Friday , June 14 2024

Income Tax Return: Now ITR will be filed in just 5 minutes, know the easiest way

New Delhi. The last date for filing income tax returns (ITR) for financial year 2023-24 and assessment year 2024-25 is July 31, 2023. The IT department has released online forms for this. If you are also planning to file ITR, then here we are giving you step by step information. By following these you will easily file your ITR within five minutes.

Documents required to file ITR online

  • PAN and Aadhar Card
  • Bank statement
  • Form 16
  • Donation receipts (if any)
  • Investments, Insurance Policy Payment Receipts, Home Loan Installment Payment Receipts
    interest certificate

How is income tax return filed?

To file ITR online, first you have to open the official website of Income Tax. Here we are giving you step by step information.

Phase 1: Open the Income Tax e-filing website and login by entering PAN number and password.

Phase 2: Now you have to click on 'Fine Income Tax Return'.

step 3: In the next step you have to select the assessment year. If you are filing ITR for FY 2023-24 then you have to select assessment year 2024-25.

phase 4: In the next step you have to specify the filing status, in which you will get the options Individual, HUF and others. If you are filing your ITR then you have to click on 'Individual'.

Step 5: Now you have to select the type of ITR. There are 7 types of ITR forms in India. Of these, ITR 1 to 4 forms are for individuals and HUFs.

Step 6: In the next step you will have to give the reason for filing ITR. Here you get options – taxable income more than basic exemption, fulfillment of specific criteria and mandatory filing of ITR and other options. You have to choose one of these.

Step 7: Validating previously entered information

Many details like PAN, Aadhaar, name, date of birth, contact information and bank details are already saved. You must verify this information.

Along with this, you will have to fill the details of your income, exemptions and deductions step by step. Many of these data are pre-filled, you will need to review it and fill in the correct information. After this you have to confirm the summary of the return. While verifying the details, if any tax is due, it has to be paid.