Filing your Income Tax Return (ITR) is essential for every taxpayer to declare income, expenses, deductions, and taxes paid. As per the Income-tax Act of 1961, certain situations make it mandatory to file a return. However, filing may still be beneficial for purposes like carrying forward losses, claiming refunds, securing visas, obtaining loans, or applying for term insurance.

E-filing involves submitting your ITR online. The revamped tax portal, accessible via PAN login credentials, simplifies the process. Here's a detailed guide to e-file ITR for FY 2023-24 (AY 2024-25).

Step-by-Step Guide to E-File ITR on the Income Tax Portal

Step 1: Logging In
Visit the official Income Tax e-filing website, then login using your PAN as User ID and password. Confirm the site's authenticity and proceed to your dashboard.

Step 2: Locate 'File Income Tax Return'
In the dashboard, click on 'e-File', then 'Income Tax Returns', followed by 'File Income Tax Return'.

Step 3: Choose the Correct Assessment Year
Select 'AY 2024-25' for filing FY 2023-24. Ensure the filing mode is 'Online' and choose between original or revised return.

Step 4: Select Your Status
Indicate your status: Individual, HUF (Hindu Undivided Family), or Others. If individual, proceed by selecting 'Individual'.

Step 5: Choose the Correct ITR Form
Select the suitable ITR form. Options for individuals and HUFs typically include ITR 1 to ITR 4. For instance, use ITR 2 for capital gains without business income.

Step 6: Provide Reason for Filing ITR
State your reason for filing: taxable income over exemption limit, mandated filing, or other applicable reasons.

Step 7: Validate Pre-Filled Information
Review pre-filled data such as PAN, Aadhaar, etc., for accuracy. Validate bank details for timely refunds and confirm all income, exemptions, and deductions.

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Step 8: E-Verify Your ITR
E-verify using Aadhaar OTP, Electronic Verification Code (EVC), net banking, or by sending a physical ITR-V to CPC Bengaluru, as verification finalizes the filing process.

Note: Use ClearTax’s online calculator for ease in tax computation.

Essential Documents for E-Filing ITR

Ensure you have your PAN and Aadhaar, bank statements, Form 16, donation receipts, stock trading statements, insurance policy receipts, bank account details, Aadhaar registered mobile number, and interest certificates to facilitate the filing process.

ClearTax assists by auto-filling details like salary income and TDS, easing the e-filing process by simply requiring your PAN.

Following these steps helps streamline the e-filing of your ITR for FY 2023-24, ensuring compliance and efficient processing of eligible refunds. Consult a tax professional if needed for navigating complex scenarios.