How to E-File ITR for FY 2023-24 in 8 Easy Steps?

Filing your Income Tax Return (ITR) is essential for taxpayers to report income, expenditures, deductions, and taxes paid. The Income-tax Act of 1961 specifies when filing is mandatory. Additionally, filing facilitates loss carryforward, refund claims, acquiring visas, obtaining loans, or applying for term insurance.

E-filing involves submitting ITRs online. The updated tax portal, accessible using PAN login, eases this 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 and log in using your PAN as User ID and password. Verify the site’s authenticity and proceed to your dashboard.

Step 2: Locate 'File Income Tax Return'
On 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 an 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 appropriate ITR form. Options for individuals and HUFs usually 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 the exemption limit, mandated filing, or other relevant 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 send a physical ITR-V to CPC Bengaluru, as verification finalizes the filing process.

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

Essential Documents for E-Filing ITR

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 ready to streamline the filing process.

ClearTax aids by auto-filling details like salary income and TDS, simplifying the e-filing process with just your PAN needed.

Following these steps ensures a smooth e-filing process of your ITR for FY 2023-24, maintaining compliance and efficient processing of eligible refunds. Seek advice from a tax professional for complex situations.