Learn how to use the new tax filing platform to submit your ITR
The income tax department has introduced a new web portal that is more interactive and user friendly in order to make the tax filing process and chores easier. The new platform, according to a circular published by the tax department, will aid in faster processing and refunds.
Individual income tax returns (ITRs 1) 1 and 4 are currently available for filing.
Let’s look at how to use the new portal to file your ITR.
Step: 1 If you are a first-time user, you must first register on the portal using your permanent account number as your user id and generate a password. Then you must log in to the portal.
Step: 2 Now select the “e-file” tab “.. Then select “File Income Tax Return”
Step: 3 You must first select the assessment year for which the ITR is being filed, and then click continue. It will ask you to choose whether you wish to file your ITR online or offline. You can file your taxes online, which is also the recommended method.
Step: 4 Then you must decide whether you wish to file an ITR as an individual, a HUF, or someone else. Select an individual.
Step: 5 You must select the ITR for which you are eligible to file. There are several factors that must be met in order to file an ITR. For example, a salaried person with an annual income of up to Rs. 50 lakh, a single-family home, and agricultural revenue of up to Rs. 5,000 can file ITR 1. Individuals and HUFs who do not have income from a business or profession can file ITR 2. Only ITR 1 and ITR 4 are now available for filing by individuals. If you’re not sure which tax form to use, you can get online advice. “Proceed with ITR 1” should be selected.
Step: 6 After that, you’ll be asked why you’re filing an ITR- income beyond the basic exempted limit or because of Section 139’s seventh clause (1). If a person has deposited more than 1 crore in one or more current accounts during the year, spent more than 2 lakh on a foreign trip, or paid more than 1 lakh in power bills, he or she is required to file an ITR under this section. You must choose the appropriate option.
Step: 7 If you haven’t previously, you’ll be asked to fill in all of the details linked to the bank account into which you want to receive your returns. The bank account will need to be prevalidated. If you haven’t previously, you’ll need to pre-validate your bank account.
Step: 8 The ITR will be filled out for you. This year, a lot of information will be pre-filled for you, such as bank interest, capital gains, and so on. Before submitting your ITR, double-check these details. You’ll need to double-check and validate the return summary.
Step: 9 You’ll need to double-check the ITR. It’s important to remember that the ITR filing procedure isn’t complete until the ITR is verified. It is possible to do so by mailing a hard copy to Bengaluru.
Read Also : Income Tax Return: E- verify ITR through 6 ways
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