e-Filing Income Tax Returns: Verification & Benefits

Individuals whose total income in the previous year exceeds the tax exemption bracket are mandated to file their ITR (income tax returns) as per Section 139 (1). The process of filing your returns online is e-filing ITR. Like individuals, businesses and other entities must also report their income and pay taxes.

The deadline to file ITR online or offline is 31st July of every year. In this article, learn steps for e-filing income tax, its importance, how to check ITR status and more.

Steps To e-Filing Income Tax Online For AY 2023 – 2024

Here is a step-by-step guide for income tax e-filing for Assessment Year (AY) 2023 – 2024 (FY 2022 – 2023).

Calculate your income and tax

Get started with calculating your income from every source, like salary, interest income, etc. Also, note if there are any tax-saving investments that come under Section 80C to claim deductions.

TDS certificates and Form 26AS

Now summarise the TDS amount from the TDS certificates. To compute and summarise the TDS and tax paid during the financial year, you can use Form 26AS.

Choose the right income tax form

Once you have your income and TDS sorted, learn about the different ITR forms and understand the one that suits you. If you are filing your ITR online, only ITR 1 and ITR 4 are available. All the other forms can be uploaded offline by generating XML and uploading it on the portal.

Visit the official website of ITR

Visit the official Income Tax portal. New users can register using a PAN card. Existing users can log in using their User ID.

Select your category and IT form

Select the taxpayer category that applies to you – individual, Hindu Undivided Family (HUF), etc. Accordingly, select the right ITR form you need to file.

Enter your bank account details

Input your bank account details, and if you have already entered them, pre-validate if the right details are given.

Go through the pre-filled data

Now you will be redirected to a new page when your income and tax are pre-filled. You can go through each and every step to verify the details. If any changes are required, click edit to update the correct information.

Submit the details

Once you’ve verified your income and tax information, you can confirm the same and proceed. That’s it, your ITR will be filed, and a confirmation will be sent to your registered email id and phone number.

Know more about Suggestions for Filling up Your IT Returns

Documents For e-Filing Income Tax

Aadhaar card, bank account details, PAN card (if available)
Form 16 for salaried individuals
Rent receipts to claim HRA
If there’s an income from any house, details of the property like address proof, co-owners details along with their PAN, date of construction or purchase, home loan interest certificate
If you hold any stock, mutual funds or any investments, the details of investments should be kept handy
If you have other income from interest from tax-saving bonds, or corporate bonds, the details of the interest are needed

Know in detail about Documents Required for ITR Filing

Verification of ITR

After filing your ITR, you are required to do it; otherwise, it will be considered invalid. You can verify it online or offline by sending a signed ITR-V to the Centralized Processing Center (CPC) in Bangalore.

The steps for the verification of ITR are below:

Login to the income tax official portal
Go to the e-file section on the menu bar
Click on ‘Income Tax Returns’ and find e-verify
You’ll find the details of your ITR filed
You can verify it using an Aadhaar card OTP, net banking, Demat account, digital signature certificate or the bank account

How To Check ITR Status?

You can check the status of your ITR application online easily by following the steps below:

Login to the income tax official portal
You can find the status of your filed returns on the dashboard itself
For detailed information on the ITR status, go to the e-file section on the menu bar
Click on ‘Income Tax Returns’
Click on ‘View Filed Returns’

You’ll get the status of your income tax returns.

What Happens After You File ITR?

Once your income e-filing is done, the IT department authorities will verify the details and process it successfully (assuming the details are correct). Once the ITR is processed and there are any returns to be refunded, the amount will be credited to your provided bank account in 20 – 45 days once the ITR is processed.

Who Should File ITR in India?

Individuals or companies that fall under any one of the following categories must file ITR:

Any company or firm must file ITR irrespective of the profit or loss of the business.
Individuals who want to claim a refund from the IT department.
Individuals who wish to apply for a visa or loan.
Individuals interested in investing in foreign assets or the ones generating income from house property, etc.
Individuals whose annual income is more than the taxable income that is given by the IT department.

New Rules For Filing ITR – 2023

As per the new rule for filing ITR, if an individual does not have a PAN card, they can file for income tax using an Aadhaar card. And individuals who file for ITR using the Aadhaar card will be allotted a PAN card according to their demographics taken from the Unique Identification Authority of India (UIDAI). But it is mandatory to hold an Aadhaar card while filing ITR.

Benefits of e-Filing ITR

Some benefits of filing ITR online are:

You can file your income tax returns from anywhere and anytime.
With electronic validation, there are fewer chances for manual errors
It simplifies the process with pre-filled forms and user-friendly software.
Save time and money on paper forms and post charges.
Maintain and access digital records easily and check the status of the application quickly.
Get instant acknowledgement after filing.

Conclusion

Now that you know how to file for income tax returns online, ensure to file it rightly before the deadline to avoid penalties. If you have any doubts while filing your returns, you can talk to your trusted financial advisor.