The Income Tax e-Filing portal is open for registered users to pre-fill and file their Income Tax Returns for Assessment Year 2023-24. It is mandatory to file your ITR if your total income from all sources exceeds the basic exemption limit.
Here we give step-wise detail on how can a salaried individual taxpayer file ITR-1 using Form 16 online through the e-Filing portal.
What is the threshold limit for ITR filing?
The threshold amounts vary based on age: ₹2.50 lakh for individuals below 60 years, ₹3 lakh for those between 60 and 80 years, and ₹5 lakh for individuals above 80 years.
Before we proceed, here are the prerequisites
1. Registered user on the e-Filing portal with valid user ID and password
2. Status of PAN is active
3. PAN and Aadhaar are linked (mandatory w.e.f July 1)
4. Pre-validate at least one bank account and nominate it for a refund (recommended)
5. Valid mobile number linked with Aadhaar / e-Filing portal / your bank / NSDL / CDSL (for e-Verification)
6. Form 16
ALSO READ: Filing income tax return? Key points to know before submitting ITRs
What is Form 16?
Form 16 is a document provided by the employer to employees with details of tax deducted at source (TDS) and break up of salary component. As per the income tax latest rules, every employer must issue Form 16 to employees with income subject to TDS by 15 June this year. (ALSO READ: Income tax return filing: How to file your ITR without Form 16? Follow these steps)
What is the deadline for ITR filing?
The last date to file the ITR for the financial year 2022-23 is July 31.
Follow the step-wise process to complete it easily.
How to file Income Tax Returns online for AY 2023-24
1. Visit the Income Tax e-Filing portal at www.incometax.gov.in.
2. Log in to the e-Filing portal using your PAN, Password, and Captcha.
3. Access the “e-File” menu and click on the “Income Tax Return” link.
4. Your PAN will automatically appear on the Income Tax Return page. Select the Assessment Year, ITR Form Number, Filing Type, and Submission Mode. Verify the details and click on submit.
5. Continue after selecting the necessary details.
6. Fill in the mandatory fields of the online ITR form and click on “Save Draft” to save the data.
7. Review details like gross total income, total deduction, taxes paid, and tax liability.
8. Choose the appropriate Verification option under the “Taxes Paid and Verification” tab.
9. Preview and verify all the data in the ITR form.
10. Submit the form online and thus you have successfully filled your ITR.