Masters India

Income Tax E Filing – Income Tax Returns Online 2023-24

Kamal Sakle
Kamal Sakle at August 03, 2023

Income tax e-filing is the step-by-step process of filing your income tax returns online. Let’s discuss it throughout as per Income Tax Law. Let’s have a look at how to file income tax return online step by step pdf.

What Is Income Tax?

Income tax is a type of tax that the government imposes on the earnings or income of an individual or entity. Individuals and businesses are required to submit an income tax return, or ITR return, which is a statement of their taxable income and associated tax liabilities. Income tax e-filing or online income tax return filing refers to the process of submitting a tax return electronically. Individuals can file ITR online using e-filing, providing details about their income, deductions, and other pertinent information. People can check the status of their income tax returns online to keep track of when they were filed. People can easily file their ITR online thanks to the convenience of various online platforms such as Masters India and the official income tax e-filing website.

What Is an Income Tax Return?

Income tax return is a document submitted to the government that contains details about the earnings, tax credits, and obligations of an individual or business entity. It is an essential step in the process known as Income tax e-filing, also known as ITR filing, which involves providing the tax authorities with information about one's income.

Income tax e-filing or e-file tax return, involves disclosing your earnings from a variety of sources, including salary, investments, rental income, and self-employment income. People frequently use an income tax calculator and different tax return software in online tax filing or IT return filing to estimate their tax liability based on their income and deductions to make the process easier.

Tax return preparation comprehends the tax return deadline or the last day by which your tax return form must be submitted as per income tax laws. If you have paid more tax than you owe, you might be qualified for an income tax refund. You can track your tax return status to find out if it has been processed if any additional information is needed, and if a refund has been given.

Self-employed people must calculate and pay their self-employed taxes.  People can use a tax return estimator, which provides an estimate of the taxes owed or the anticipated refund, to determine their tax liability in advance.

What’s New in Income Tax in Budget 2023 Updates?

Individuals with taxable incomes below Rs 7 Lakhs are exempt from paying taxes under this new regime due to the introduction of a tax rebate in the New Tax Regime for incomes up to Rs 7 Lakhs. According to this regime, there are new tax slabs as follows:

Income Slabs Tax Rates
up to Rs. 3 lakhs No taxes
Rs 3 lakhs to Rs 6 lakhs 5% 
Rs 6 lakhs to Rs 9 lakhs 10%
Rs 9 lakhs to Rs 12 lakhs 15%
Rs 12 lakhs to Rs 15 lakhs 20%
Above Rs 15 lakhs 30%
  • For salaried taxpayers, a standard deduction of Rs 50,000 has also been implemented.
  • Additionally, the highest surcharge for people earning more than Rs 5 crore has been lowered from 37% to 25%, which results in a reduction in their tax rate from 42.74% to 39%.
  • Taxpayers will have the option to choose the old tax regime if they so choose, but the new tax regime will be the default.
  • The maximum amount of leave that can be redeemed by non-government employees has been raised from Rs 3 lakh to Rs 25 lakh.
  • Last but not least, the TDS rate on EPF (Employee Provident Fund) withdrawals has been lowered from 30% to 20%.

Linking your Aadhaar number with your PAN card is essential before the deadline of 30th June 2023. Your PAN card will become inactive on July 1, 2023, if you do not link them. All PAN card holders must finish the PAN-Aadhaar linking process before the cutoff date to prevent this. However, if you miss the deadline, you can still link them by paying a late penalty of Rs. 1,000.

Who Is Required to File Income Tax Returns?

In India, you must file your Income Tax Return (ITR) if your earnings exceed a certain threshold. Both individuals and businesses must abide by this rule. Depending on your category, you may be able to earn a different amount without having to submit an ITR. For the financial year 2022–2023, the threshold for individuals is Rs. 2.5 lakhs. The limit for senior citizens is Rs. 3 lakhs for those who are 60 years of age or older but under 80 years of age, and Rs. 5 lakhs for those who are 80 years of age or older.

There are additional circumstances in which people and businesses must file an ITR in addition to these fundamental restrictions. These circumstances consist of the following.

