To submit your ITR for the fiscal year 2022–2023 or assessment year 2023–2024 Online, follow these steps:
STEP 1- Go to the official income tax website.
By selecting the e-File option and choosing “Income Tax Return,” you may access the Income Tax e-Filing website.
STEP 2- Choose a Submission Mode
Set the submission option to “online” and choose the assessment year, form type, and filing type. Click ‘Continue’ one more to finish.
STEP3 – Type in Your ITR Filing Reason
Pick the justification for your ITR file from the drop-down menu’s selections.
STEP 4 -Put your bank information in
You had the option of linking a new bank account or validating your current financial details.
STEP 5- Check and update your personal data
You’ll be redirected to another page. This page’s material has already been filled in significantly. Update the information, verify the specifics, and complete the gaps.
STEP 6- Select Your Preference for the Verification Method
After selecting your desired method of verification, “Submit” the ITR form. Either an Aadhaar OTP or an electronic verification code (EVC) might be used to confirm the input. Alternatively, you might mail a hard copy of your ITR form to CPC Bangalore that has been self-attested.
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Common Errors Made When Filing ITR
Providing false information about yourself
It is essential to enter the personal information truthfully before submitting your taxes since it will be kept in the Department’s databank and may be checked. PAN numbers, names, addresses, mail IDs, phone numbers, dates of birth, bank account numbers, IFS codes, and other specific information must be provided. Failure to Match Form 26AS with TDS.
It’s important to check the ITR with Form 26AS before filing. Every bit of information on your income, including Tax Deducted at Source (TDS), advance tax payments you make, self-assessment tax, etc. is included on Form 26AS. Your pay may have been subject to TDS deductions.
Also Read: Top 10 scheme to save income tax
Manually entering the information
The format for filing returns is predetermined. All information must be put in the designated rows and columns according to a certain format. Incorrect usage of this complex format will result in issues with the returns.
No ITR is necessary if TDS is paid.
Employers are required to deduct tax on employee wages and interest income at the source. You must submit your income tax return online if your yearly income is more than Rs. 2.5 lakh. Likewise, include the interest earned on such returns. You must report the income from which tax has been withheld and claim TDS as a credit on your income tax return.
After subtracting a 10% flat tax rate, interest on bank deposits is given. For interest earned on your savings, you may deduct up to Rs 10,000 under section 80TTA. Under Section 80 TTB, older citizens may deduct interest up to Rs 50,000.
Q1-Do they provide an e-filing service through the Income Tax Department?
Ans-Yes, the Income Tax Department has made the e-filing tool available. It is possible to produce the e-filed returns and then deliver them electronically.
Q2-What distinguishes electronic filing from electronic payment?
Ans-E-filing is the procedure of providing returns electronically. E-payment refers to the online payment of taxes using net banking or a debit/credit card issued by the State Bank of India.
Ans-Tax Deducted at Source is the official name of TDS. According to the Income Tax Act, the payer of some payments, such salaries and interest, is required to withhold taxes. At the time of calculating the income tax return, TDS is eventually adjusted together with the total amount of tax due.
Form 16 from your employer serves as evidence of the full amount of TDS deducted from your salary. Form 16 includes information on pay, allowances, and deductions, as well as information about TDS that was deducted. The specifics of the deductions that are stated must match the paperwork of deductions that you give to your employer. Therefore, the computation utilized in Form-16 could differ from the computation performed in practice.
Q5-Do I have to provide any supporting papers with my income tax return?
You are not obliged to provide any supporting materials with your income tax return. You are only needed to furnish paperwork when asked by the Income Tax Department.