Individuals for whom the total income in the last year exceeds the highest amount not chargeable to tax should file their ITR or income tax returns, according to Section 139 (1) of India. E-filing is the process through which such persons file their income tax returns online.
As a taxpayer, you can seek expert assistance or file your own taxes by registering on the income tax departments or other relevant websites. While the deadline for filing tax returns is July 31 each year, the government may give a grace period of 15-30 days to file the forms online or in person.
Here are the several methods for e-filing your income tax returns-
It is always a good idea to be prepared before filing your income tax, whether online or in person. The information provided below should act as a checklist to assist you in getting started with e-filing tax returns.
The Union Budget 2022 includes a new income tax structure. Various tax breaks will be eliminated under the new framework.
Taxpayers, on the other hand, can choose between the new and old tax regimes. Tax rates have been reduced under the new tax framework.
The new rule was implemented by the Government of India in order to improve tax compliance while making the tax payment procedure easier for taxpayers. As of now, taxpayers must provide their PAN while filing their taxes. However - you will be required to link your Aadhaar and PAN in order to file your taxes.
Before you begin filing your ITR, there are a few things you must take care of. To e-file your ITR on the revised portal, follow the steps outlined below-
Step 1: Determine your income tax liability using the procedures outlined in the Income Tax Rules.
Step 2: Review your Form 26AS for a summary of your TDS payments for each quarter of the assessment year.
Step 3: Based on the eligibility criteria provided by the Income Tax Department, determine which group you will fall into (ITD).
Step 4: Go to the income tax department's e-filing site at e-Filing Home Page, Income Tax Department, Government of India.
Step 5: If you are a first-time user, click the 'Register' button.
Step 6: If you have previously registered, click the 'Login' option.
Step 7: Determine which group you belong to, individual, Hindu Undivided Family (HUF), and so on.
Step 8: Select the appropriate ITR Form for your situation.
Step 9: Enter your bank account information or pre-validate it if you have already provided it.
Step 10: You will be sent to a new web page where you may review the pre-filled information for your ITR. Check the details and make any necessary adjustments.
Step 11: Once you're certain that all of the information in the form is right, confirm and validate it.
Step 12: Now, check the returns and transmit a physical copy to the ITD.
Income Tax Returns (ITR) must be filed by the deadline specified by the Income Tax Department (ITD). The following table shows the ITR filing deadlines for various taxpayer categories for the fiscal year 2022-23 -
The deadline for all taxpayers to file their income taxes electronically for the fiscal year 2022-23 is July 31, 2022.
Follow the procedures below to check the Status of the income tax eFiling using the acknowledgement number:
Step 1: Go to the ITD's official website at https://www.incometax.gov.in/iec/foportal.
Step 2: Select the 'Income Tax Return (ITR) Status' option.
Step 3: Enter the PAN, acknowledgement number, and captcha code, then click the 'Submit' button.
The Status would be displayed on the screen as a result.
When you fail to file the ITR by the deadline, the Central Board of Direct Taxes (CBDT) assesses a penalty. The maximum fine for late e-filing is Rs.10,000. The punishment is imposed in accordance with Section 234F.