Introduction to New Income Tax portal. A stepwise process on how to login or register on the ITR e-filing portal. Know how to calculate Income Tax Liability, and the provisions of the Income Tax Laws.In this article you shall see steps to 3- filing ITR in 2022-23
Steps To E-filing ITR In 2022-23: Introduction
Let us look into steps to e- filing ITR in 2022-23. A form used to calculate a taxpayer’s annual income is called an income tax return. There are a number of reasons to file an income tax return, even if you don’t have an income. A taxpayer may file an income tax return in order to carry forward losses, report their pay for the fiscal year, claim an income tax refund, claim tax deductions, and so on. ITR e-filing is possible both online as well as offline.
Steps To E-filing ITR In 2022-23:The Income Tax Department has offered the option of an electronic income tax return. Before delving into the steps of how to file ITR, a taxpayer must keep the documents used for calculation and reporting data in Income Tax Return filing.
E-Filing | Introduction To New Income Tax Portal
Before getting into How to file ITR let’s have a look at the new Income Tax Portal. E-filing is an abbreviation for electronic income tax filing. E-filing is electronically filing your income tax returns online for a specific year. And hence no need to go to the nearest Income Tax Department Office to file your returns. Instead, you log on to the internet and do the e-filing ITR.
Prerequisite for Individuals to Register on Income Tax Portal
Before registering on the income tax portal, make sure you have the following information:
- PAN that is valid
- Valid Cell Phone Number & Current Address
- A valid email address, preferably your own, is required.
- Minors, lunatics, and idiots, as well as those barred by the Indian Contract Act of 1872, are ineligible to register on the income tax portal.
How To Login Or Register On The E-Filing ITR Portal
The steps below walk you through the process used while registering or logging you into the efiling ITR portal.
Steps To E-filing ITR In 2022-23: Income and Tax Calculation
- The taxpayer must calculate their income in accordance with the income tax laws that apply to them
- The calculation should include salary, freelancing, interest income, and all sources of revenue. A taxpayer can claim the Tax-saving investments under section 80C. Credit for TCS, TDS, or any advance tax paid is also needed to be considered by the taxpayer.
Certificates of TDS(Tax Deducted at Source) and Form 26AS
- The taxpayer needs to total his TDS amount on the TDS certificates they received for all four quarters of the fiscal year
- Form 26AS summarizes the TDS and tax paid during the fiscal year to the taxpayer
- The taxpayer must find the income tax form/ITR Form used to file his income tax return
- The taxpayer can carry on with the filing of the income tax return after determining the income tax form
- Now you can do Income Tax Return filing online and offline. The online mode for taxpayers’ login is only available for ITR 1 and ITR 4, it is not accessible for forms for other categories of individual taxpayers. The offline mode (generating XML and uploading) is available for all types of income tax forms.
Obtain the Income Tax Return utility from the Income Tax return filing Portal
- Go to the official site at www.incometax.gov.in and > choose Downloads from the top menu bar
- Then choose the Assessment Year and download the offline utility software, such as Microsoft Excel, Java, or JSON, depending on your preferences. e-filing ITR. The income tax department will discontinue the Excel and Java utilities in the fiscal year 2020-21
Now fill in all your information on the downloaded file
- First, download the offline utility
- Then enter the relevant details of your income and check the payable tax or receivable refund based on the utility’s calculation
- Now you can use the downloaded form to fill out the details of an income tax challan.
Verify the Data You’ve Entered
- Most important step
- You will find a few buttons on the right-hand side of the downloaded form
- Now, tap on the validated control to ensure that every information has been entered or not.
Save the file in XML format
- After validating the file, click the Generate XML button on the right-hand side of the file to convert it to XML file format. (XML format is necessary for ITR e-filing)
Take the guesswork out of tax planning. Rely on our user-friendly Income Tax Calculator.
Submit the XML file to the E-Portal of the Income Tax Return
- Log in to the official income tax e-filing portal and select the Income Tax Return option located under the E-File tab
- Enter the required information, such as assessment year, PAN, ITR form number, and submission mode. Remember to select Upload XML from the drop-down menu next to Submission Mode
- Enter the XML file from the computer and click the Submit button
- Select one of the verification methods available: Aadhaar OTP, electronic verification code (EVC), or sending a manually signed copy of ITR-V to CPC, Bengaluru. And you are done with your ITR e-filing.
How To Calculate Income Tax Liability As Per The Provisions Of The Income Tax Laws
A simple tool that allows you to estimate your taxes based on your earnings after the Union Budget presents. This calculator is an updated tool to reflect the proposed income tax changes in the Union Budget 2022-23. The steps for using the tax calculator are as follows:
Step 1: Select the fiscal year for which you want your taxes calculated
Step 2: Choose your age wisely. In India, tax liability varies according to age group
Step 3: Select Go to Next Step
Step 4: Enter your taxable salary, which is your salary, after deducting various exemptions like HRA, LTA, standard deduction, and so on. If you want to know what your tax liability would have been under the old tax slabs (click here to know the income tax slab for AY 2021 22 New & Old Income Tax Slabs and Rates in India for 2022-23) Alternatively, enter your salary without exemptions such as LTA, HRA, professional tax, standard deduction etc.
