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How to File Income Tax Return - Everything You Need to Know

The ability to file an income tax return electronically (e-filing) is made available by the Income Tax Department. Before going over the procedures for filing an income tax return electronically, it is crucial for a taxpayer to maintain the records needed

  • 20,196 Views | Updated on: Mar 12, 2024

New in tax filing for AY 2022-23

In the first week of April, the Central Board of Direct Taxes (CBDT) announced the income tax return (ITR) forms. for FY 2021-22 (The assessment Year 2022-23). The new forms are rather complex, and their early announcement will provide assesses more time to prepare the necessary documentation and paperwork. You must make full disclosures when completing your returns. There are approximately 30 changes in the new ITR forms.

1. Taxpayers must use this form to file their income tax return for the fiscal year 2022-23

2. Schedule FA requires foreign assets held and foreign income obtained during the calendar year ending December 31st to be reported.

3. The Schedule of Capital Gains must include additional information. Deduction for capital gains levied under Section 45(4) that are due to assets remaining with the firm

4. Dividend income subject to taxation under section 2(22)(e) must be reported separately.

5.Disclosures Concerning Significant Economic Presence. Reporting of Provident Fund interest for which no exemption is available

6.Adjustment of unabsorbed depreciation (related to increased depreciation) from the WDV of the asset block as of 01-4-2020

7.A new Schedule has been added to report tax-deferred on ESOPs

8. Limiting the surcharge rate on dividend income

9. Income from retirement benefits accounts kept in a notified nation is exempt from taxation under Section 89A

10. Dividend income is excluded from Schedule BP

11. Section 194LC requires the disclosure of interest income taxed at a reduced rate of 4%

12. Disclosure of FII and designated fund income tax under Section 115AD

13. Income from IFSC-located units must be disclosed separately in Schedule AMT

14.Income from IFSC-located units must be disclosed separately in Schedule MAT

15. Schedule 80GGA has been added for partners who only profit from the firm

16. Changes to Schedules 80-IA and 80-IB as a result of the sunset restriction on the eligibility to claim the deduction

17. Secondary adjustments total to be disclosed

18. Disclosure of interest paid to deposit-taking NBFCs or Systemically Important Non-Deposit Financial Institutions Considering NBFCs

19. Income exempt from disclosure is necessary under specific Section 10 provisions

20. Interest and dividend income tax under Section 115AC must be disclosed separately

21. Sections 153A and 153C are no longer referred to in return made in response to a notification

22.The nature of work for retirees is further classified

23.Section 115BAC disclosure for alternative tax regime has been chosen

24. Section 115BA/115BAA/115BAB disclosure for alternative tax regimes, Section 115BAD Disclosure for Alternative Tax Regimes

25.Additional information is being sought from the assessee who has chosen not to participate in the presumptive tax scheme

26. It is mandatory to select the appropriate choice in favor of Indian residency

27. A new Schedule IF has been added to request disclosure of investments made in unincorporated entities

There is an option in ITR in the filing process form 3 to specify the chosen tax regime and whether or not to choose the new tax regime currently. The tax agency also wants to know if you intend to remain with the new tax regime or if you intend to opt out.

What is e-filing of returns?

E-filing primarily refers to submitting your returns online. You may file your returns offline by visiting the income tax office, which is time-consuming and inconvenient. A popular way is to file your returns online, which is an easy, quick, and hassle-free procedure. It eliminates the need to complete tedious documentation, and you may file your returns from the comfort of your home or office.

Before discussing how to file ITR online, here are the documents you must have available.

1.Permanent Account Number (PAN)

2.Investment details

3.Form 16

4.Bank account details

5.Aadhaar Card

Steps to file an ITR online

1. First, you must log in to your account using your username, password, date of birth, and Captcha Code.

The next step in the process of ITR filing process is to go to the e-file tab and click on the ‘prepare and submit ITR online’ button

2.You must then select either Form ITR1 or ITR 4 and the assessment year for which you want to file the return

3.Once you select the appropriate form, you must complete all the relevant details and then click on the ‘submit’ tab

4.When applicable, you may upload the Digital Signature Certificate (DSC); you must ensure that the DSC is registered with the e-filing website

5. On successful submission, ITR-V is displayed (when you do not use the DSC); click on the link to download the ITR-V, which is also sent to your registered email address

6.The ITR-V must be printed, signed, and sent to the Central Processing Cell (CPC) within 120 days from the date of e-filing; your return is processed only after the CPC receives a duly signed ITR-V

7. If you use the DSC for the ITR filing process, you do not have to download the ITR-V

Information to be filled while filing ITR online

1.Personal information such as your full name, PAN, father’s name, and complete date of birth

2. Income details, including the name of all your employers during the assessment year and type of employer. Additionally, you must input your salary and the Tax Deducted at Source (TDS) details You must provide a detailed breakup of your salary.

TThe Income Tax Act includes certain provisions for claiming deductions, which reduces your tax liability. You must provide information about all your investments, such as life insurance premiums, Public Provident Fund, etc. Deductions are available under section 80C for various investments. Section 80TTA allows deductions on interest earned during the year on your savings bank account.

3. Details of tax paid for any non-salary income you earn during the financial year. This may include interest or earnings from freelance work. The tax payments made towards such income must be input; these details may also be uploaded through Form 26AS.

You must provide the bank details to complete the process of ITR filing online. It is recommended that you include all your bank accounts and provide details about the primary account.

After completing the aforementioned information, if you see ’no tax due’ or ’refund’ intimation, you may complete the e-filing process to receive acknowledgment on submission. If you get a message saying ’tax due,’ you must follow the instructions to pay the same before the ITR filing process.

Guide on How to File ITR offline for Super Senior Citizens

During the financial year, super senior persons (those who are 80 years of age or older) can file ITRs offline. If an individual or HUF has an income of less than ₹5 lakh and is not eligible for a refund, the ITR may also be filed offline in this situation.

The step-by-step procedure to file returns offline is mentioned below

1. Request Form 16.

2.The ITR returns must, after that, be submitted in paper form to the Income Tax Department.

3. You will receive an acknowledgment slip from the Income Tax Department once the form has been submitted.

How to file an income tax return online?

You can submit your ITR return online using either ClearTax or the income tax e-filing portal. You must file the return either “online” or “offline” if you want to submit it through the government portal.

Online mode

1.Log in at the official website and use the option

2. Download > ITR return preparation software to get the necessary Excel or Java utilities.

3. It will download a ZIP file.

4. Unzip the file and complete the utility’s necessary fields.

5. Don’t forget to click on “compute tax” after validating each sheet.

6.Create and save the XML utility after that.

7. The excel/Java tool is prepared for upload to the site for electronic filing.

8. Fill out one of the six options for return verification before submitting the form.

Offline mode

1.Log into the e-filing portal by providing your PAN, password, and captcha.

2.Open the “income tax return” link from the drop-down menu by selecting the “e-file” tab.

3.Fill out the necessary information, then choose “prepare and submit online” as your submission method.

4.Fill out the information on the online ITR form.

5.To save the completed return online, select “save as draught.”

6.Verify the return by sending a physical copy to CPC or using the Aadhaar OTP or EVC.

7.Submit the return at the end.

Conclusion

Filing your income tax returns on time is important to ensure that you do not pay any penalty. E-filing has simplified the process, and you may e-verify your ITR to enjoy complete peace of mind.

    Key takeaways

    Documents you must have for e-filing returns

  • Permanent Account Number (PAN)
  • Investment details
  • Form 16
  • Bank account details
  • Aadhaar Card

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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