Income Tax e-Filing

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.

Kinds of E-Filling Systems

Here are the several methods for e-filing your income tax returns-

  1. To e-file your tax returns, you can use a Digital Signature Certificate or DSC. A chartered accountant has made it essential to file IT forms using a Digital Signature Certificate (DSC).

  2. If you want to e-file your tax returns without using DSC, an ITR V form is generated, which must be printed, signed, and submitted to the CPC in Bangalore. This document must be sent by regular or express mail within 120 days after the Date of e-filing.

  3. As a taxpayer, you can also e-file IT returns with or without DSC using an E return Intermediary (ERI).

Who Needs to File Income Tax?

  • Assessee with a total income of Rs. 5 lakhs or more.
  • Individual/HUF resident with assets outside of India.
  • An Assessee is required to file returns under Section 139 (4B) (ITR 7).
  • The assessee must provide the assessing officer with a notice under Section 11(2) (a).
  • A person who claims relief or deductions under sections 90 or 90A.
  • A person who is a resident and has signing authority over any account situated outside of India.
  • Every business.
  • An assessee who is obliged by the Act to provide an audit report stated in sections 10(23C) (IV), 10(23C) (v), 10(23C) (VI), 10(23C) (via), 10A, 12A (1) (b), 44AB, 80IA, 80IB, 80IC, 80ID, 80JJAA, 80LA, 92E, or 115JB.
  • AOP, BOI, Local Authority (ITR 5), Artificial Juridical Person, or Cooperative Society that does not fall under the terms of Section 44AB.

Required Documents for Income Tax Filing

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.

  • General Details - Bank details, PAN.
  • Salary Reporting - Rent receipts to claim HRA, pay receipts, and form 16.
  • House property income - Address proof, details of the co-owners with the share in the mentioned property and PAN, Date of construction, in case not yet constructed, it needs to be the day of purchase and certificate for home loan interest.
  • Capital Gains - Stock trading statement, capital gains of shares sold, sale price, registration details, mutual fund statements, purchase details of equity funds, and more.
  • Reporting Income - The income from interest reported, interest proof from tax-saving bonds, and corporate bonds need to be reported. 

Rules for Income Tax Department e Filing

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.

  • Filing Only with Aadhaar: You can use Aadhaar to file your income tax return when you don't have a Permanent Account Number. Furthermore, when applying for a new PAN, you must present your Aadhaar Card.

    Taxpayers who file their returns using their Aadhaar card will be assigned a PAN after their demographic data is obtained from the Unique Identification Authority of India, according to the new income tax guidelines (UIDAI).

  • When Aadhaar and PAN are not linked: The Central Board of Direct Taxes that are issued a notice urging taxpayers to link their Aadhaar with their PAN by June 30, 2022. If you don't link the PAN to your Aadhaar, you will be unable to file your income tax returns by the deadline.

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.

How to File ITR Return Online

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.

Due Date to eFill 

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.

How to Check the eReturn eFill Status

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.

Penalty for Late Filing

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.

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