How to File ITR? Master the New Income Tax Portal Today

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.

Are you filing the income tax return for any of the following reasons? Whether it’s to claim a refund, report your income, or avoid penalties, filing ITR is a crucial financial responsibility for all eligible taxpayers in India. With over 7.8 crore ITRs filed in FY 2022-23, more people are becoming aware of their tax obligations. However, confusion around choosing the right ITR form, required documentation, and last-minute filing stress remains a major concern.

The new income tax e-filing portal has simplified tax filing, offering features like pre-filled data, AI-based assistance, and quick refunds. Still, many individuals, especially first-time filers, struggle to navigate the process. In this guide, we will break down ITR filing step-by-step, focusing on salaried individuals, NRIs, and business owners, ensuring you meet deadlines and maximize tax benefits effortlessly with e filing TDS.

Are You Filing the Income Tax Return for any of the Following Reasons?

Don’t worry! This is just a simple step in the ITR filing process on the Income Tax e-Filing Portal 2.0. Select the reason that applies to you, such as taxable income exceeding the basic exemption limit, filing under the Seventh Proviso to Section 139(1), or other applicable reasons. This helps the portal guide you through the right tax return process effortlessly.

Who Needs to Pay Income Tax in India?

Not everyone in India needs to pay income tax, but knowing who is liable helps ensure compliance and avoids penalties. Whether you’re a salaried employee, self-employed professional, NRI, or business owner, understanding your tax obligations is essential. Here’s a breakdown of who needs to file income tax and who is exempt.

Who is Liable to Pay Income Tax?

​In India, income tax liability extends to various entities and individuals based on their income levels and types. Here’s a concise breakdown:​

1. Individuals: 
   • Income Thresholds:
     • Below 60 years: Income exceeding ₹2.5 lakh annually.
     • 60 to 80 years: Income exceeding ₹3 lakh annually.
     • Above 80 years: Income exceeding ₹5 lakh annually.
   • Categories:
     • Salaried Employees: Taxed based on their salary slabs.
     • Self-Employed Professionals and Business Owners: Taxed on profits and gains from their professions or businesses.
2. Hindu Undivided Families (HUFs): Treated as separate entities for taxation, with income taxed similarly to individual taxpayers.​
   • Non-Resident Indians (NRIs): NRIs are taxed on income that accrues or arises in India, such as rental income from property in India, interest from Indian bank accounts, or capital gains from the sale of assets located in India.​
3. Corporate Entities: 
   • Companies: Both domestic and foreign companies are taxed on their profits earned within India.​
   • Firms and Limited Liability Partnerships (LLPs): Taxed at a flat rate on their total income.​

It’s essential for all taxpayers to determine their residential status as per the Income Tax Act, as it influences the scope of taxable income. For instance, residents are taxed on their global income, while non-residents are taxed only on income received or accrued in India.

For Whom is ITR Filing Mandatory?

​Filing an Income Tax Return (ITR) in India is mandatory for various individuals and entities based on specific criteria. Here’s a breakdown of those required to file an ITR:​

1. Individuals with Income Above Taxable Limits: For individuals below 60 years, if the total income exceeds ₹2.5 lakh in a financial year, filing an ITR is mandatory. ​
2. Entities Mandated to File ITR: Companies, firms, LLPs, and other entities are required to file an ITR, irrespective of their income levels. ​
3. Individuals Claiming Tax Refunds: If Tax Deducted at Source (TDS) has been deducted or excess tax has been paid, filing an ITR is necessary to claim refunds.​
4. High-Value Transactions (Seventh Proviso to Section 139(1)): Introduced by the Finance (No. 2) Act, 2019, the Seventh Proviso to Section 139(1) mandates ITR filing for individuals and entities undertaking specific high-value transactions, even if their income is below the basic exemption limit. 

The specified transactions include:

• Deposits in Current Accounts: Depositing an amount or aggregate of amounts exceeding ₹1 crore in one or more current accounts during the financial year.
• Foreign Travel Expenditure: Incurring expenses exceeding ₹2 lakh on foreign travel for oneself or any other person.
• Electricity Consumption: Incurring expenses exceeding ₹1 lakh on electricity consumption during the financial year.

