a chartered accountant or file the return online yourself. If you want to do it yourself, then this has also become very easy now. You have to file this return through the Income Tax Department website. Let us know the online step by step process of filing ITR online.

First of all, you should have these documents in your hand

Whenever you think of filing income tax return online, keep some important documents ready in your hand before that. You should have Form 16, Form 16A, Form 26AS, capital gains statement, proof of tax-saving investments etc. ready as the necessary documents for filing income tax return.

Step by Step ITR Filing Process

• Visit the Income Tax e-filing portal https://www.incometax.gov.in/iec/foportal/ .
• Log in using your PAN, password and captcha code.
• Go to the ‘e-File’ menu and select ‘Income Tax Returns’.
• Choose the appropriate ITR form based on your income (ITR-1 or ITR-2 if you have Form 16).
• Select Assessment Year 2024-25.
• Verify all the data entered in the form and submit it.
• After submission, e-verify your return using Aadhaar OTP or other available options.
• Upload and verify your return.

Who should file ITR

If the total income before deductions under various sections of Chapter VI-A (such as 80C, 80CCC, 80CCD, 80D, 80E, 80G, 80GGA, 80TTA/80TTB, etc.) exceeds the basic exemption limit, you must file your Income Tax Return (ITR). Also, as a resident of India, for income tax purposes, if you own or have an interest in any property outside India as a beneficial owner, you must file an Income Tax Return (ITR).

The post ITR filing 2024: File income tax return online from home, know step by step process first appeared on Rightsofemployees.com.

According to the Income Tax Department, the last date for filing ITR for FY 2022-23 and Assessment Year 2023-24 is 31 July 2023. The department has issued an online form for filing ITR. In such a situation, do not delay ITR filing thinking that there is time till 31st July.

It is important to do this…

Even if you do not come under the tax net, you should still file ITR. Meanwhile, Form-16 is being made available to the salaried class for ITR filing by the institute. In such a situation, 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.

It is important to do this…

Even if you do not come under the tax net, you should still file ITR. Meanwhile, Form-16 is being made available to the salaried class for ITR filing by the institute. In such a situation, 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.

vaaLet us tell you, Finance Minister Nirmala Sitharaman, while presenting the budget for the year 2023, gave relief to the tax payers under the new tax regime. However, no change was made in the old tax regime by the government.

Now let us tell you how you can file ITR sitting at home:

• Go to the e-filing portal (https://eportal.incometax.gov.in/) of the Income Tax Department.
• After this, log-in with the help of your user ID and password on the homepage.
• On the dashboard, click on e-File > Income Tax Return > ‘File Income Tax Return’.
• Then select the assessment year, such as 2023-24, and click on ‘Continue’.
• Now choose the method of ITR filing and select the online option.
• Now choose your ITR form according to your tax income and TDS calculation.
• After selecting the applicable ITR 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.
• As per the documents, enter the details of your income and deductions in different sections.
• 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.

Choose yourself new or old tax regime

While filing ITR (ITR), keep in mind that this time the new tax regime has been kept in default. If you want to file ITR under the old tax regime, then you will have to convert it yourself. 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.

The post ITR Filing Process: How to file ITR yourself in 5 minutes, step by step process, keep these documents beside first appeared on Rightsofemployees.com.

There can be difficulties in filing ITR, but if this work is done with some preparation then it can be filed even without the help of experts. Let us know, how you can file ITR sitting at home.

Keep these things in mind before filing ITR

If you are going to fill ITR, then first calculate the income, tax and return so that the process becomes easier. Also, tax deduction and TDS charge should also be kept in mind. TDS is filed under Form 26AS, under which you have to give information about your income and deductions. Before starting the process, make sure that you have all the necessary documents like your Form 16, bank details, investment details and other sources of income with you. Income tax return facility has been given on the e-filing portal.

Know step by step process

• To file Income Tax Return (ITR) online, you have to register on the Income Tax Department website.
• If you are a new user then you have to register as a new user after registering your PAN, name and date of birth.
• – Different ITR forms are filled depending on the sources of your income. Choose the form that best suits your source of income.
• After selecting the form fill all the required details like personal details, income details, tax deductions and exemptions.
• Once you have entered all the information, verify all the details and ensure that they are accurate and correct.
• Submit your tax return once you are satisfied with the details.
• You can do this by sending a physical copy of the return to the Income Tax Department or by uploading the return online.
• If there is any tax due, make sure you pay it before the deadline.

The post ITR Filing Process: You can file income tax return by yourself, know here step by step process first appeared on Rightsofemployees.com.

The last date to file income tax return is. Now only a few days are left. There is a demand to extend the deadline on Twitter to extend the date of return. However, the department is not in favor of this. 31st July 2022 is the last date to file tax returns. Different tax payers of different categories of income tax returns file different ITR forms. Most of the people, fill the ITR-1 ‘Sahaj’ form (ITR Form-1). This form is filled when the income from your salary, house rent and other income sources is less than Rs 50 lakh. Let us know in detail how you can file this form in just 15 minutes.

How to File ITR Online

The filing of income tax return will start by logging in to the e-filing portal. Login with your User ID and Password.
Click on ‘e-File’ on the dashboard, then go to ‘Income Tax Return’ and click on the option ‘File Income Tax Return’.
After this, select ‘Assessment Year’ and then click on ‘Continue’.
After this select the ‘Online’ filling mode and then press the option of ‘Proceed’.

Select the type of income tax return

Select whichever category is applicable to you and then select the option ‘Continue’.
You have to choose one of the types of income tax return. You will see two options, first- if you are not sure which ITR you want to file then select the option ‘Help me decide which ITR to file’ and proceed.
– If you know which ITR return you have to file, second, select the option ‘I know which ITR form to file’ and select the ITR format from the options given in the dropdown menu and then click ‘Next Proceed’.

This is how ITR filing process will be completed

After the above-mentioned steps, prepare a list of all the necessary documents in one place and then click on ‘Let’s get started’.
Some questions will appear on the screen, answer them according to you and then select the option of ‘Continue’.
Fill the required data and click on ‘Confirm’ option given after each section.
Fill in your income and deduction figures separately and do not leave any section incomplete.
If there is a tax liability, then select the option to pay it and if it is not there then select ‘Preview return’.  After verification, click on the option ‘Submit Return’, ‘Proceed to Verify’ and then on the page that will open, select the option of your choice and proceed. Please note that this verification is necessary.
– If there is any refund on the basis of tax calculation then you will be taken back to the previous page.
After doing this, on the page of ‘Preview and Submit Return’, fill in the option of ‘Location’, then tick the declaration checkbox and select ‘

Process completed, how will the status be checked

Your income tax filing will be completed. After this, note down the transaction ID and acknowledgment number that appear on the screen so that you can check the status of filling.

The post ITR Filing 2022: If income tax return has not been filed then read the news of your work, work will be done in just 15 minutes first appeared on Rightsofemployees.com.