Are you a first-time taxpayer? If you are filing your income tax return (ITR) for the first time in your life and are not aware of how to proceed, following simple steps can help you work on the same. To start with, check if your employer has handed you over Form 16 containing details of the salaries credited to your account and the tax deducted at source (TDS) on the same. It is crucial to ensure that the information provided in the tax return matches the details in the Annual Information Statement (AIS). Any discrepancies may lead to the taxpayer receiving a notice from the tax authorities.
There is an online option for filing the ITR, so it does not make any sense to dabble in physical documents or delay filing the return beyond the due date, i.e., July 31, 2023. Furthermore, it is advisable to file the ITR form even if you are not liable to pay taxes. Moreover, the institute is providing Form-16 to the salaried class to facilitate ITR filing. In such cases, it is essential to cross-verify the information provided in Form-16 with the AIS. This ensures the accuracy of the data submitted to the Income Tax Department.
Filing your ITR involves the following simple steps. These include:
- Log in to the e-filing portal of the Income Tax Department with the help of your user ID and password on the homepage.
- Scroll the page onto the dashboard. Then, click on e-File > Income Tax Return > ‘File Income Tax Return’.
- Select the Assessment Year, and then click on “Continue”.
- Opt for online filing of your ITR form.
- Based on your taxable income and TDS calculation, choose the appropriate ITR form. Once you have selected the applicable form and gathered all the necessary documents, click on the “Start” option to begin the filing process.
- Answer the questions that appear on the screen by marking the checkboxes for the applicable options, then click on “Continue” to proceed.
- Enter the details of your income and deductions in the relevant sections, according to the information provided in your documents.
- If there is a tax liability, a summary of the tax calculation based on the details you have provided will be displayed.
- Once the tax liability is determined, you can choose between the options “Pay Now” or “Pay Later” to fulfil your tax obligation.
- If there is no tax liability, after making the tax payment, click on “Preview Return”.
- Select the checkbox for the “Preview and Submit Return” declaration and choose the “Proceed for validation” option.
- Review the preview of your return and on the “Submit Return” page, proceed to verify. It is mandatory to verify and e-verify the return.
- On the e-verify page, choose the method you prefer for e-verification and click on “Continue”.
- Once you have successfully e-verified the return, a confirmation of the form submission will be displayed on the screen.
- The transaction ID and acknowledgment number will be provided, allowing you to check the status of your ITR form in the future.
- You will also receive a message confirming the successful filing of the form on your registered mobile number and email ID associated with the e-filing portal.
While filing your ITR, keep in mind that this time the new tax regime has been kept in default. If you want to file ITR under the old tax regime, then you will have to convert it yourself.