Step 5: In addition to taxable salary, you must enter interest income, rental income, interest paid on home loan for rented property, and interest paid on loan for self-occupied property
Step 6: Enter the net income (sale consideration less acquisition cost) for Income from Digital Assets; such income tax is 30% plus applicable surcharges
Step 7: Click ‘Go to Next Step’ once more
Step 8: To calculate your taxes under the old tax slabs, you must enter your tax-saving investments under sections 80C, 80D, 80G, 80E, and 80TTA
Step 9: To calculate your tax liability, click the ‘Calculate’ button. You will also be able to compare your pre-budget and post-budget tax liability (old tax slabs and new tax slabs). You can enter “0” in any field that is not applicable .This is how you can calculate your income tax liability as per the provisions of the income tax laws. and that too without consulting any professional of the Income Tax Department. The new income tax portal is really convenient for Income Tax Return Filing. Hopefully, this article answers all your questions related to how to file ITR.
Different Forms That are Available as per the Income Tax Law
As per the Income Tax Law, various forms are available depending on the type of taxpayer and the nature of income. Some common forms include:
Form ITR-1: For individuals having income from salary, house property, or other sources.
Form ITR-2: For individuals and Hindu Undivided Families (HUFs) not having income from business or profession.
Form ITR-3: For individuals and HUFs having income from business or profession.
Form ITR-4: For individuals, HUFs, and firms (other than LLPs) having presumptive income from business or profession.
Form ITR-5: For LLPs, Association of Persons (AOPs), Body of Individuals (BOIs), and artificial juridical persons.
Form ITR-6: For companies not claiming exemption under Section 11 (Income from Property Held for Charitable or Religious Purposes).
Form ITR-7: For persons, including companies, required to furnish returns under Sections 139(4A), 139(4B), 139(4C), or 139(4D) of the Income Tax Act.
Please note that the availability of forms may change based on the assessment year and taxpayer category. It is advisable to refer to consult a tax professional from Vakilsearch for the correct forms.
News on How to File ITR
29-Jun-2023
Due date to file TDS returns for 1st quarter of F.Y. 2023-24 for Form 26Q and 27Q has been extended from 31st July 2023 to 30th September 2023.
Form 27EQ due date has been extended from 15th July 2023 to 30th September 2023 vide Circular no. 09/2023 dated 28th June 2023.
FAQs
What is the offline method to file ITR?
Any taxpayer who chooses to file Income Tax Returns offline (rather than online) must use the Offline Utility for ITRs. You can file Income Tax Returns (ITRs) using the utilities by uploading the utility-generated JSON: Post login to the e-Filing portal.
What is the manual procedure to file ITR offline?
The manual procedure to file ITR is quite lengthy and tedious. To make your life simpler get in touch with the experts at Vakilsearch who are the best at manual ITR filings.
Should I attach any documents when I file the Income Tax Returns?
When filing income tax returns, you are not required to attach any physical documents. However, it is important to keep the relevant documents, such as Form 16, Form 16A, and other supporting documents related to your income, deductions, and investments, as they may be requested by the tax department for verification or audit purposes. It is recommended to retain these documents for at least six years from the end of the relevant assessment year.
Does the Income Tax Department provide the e-filing utility?
Yes, the Income Tax Department provides an e-filing utility on its official website. This utility enables taxpayers to electronically file their income tax returns online.
What is the difference between e-payment and e-filing?
While e-payment focuses on the online payment of taxes, e-filing focuses on the online submission of tax returns. Both processes are important aspects of the digitalization of the new income tax system, making it more efficient and accessible for taxpayers.
Which is the new income tax portal?
The new income tax portal is known as 'www.incometax.gov.in,' introduced by the Indian government to facilitate easier and more efficient tax-related processes for taxpayers.
Is the ITR filing date extended for 2023?
The deadline for submitting the Income Tax Return using Form ITR-7 for the Assessment Year 2023-24, applicable to individuals specified under clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act, has been prolonged from October 31, 2023, to November 30, 2023.
Is the new income tax portal ready?
Yes, the new income tax portal is operational and ready for use, providing a revamped interface and improved functionalities for taxpayers.
How to get 26AS without login?
Access 26AS without login by visiting the e-filing portal, clicking on 'View Form 26AS (Tax Credit),' and following the instructions to view or download it.
How do I use the new ITR portal?
Navigate to the new income tax portal, log in, and follow the guided steps to file your income tax return, ensuring all necessary details are accurately provided.
What are the features of the new ITR portal?
The new ITR portal offers features like a user-friendly interface, interactive dashboard, pre-filled ITR forms, free of cost ITR preparation, and enhanced mobile compatibility.
What is the basic exemption limit in income tax?
The basic exemption limit in income tax varies based on age and income; for individuals below 60 years, it is typically ₹ 2.5 lakh.
How to fill an income tax return online in a new portal?
To fill an income tax return online in the new portal, log in, select the appropriate ITR form, and follow the step-by-step instructions to complete and submit your return.
What are the new changes in the income tax portal?
The new changes in the income tax portal include an updated interface, simplified filing processes, and improved features for a smoother tax-filing experience.
What is the new portal of filing returns?
The new portal for filing returns is 'www.incometax.gov.in,' offering a modernised platform for taxpayers to easily file their income tax returns.
Do I have to register again in the new income tax portal?
Yes, users need to register again in the new income tax portal, creating a new account to access the updated features and functionalities.
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