Simplify Your Tax Filing with Step-by-Step Guide to E-Filing ITR

Filing your Income Tax Return (ITR) can seem like a daunting task, especially if you are doing it for the first time. However, with the advent of e-filing and user-friendly platforms like TaxSpanner, the process has become much simpler and more accessible. In this blog, we will walk you through the process of e-filing your ITR in eight easy steps. Whether you are a salaried employee or self-employed, this step-by-step guide will help you file your taxes hassle-free with TaxSpanner.

Getting Started with E-Filing Your ITR

Before you begin the process of e-filing your Income Tax Return (ITR), it's essential to familiarize yourself with the steps involved. E-filing allows you to submit your tax returns online, making the process more convenient and efficient. With TaxSpanner, you can navigate through the process smoothly, guaranteeing that all your details are accurately filled and submitted. Let's start by logging into the Income Tax e-filing portal and setting up your account.

Step 1: Login to the Income Tax e-filing Portal

To get started, visit the official Income Tax e-filing website. Use your PAN as your User ID and enter your password and Captcha code to log in. If you haven't registered yet, you can easily create an account using your PAN-based login credentials.

Step 2: Navigate to ‘File Income Tax Return’

Once you are logged in, locate the 'e-File' tab on the homepage. Click on 'Income Tax Returns' and then select ‘File Income Tax Return’. This will take you to the main filing page where you can begin the process of filing your ITR.

Step 3: Select the Correct ‘Assessment Year’

The next step is to select the appropriate ‘Assessment Year’. For instance, if you are filing for the Financial Year (FY) 2024-25, you should choose ‘AY 2025-26’. Similarly, for FY 2023-24, select ‘AY 2024-25’. Be sure that you choose the correct mode of filing as ‘Online’ and specify whether you are filing an original return or a revised return.

Step 4: Choose Your Filing Status

Select your applicable filing status from the options provided. If you are filing as an individual, choose 'Individual' and click 'Continue'. Other options include HUF (Hindu Undivided Family) and Others. This step is crucial as it determines the type of ITR form you will need to fill out.

Step 5: Select the Appropriate ITR Type

There are a total of seven ITR forms available, and choosing the right one is essential. ITR 1 to 4 are applicable for Individuals and HUFs. For example, if you are an individual with capital gains but no income from business or profession, you should use ITR 2. TaxSpanner can help you determine which form is best suited for your situation.

Step 6: Specify the Reason for Filing ITR

In this step, you will be prompted to specify the reason for filing your returns. Select the option that best applies to your situation, such as:

• Taxable income is more than the basic exemption limit
• Meets specific criteria and is mandatorily required to file ITR
• Others

Step 7: Validate Pre-filled Information

Most of your personal details, such as PAN, Aadhaar, Name, Date of Birth, contact information, and bank details, will be pre-filled based on the data provided by your employer, bank, etc. Carefully validate these details before proceeding. Make sure that your bank account information is accurate and pre-validated. As you move through the process, disclose all relevant income, exemptions, and deduction details. Confirm the summary of your returns and make any balance tax payments if required.

Step 8: E-Verify Your ITR

The final and crucial step is to e-verify your return within the stipulated time limit of 30 days. Failure to verify your return is equivalent to not filing it at all. You can e-verify your return using various methods such as Aadhaar OTP, electronic verification code (EVC), Net Banking, or by sending a physical copy of ITR-V to the CPC in Bengaluru.

Why is Income Tax Return Filing Important?

Filing your ITR is not just a legal obligation; it also offers several benefits. The Income Tax Department (ITD) mandates filing returns for individuals whose income exceeds the basic exemption limit or those who meet specific criteria, such as:

• Expenditure on foreign travel exceeding Rs 2 lakh
• Electricity consumption of Rs 1 lakh or more
• Depositing an amount/aggregate of an amount above Rs 1 crore in one or more current accounts in FY 2019-20 or onwards
• Business receipts exceeding Rs 60 lakhs
• Professional receipts exceeding Rs 10 lakhs
• TDS and TCS amount exceeding Rs 25,000

Even if you are not required to file an ITR, it is advisable to do so. Filing your ITR creates a valid proof of income or net worth, which is essential for various purposes such as:

• Applying for loans
• Obtaining credit cards
• Visa applications
• Purchasing term insurance
• Securing government tenders

Documents Required for Filing ITR

To e-file your ITR, you will need the following documents and information:

• PAN and Aadhaar
• Bank Statements
• Form 16
• Donation receipts
• Stock trading statements from the broker platform
• Insurance policy paid receipts related to life and health
• Bank account information linked to PAN
• Aadhaar registered mobile number for e-verifying the return
• Interest certificates from banks

With TaxSpanner, you can e-file your ITR by simply adding your PAN. We will auto-fill most of your details, such as salary income, TDS, and deduction details, from the Income Tax Department.

How to Get an Income Tax Return Copy Online?

If you need to obtain a copy of your filed ITR, follow these steps:

1. Log on to incometax.gov.in with your credentials.
2. Click on 'View Returns/ Forms'.
3. Select ‘Income tax returns’ and the relevant assessment year, then click on 'Submit'.
4. A window displaying a list of filed ITRs will open.
5. Click on the ITR-V acknowledgement number you wish to download.
6. The ITR V PDF file will open, which you can download for your records.

In conclusion, filing your Income Tax Return online is a straightforward process when you follow these eight simple steps. With TaxSpanner, you can be sure that your ITR is filed accurately and efficiently. Whether you are a salaried employee or self-employed, our platform is designed to make tax filing hassle-free. So, go ahead and e-file your ITR today with TaxSpanner!