In a recent announcement, the Income Tax Department has extended the deadline for filing Income Tax Returns (ITR) by 15 days. Taxpayers now have additional time to complete their filings, relieving those facing time constraints. This extension aims to support taxpayers in fulfilling their obligations without the pressure of the initial deadline. However, they are encouraged to file it promptly to avoid any last-minute rush.

The extension applies to tax return filings for the fiscal year 2023-24, now due by November 15.

Step-by-Step Guide To E-filing Income Tax Returns On The Income Tax Portal

As the ITR filing deadline approaches, taxpayers can follow these simple steps to file their returns on the official Income Tax e-filing website:

Login to the Portal

• Visit the Income Tax e-filing website and select ‘Login’,

• Enter your PAN in the User ID field and click ‘Continue’,
• Confirm the security message by checking the appropriate tickbox,
• Enter your password and select ‘Continue’ to access your account.

Navigate To ‘File Income Tax Return’

• Select the ‘e-File’ tab, then click ‘Income Tax Returns’ and choose ‘File Income Tax Return’.

Then Choose The Correct ‘Assessment Year’

• To file the FY 2023-24 return, select ‘Assessment Year’ as ‘AY 2024-25’. If filing for FY 2022-23, choose ‘AY 2023-24’. Ensure the filing mode is set to ‘Online’ and accurately select the filing type as either an original or revised return.

Now Choose Your Filing Status

• Select the appropriate filing status: Individual, HUF, or Others.
• For individual taxpayers, choose ‘Individual’ and click ‘Continue’.

Choose The Appropriate ITR Form

• Next, select the ITR form type. It’s essential to determine the correct ITR form before filing. There are seven ITR forms, with ITR 1 to 4 specifically for Individuals and HUFs. For instance, individuals and HUFs with capital gains but no income from business or profession should opt for ITR 2.

Specify The Reason For Filing ITR

In this step, select the reason for filing your return based on your circumstances. Options include:

• Taxable income exceeds the basic exemption limit
• Mandatory filing due to specific criteria
• Other reasons.

Review And Validate Pre-filled Information

• At this stage, review the pre-filled information, which includes your PAN, Aadhaar, name, date of birth, contact details, and bank account information. Confirm that all details are accurate. If bank account information is pre-validated, You should double-check for accuracy.
• Continue through each section, ensuring that all income, exemptions, and deduction details are disclosed correctly. This information will be pre-filled based on data from your employer, bank, etc., so carefully verify for accuracy. Finally, confirm the return summary, validate the information, and, if applicable, make any outstanding tax payments.

E-Verify Your ITR

• The final and essential step is to verify your income tax return within 30 days. Failure to complete this verification will be considered not filing your return. You can e-verify your return using various methods, including Aadhaar OTP, electronic verification code (EVC), net banking, or by sending a physical copy of the ITR-V to the CPC in Bengaluru.

This comprehensive guide ensures you file your ITR accurately and on time, without missing the deadline.