It’s essential to note that these provisions aim to ensure tax compliance among individuals and entities engaging in substantial financial transactions, thereby broadening the tax base and promoting transparency.

Who is Exempt from Filing ITR?

• Individuals with income below the exemption limit.
• Senior citizens aged above 75 with only pension and interest income (under certain conditions).

How to File ITR? Step-by-Step Process on the New Income Tax Portal

Filing your Income Tax Return (ITR) online might seem complicated, but the new Income Tax Portal has made the process more streamlined than ever. Whether you’re a first-time filer or a seasoned taxpayer, understanding the right steps can help you avoid errors and delays. Here’s a complete guide to filing your ITR hassle-free.

• Step 1: Log in to the Income Tax e-Filing Portal

1. 1. Visit the Income Tax e-Filing Portal at www.incometax.gov.in.
   2. Click on “Login” in the top right corner.
   3. Enter your PAN number as the User ID and click Continue.
   4. Enter your password and complete the CAPTCHA verification.

Tip: If you’re a first-time user, click on Register to create an account.

• Step 2: Select “File Income Tax Return”

1. 1. After logging in, go to the e-File menu and select “Income Tax Return”.
   2. Choose the Assessment Year (AY 2024-25 for FY 2023-24).
   3. Select the Online mode for a step-by-step guided filing process.

Tip: If your total income is below ₹5 lakh, you can e-file for free on the portal.

• Step 3: Choose the Correct ITR Form

  • ITR-1 (Sahaj): Salaried individuals with one house property and income below ₹50 lakh.
  • ITR-2: Individuals with capital gains or multiple house properties.
  • ITR-3: For business owners and professionals.
  • ITR-4 (Sugam): For presumptive taxation scheme users (small businesses, freelancers).

Tip: If unsure, use the “Help Me Choose ITR” tool on the portal.

• Step 4: Fill in the Required Details

1. 1. The pre-filled details (from your PAN, Aadhaar, and Form 26AS) will be displayed.
   2. Verify details under:
      • Personal Information (Name, PAN, Contact Details).
      • Income Details (Salary, Interest, Capital Gains).
      • Deductions & Exemptions (Section 80C, 80D, etc.).
   3. Make necessary edits if required and proceed.

 Tip: Cross-check with your Form 16 (for salaried individuals) and Form 26AS (for TDS details).

• Step 5: Claim Deductions & Verify Tax Liability

1. 1. Enter details of deductions under Chapter VI-A:
      • Section 80C (PPF, EPF, Life Insurance, ELSS).
      • Section 80D (Health Insurance Premiums).
      • Section 80E (Education Loan Interest).
      • Section 80G (Donations).
   2. The system will auto-calculate your tax liability or refund.

Tip: If taxes are due, make the payment using Challan 280 under “e-Pay Tax”.

• Step 6: Preview & Submit Your ITR

1. 1. Review the summary of your ITR form.
   2. Ensure all details are accurate and match supporting documents.
   3. Click on “Submit” to proceed.

Tip: Errors in submission can lead to ITR rejection or notices from the IT Department.

• Step 7: Verify Your ITR (Mandatory)

1. 1. After submission, you must verify your ITR within 30 days.
   2. Verification methods:
      • Aadhaar OTP (Linked mobile number required).
      • Net Banking E-Verification.
      • DSC (Digital Signature Certificate) (For business users).
      • Sending a signed ITR-V (Acknowledgement) to CPC Bangalore (only if unable to e-verify).

Tip: E-verification is faster and ensures quick refunds.

• Step 8: Track ITR Status & Refund

1. 1. Go to “My Account” > “View Filed Returns” to check ITR status.
   2. Refunds (if any) are processed within 30-45 days after verification.
   3. Check refund status under “Refund/Demand Status”.

Tip: If refund delays occur, check for any discrepancies in your ITR submission.

