Simplify Tax Compliance: A Guide to Online Income Tax Return Filing for FY 2023-24

In the digital age, filing Income Tax Returns (ITR) online has become the preferred method for taxpayers due to its convenience and efficiency. As we are approaching towards the end of the financial year 2023-24, it is important for the taxpayers to understand the process of online ITR filing to fulfill their tax obligations smoothly. Let's dive into the step-by-step guide.

PROCESS OF INCOME TAX RETURN FILING ONLINE FOR FY 2023-24

Preparation Phase: First of all you have to gather all the essential documents including Form 16 from your employer, bank statements, investment proofs, and any other income-related documents. Make sure that your Permanent Account Number (PAN) and Aadhaar details are up to date and linked correctly.

Choosing the Correct Form: The next step is to choose the appropriate ITR form on the basis of your income sources and category. For salaried individuals with income from salary, house property, and other sources, ITR-1 (Sahaj) is usually applicable.

Accessing the Income Tax Portal: After that, you have to log in to the official Income Tax e-filing portal using your credentials. If you're a new user, complete the registration process to create an account by using you PAN.

Selecting Assessment Year and Form: Then, you have to select the correct assessment year of 2024-25 for FY 2023-24 and the appropriate ITR form applicable to your income profile.

Filling in Details: After that, you have to enter your accurate details in the online form, including personal information, income sources, deductions claimed under various sections, and tax payable.

Verification and Submission: At last, you must have to verify the filled form for any errors or discrepancies. Choose a verification method – either Aadhaar OTP, Electronic Verification Code (EVC), or physical verification through sending the signed ITR-V form.

Acknowledgment Generation: After the successful submission, you will get an acknowledgment containing the unique acknowledgment number (ACK). You should keep this acknowledgment for future reference.

Tracking and Monitoring: You can track the status of your filed return on the Income Tax e-filing portal by utilizing the acknowledgment number. Stay informed about any updates or communications from the Income Tax Department.

Compliance and Documentation: You should stay alert about any intimation or notice from the Income Tax Department regarding your filed return. Ensure compliance with tax laws and retain all relevant documents for future reference.

CONCLUSION

By following the streamlined steps that have been mentioned above, taxpayers can navigate the online ITR filing process for FY 2023-24 with ease and accuracy. Embrace technology to simplify tax compliance and contribute to the efficient functioning of the taxation system.

Legal Pillers is a CA, CA, & Lawyer firm providing services including company registration, ITR filing, GST registration, Trademark Registration, Online CA Services, TDS Return, Auditing, Compliances, and many more.