Online ITR filing is an easy, fast, and accessible exercise option. Indian nationals can access useful features using the new income tax site by logging in using their PAN data. So if you have been wondering how to file ITR online, then you’ve come across the right blog,

Prerequisites

Before understanding the online tax filing process, register on the income tax portal. In order to prevent any issues, it’s crucial to link your PAN with Aadhaar. For reimbursements, make sure your mobile phone is connected to your bank, e-filing site, and Aadhaar, and pre-validate at least one bank account.  

Eligibility for E-Filing ITR

Who is eligible for ITR-1 for AY 2023-24?

Indian residents with a total yearly income below ₹50 lakh.

1. Individuals whose income mainly comes from:

   – Salary

   – Owning one house

   – A small amount from farming (up to ₹5000)

   – Other sources like interest from savings, deposits, or family pension.

2. Spouses or minor children with income within these limits can also be included

Who is eligible for ITR-4 for AY 2023-24?

Indian resident individuals, Hindu Undivided Families (HUFs), or non-LLP firms who are:

1. Those with a yearly income below ₹50 lakh during the financial year

2. Individuals whose income includes:

   – Business or profession, calculated using a presumptive method under certain tax law sections.

   – Salary, Owning one house, A little from farming (up to ₹5000)

   – Other sources like interest from savings, deposits, or family pension (excluding lottery winnings and income from horse racing)

How to File ITR Online?

Step 1: Fill in your user ID and password, and log into the ITR filing portal.

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Navigate to your Dashboard’s e-File Tax Returns > File Income Tax Return.

Note: If your PAN is inactive and not linked with Aadhaar, a warning message will appear. You can choose to link them by clicking the “Link Now” button or continue without linking.

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Step 2: Click Continue after selecting 2023–24 as the assessment year and online as the filling mode.

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Click Resume Filing to continue if you have an outstanding return; otherwise, click Start New09

After choosing your status, click “Continue.”10

Step 3: Choose the correct ITR form or let the system help you decide.

You have two options for selecting the type of Income Tax Return:

– If you’re certain about the ITR form to use, directly select it.

– If unsure, choose “Help me decide which ITR Form to file” for system assistance.

Note: If you’re uncertain about the applicable ITR or schedule, answering a set of questions will aid in determining the correct form for error-free filing.

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Here, for your reference, we are selecting ITR-1. However, the subsequent process is the same for both approaches.

After making a note of the necessary files, select Let’s Get Started.

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Step 4: Choose your filing purpose, and then click on Proceed.

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If opting for the New Tax Regime, select Yes and review your pre-filled data.

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Enter or edit your income and deductions, then click Proceed.

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Step 5: Review your tax liability and choose Pay Now or Preview Return. 

Note: Paying now is recommended to avoid interest on tax payable later.

If paying now, proceed to e-pay Tax service.

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Step 6: After successful payment, click Back to Return Filing.

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Preview your return and select the declaration checkbox.

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Proceed to Preview.

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Step 7: Proceed to Validation. 

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Once validated, proceed to Verification. 

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Step 8: Select your preferred verification option. Choose how to e-Verify your return and continue.

You can link PAN with Aadhaar by clicking on the Link Now option, or else click on Continue. After e-Verifying, you’ll receive a success message with a Transaction ID and Acknowledgement Number. Check your registered mobile number and email for confirmation.

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Conclusion

Thus you now know how to file ITR online. The ability to electronically file an income tax return is guaranteed by the Income Tax Department. It’s crucial to take some safety measures to ensure a seamless income tax return filing process and to stay out of trouble. These include connecting your PAN and Aadhaar, pre-validating your bank account to ensure you receive your refund, choosing the appropriate ITR form, filing by the deadline, confirming your return, and quickly answering any IT department notices. 

FAQs

Which kinds of income are excluded from the ITR 1 form?

In the ITR 1 form, certain types of income excluded are profits from business or profession, capital gains, income from more than one house, specific types of income like lottery winnings, owning racehorses, special taxed income, and income split under section 5A.

What is the presumed tax plan for individuals submitting ITR-4?

As to Section 44AA of the Income Tax Act (1961), business or legal professionals may be required to maintain comprehensive records. But for small taxpayers, there’s relief. The Act has a presumptive taxation scheme (for ITR-4 users) under sections 44AD, 44ADA, and 44AE, where you can declare income at a fixed rate.