Documents Required to File ITR

Category	Documents Required
Personal Info	PAN, Aadhaar, Bank details
Salary Income	Form 16, TDS Certificates, Form 26AS
Investments	PPF, LIC, NPS, ELSS, NSC Proofs
Business Income	P&L Statement, GST Returns, Expense Receipts
Capital Gains	Stock, Mutual Fund, Property Sale Records
Deductions	80C, 80D, Home Loan Interest Certificates

Filing Income Tax Return After Due Date

Missing the ITR filing deadline doesn’t mean you’re out of options, but it can lead to penalties and additional interest. Whether you forgot to file on time or need to correct an error, understanding the rules for late filing can help you avoid unnecessary fines. Here’s what you need to know.

Can You File ITR After the Due Date?

Yes, you can still file your belated return after the deadline. However, there are some consequences to keep in mind:

• Late filing fees under Section 234F:
  • ₹1,000 if total income is up to ₹5 lakh.
  • ₹5,000 if total income exceeds ₹5 lakh.
• Interest on tax dues under Section 234A at 1% per month (if tax is unpaid).
• Losses (except house property loss) cannot be carried forward to future years.

Deadline for Filing a Belated Return

You can file a belated ITR up to December 31 of the assessment year. For example, if the original due date was July 31, 2024, you have until December 31, 2024, to submit your return with penalties.

How to File a Belated Return?

1. Login to the Income Tax Portal – Visit incometax.gov.in and log in with your PAN.
2. Select ‘File Income Tax Return’ – Choose the correct assessment year and select ‘Belated Return’.
3. Fill in Details & Verify Tax Calculation – Enter your income, deductions, and check outstanding tax dues (if any).
4. Pay Late Fees & Pending Taxes – Use net banking, debit card, or UPI to clear dues.
5. E-Verify & Submit – Complete verification via Aadhaar OTP, net banking, DSC, or by sending a signed ITR-V to CPC, Bengaluru.

What if You Need to Correct an Error?

If you’ve already filed your ITR but noticed a mistake, you can submit a revised return under Section 139(5) before December 31 of the assessment year.

What Happens If You Miss the Due Date?

​​The standard ITR filing deadline for salaried individuals and non-audit cases is 31st July, while businesses requiring an audit have an extended deadline until 31st October. Missing these deadlines can lead to penalties and additional charges.

Penalties for Late Filing

• ₹1,000 late fee if taxable income is below ₹5 lakh.
• ₹5,000 penalty if income exceeds ₹5 lakh.
• Additional interest under Section 234A for delayed tax payments.

Filing late can also impact your ability to carry forward losses, except for house property losses.

How to File a Belated or Revised ITR?

If you miss the deadline, you can still file a belated return until December 31 of the assessment year, but with penalties.

• ITR-U (Updated Return) under Section 139(8A): If you realize later that you missed declaring certain income, you can file an updated return within 24 months of the relevant assessment year.
• Revised Return (Section 139(5)): If you made an error in your original ITR, you can correct it by filing a revised return before December 31 of the assessment year.

Refunds & Rectifications: What to Do Post-filing?

Filing your ITR is just the first step—what happens next is equally important. Whether you’re expecting a refund, need to track your return status, or found an error that needs correction, knowing the post-filing process can save time and hassle.

• Track Your Refund: Use the income tax e-filing portal or NSDL website to check the refund status.
• Rectify Mistakes: If the IT department raises discrepancies, respond with necessary corrections via the portal.
• Respond to Notices: In case of tax department queries, ensure timely responses to avoid complications.

Filing your ITR on time helps you stay compliant and avoid unnecessary penalties. If you need assistance with tax filing or corrections, Zolvit is here to simplify the process for you!

How to Check ITR Status & Refund

​​Once you’ve filed your Income Tax Return (ITR), tracking its status and refund is essential. Here’s how you can do it:

• Step 1: Check ITR Filing Status

1. 1. Login to the Income Tax Portal – Go to incometax.gov.in and log in using your PAN and password.
   2. Navigate to ‘View Returns/Forms’ under the dashboard.
   3. Select the relevant assessment year to check the filing status.
      • Submitted – ITR filed but not verified.
      • Verified – ITR successfully submitted and e-verified.
      • Processed – Return assessed by the Income Tax Department.

