How to file ITR? Step by Step Guide

Filing Income Tax Return (ITR) is an essential financial responsibility that every taxpayer must fulfil. It is a process through which individuals declare their income, deductions, and taxes to the government. The information provided in the ITR helps the tax authorities assess the taxpayer’s tax liability for a specific assessment year. With the advancement of technology, the process of filing ITR has become more convenient through online platforms. This step-by-step guide aims to simplify the ITR filing process, ensuring that taxpayers meet their tax obligations accurately and efficiently.

Gather Required Documents:

For a smooth income tax return (ITR) filing process, collect essential documents such as ,

• PAN Card
• Aadhar Card
• Form 16
• Bank statements Tax deductions
• TDS details

These documents provide crucial information about your income, deductions, and investments, which are necessary for accurate reporting on your ITR. Keeping all the required documents organised will not only save time but also prevent potential errors or omissions during the filing process. Being well-prepared with the necessary paperwork ensures a hassle-free and compliant ITR submission.

Determine Your ITR Form:

To determine the appropriate Income Tax Return (ITR) form, assess your income sources and eligibility. The Income Tax Department offers different ITR forms, each catering to specific taxpayers’ categories and sources of income.

Example: 

If you earn a salary, the ITR-1 form might be suitable, while ITR-2 is for individuals with capital gains or more than one property. Carefully review the guidelines provided by the department and select the form that aligns with your financial situation. Choosing the correct ITR form ensures accurate reporting and compliance with tax regulations, streamlining the filing process.

Steps to file Income Tax in e-Filing Portal:

Step 1: Visit income tax website

To log in the Income Tax e-Filing portal, visit the official website https://www.incometax.gov.in/iec/foportal/ and click on the Login option.

Step 2: Login to the website

Enter your password and click continue and enter your username

Step 3: Go to File Income Tax Returns

After logged into the portal click on e-file then income tax returns then file income tax returns

Step 4: Select Assessment Year and Proceed

Choose the assessment year on which you are going to file the income tax return and click continue

Step 5 : Select Filing Category

Choose whether you wish to file your income tax returns as an Individual, Hindu Undivided Family (HUF), or others. Choose the option ‘Individual’. Then, Click on ‘Continue’

Step 6: Select ITR form

Choose the income tax returns (ITR) form in which you wish to file, in case of an individual, they can choose the option ITR1 or ITR4. Here you will have to click ‘Proceed with ITR1’.

Step 7: Enter reason for filing ITR

Then,enter the reason for filing the income tax returns.

Step 8: Add bank Account Details

Fill in the details of your bank account. If you have already provided the details of your bank account, then pre-validate it.

Step 9:Verify and Proceed with Entered Details

You will then be directed to a new page to file your income tax returns. This page will have maximum details that you had entered before. Just make sure that all the details were entered correctly and proceed.

A step-by-step Guide on How to Login or Register on the e-filing Portal:

Step 1:

Visit the official e-filing website.

Step 2:

Register or Login to e-file your returns

In case you have registered yourself on the portal earlier, click on the ‘Login’ Here’ button.

In case you have not registered yourself on the portal, click on the ‘Register Yourself’ button.

Step 3:

Click on ‘Taxpayer’ and then enter the details of your PAN and click on ‘validate’. Next, click on ‘Continue’.

Step 4:

Provide details such as your name, address, gender, residential status, date of birth, etc.

Step 5:

Provide your Email ID and registered mobile number.

Step 6:

Once the form has been filled up, click on ‘Continue’.

Step 7:

You will have to verify the details following which a 6-digit One Time Password (OTP) will be sent to your registered mobile number and Email address.

Step 8:

Enter the OTP follow the instructions given to complete the registration process successfully.

Step 9:

Once the OTP has been verified, a new window will open where you will have to verify the details provided by you.

Step 10:

The final step will be set up a password and secure login message.

Step 11:

Click on ‘Register’ following which you will receive an acknowledgment message stating that the registration process

Filing Income Tax Return (ITR) holds immense significance for individuals and entities alike. It is a legal obligation in most countries, including India and the United States, ensuring tax compliance and accountability. ITR allows tax authorities to assess income, expenses, and financial transactions, determining tax liability accurately.