• Step 2: Track Your Refund

Refunds are processed via direct bank transfer (RTGS/NEFT) to the bank account linked with your PAN. You can check your refund status through:

• • Income Tax e-filing portal
  • NSDL Refund Tracking Portal (tin.tin.nsdl.com)

If your refund is not credited, check your bank details and Form 26AS for any discrepancies.

Common Reasons for Refund Delays

1. Incorrect bank details (wrong IFSC, account number).
2. Mismatch in ITR & Form 26AS (TDS not reflecting correctly).
3. ITR not verified – Ensure verification via Aadhaar OTP, net banking, or DSC.
4. Pending assessment by the Income Tax Department.

For any corrections, submit a refund reissue request on the Income Tax Portal.

Revising or Rectifying an ITR

If you’ve filed your Income Tax Return (ITR) and later discovered an error, you can correct it through either revising or rectifying your return. Here’s how you can do it:

• Filing a Revised Return (Section 139(5))

A revised return allows you to correct mistakes in your original ITR before the deadline.

Steps to File a Revised Return:

1. Login to the Income Tax Portal – Visit incometax.gov.in and log in with your PAN and password.
2. Go to ‘File Income Tax Return’ – Select the relevant assessment year.
3. Choose ‘Revised Return’ – Under Filing Type, select ‘Revised u/s 139(5)’.
4. Enter Acknowledgment Number – Provide the acknowledgment number of the originally filed ITR.
5. Make Necessary Corrections – Update income details, deductions, or any errors in the revised return.
6. Verify & Submit – Complete e-verification via Aadhaar OTP, net banking, or DSC.

Deadline: A revised return can be filed before December 31 of the assessment year.

• Rectifying Errors via Grievance Redressal

If your ITR has been processed incorrectly or there’s a mismatch in tax computation, you can request a rectification under Section 154.

Steps to File a Rectification Request:

1. Login to the Income Tax Portal.
2. Go to ‘Grievance Redressal’ → ‘Rectification Request’.
3. Select the Assessment Year and provide the order reference number from the intimation received under Section 143(1).
4. Choose the Error Type – Select the mistake in processing (e.g., TDS mismatch, incorrect refund calculation).
5. Submit the Rectification Request.

The Income Tax Department will review and process corrections accordingly.

Common Mistakes to Avoid when Filing Income Tax Return

Filing your Income Tax Return (ITR) correctly is crucial to avoid penalties, processing delays, or rejections. Here are some common mistakes to watch out for:

• Choosing the Wrong ITR Form
  Selecting an incorrect form can lead to rejection or tax notices. Ensure you choose the right form based on your income source (salary, business, capital gains, etc.). 
• Mismatch in Income Data
  The income reported in your ITR must match Form 26AS, AIS, and TDS certificates. Discrepancies can lead to tax department scrutiny or delayed refunds. 
• Failure to Disclose Additional Income
  Many taxpayers forget to declare interest from savings accounts, FDs, dividends, or capital gains. Non-disclosure can trigger penalties. 
• Not Verifying the ITR Post-Filing
  Filing is incomplete without verification. Ensure e-verification via Aadhaar OTP, net banking, or DSC, or send a signed ITR-V to CPC, Bengaluru within 30 days.

FAQs

Is it necessary to know how to file ITR online, or can it still be done offline?

ITR can be filed both online and offline. Online filing (e-filing) is mandatory for most taxpayers, while offline filing is allowed only for specific cases, such as senior citizens using paper returns.

Do I need to upload any documents while filing an income tax return online?

No, you do not need to upload any documents while filing your ITR online. However, you should keep supporting documents like Form 16, TDS certificates, and investment proofs for reference in case of verification.

Is Tin 2.0 the same as the new income tax portal?

No, TIN 2.0 is a separate system for tax payments and challan generation, while the Income Tax e-Filing portal is used for filing returns and compliance-related tasks.

How to file an income tax return after the due date?

You can file a belated return under Section 139(4) by December 31 of the assessment year with a late fee. If additional income is discovered later, you can file an updated return (ITR-U) under Section 139(8A) within 24 months.

Do I have to register again in the new income tax portal?

No, if you were already registered on the old e-filing portal, your credentials remain the same on the new portal. You can log in using your existing PAN and password.