  • If you have an account or have income from assets that are outside of India.
  • If you purchased shares of stock or mutual funds and later sold them for a profit.
  • If you deposited more than Rs. 1 crore into a current account during the financial year.
  • If you are entitled to a tax refund or wish to carry forward losses to the following year.
  • If you are in charge of a foreign account and are a resident of India.

To avoid any fines or penalties for breaking these rules, it is vital for individuals and businesses to decide whether they must file an ITR and to do so before the deadline.

Documents Required for Income Tax Return Filing

The documents are required to file an online IT Return as follows.

  • PAN Card
  • Aadhar Card
  • Form 26AS
  • Form 16/ Form 16A
  • Payslips for salaries
  • Bank statements
  • Interest-bearing documents
  • TDS certificate
  • Evidence of investments that save taxes
  • Other Income Details like Proofs of Capital Gains but only If you have earned capital gains from your mutual funds/equity investments or sale of the property.

How to File Income Tax Return Online Step-by-Step Guide?

Income tax e-filing is a process you submit to the government detailing your yearly income, expenses, and any investments or deductions you may have. Taxpayers are required by law to file an income tax return in certain situations.

Even if you did not make any money, you still need to the process of Income tax e-filing to carry forward losses, receive a tax refund, or claim deductions.

The Income Tax Department offers a service that allows you to submit your Income tax e-filing online.

The steps to file your income tax return online are as follows:

  • Step 1: Compute your income and tax.
  • Step 2: Gather your TDS certificates and review your Form 26AS for tax information.
  • Step 3: Select the appropriate Income Tax Form for your situation.
  • Step 4: Download the necessary software from the Income Tax Portal.
  • Step 5: Fill in your information in the downloaded file.
  • Step 6: Verify the data you entered.
  • Step 7: Convert the file to XML.
  • Step 8: Upload the XML file to the Income Tax Portal.

After you have uploaded the file, you will need to log in to the income tax e-filing portal and enter your PAN, assessment year, and ITR form number. Then you can attach and submit the XML file. You can verify your return using Aadhaar OTP, electronic verification code (EVC), or by sending a signed copy of ITR-V to CPC, Bengaluru.

Types of ITR Form – Which ITR Form to File?

The official website of the Income Tax Department includes a list of forms that taxpayers may need to complete based on their income. Some of these forms are simple, while others require more information, such as profit and loss statements.

  • ITR-1 Form: Also known as Sahaj, this form is for resident individuals (excluding non-ordinary residents) with a total income of up to Rs. 50 lakh. It applies to Individuals having salary income and/or one house property and other sources of income such as interest agricultural income of up to Rs. 5,000.
  • ITR-2 Form: This form is intended for individuals and Hindu Undivided Families (HUFs) who do not receive income from the proceeds of their businesses or professions.
  • ITR-3 Form: This form should be used by individuals and HUFs who receive income from business or professional profits and gains.
  • ITR-4 Form (Sugam): Fill out this form if your business qualifies for presumptive income. It applies to resident individuals, HUFs, and firms (excluding LLPs) with a total income of up to Rs. 50 lakh derived from a business or profession as defined by sections 44AD, 44ADA, or 44AE.

How to Check ITR Status Online?

Here are the easy steps to take if you want to check the status of your tax return online and see what stage it is in -

Option-1: In the absence of login information:

  • Go to the website for electronic filing and select the "ITR status" tab on the left.
  • A new page will open where you must enter the captcha code, ITR acknowledgement number, and PAN number.
  • The status of your filing will be shown on the screen after you have entered all the necessary information.

Option-2: If you have your login information:

  • Log in with your credentials to the e-filing website.
  • Select "View Returns/Forms" from the menu.
  • Select "Income Tax Returns" from the dropdown menu, then pick the assessment year.
  • The status of your filing (whether it is only verified or processed) will be displayed on the screen after selecting the pertinent options.

Your tax return's status will change to "Verified" once you have filed and verified your income tax returns. When processing is complete, the status is changed to "ITR Processed.

To comply with the law and prevent any financial difficulties, it is crucial to keep the Income Tax Department informed about your income and tax obligations. Now that you are aware of whether or not filing your ITR is required, make sure to finish the procedure ahead of time each year.

What Are the Income Tax Return Filing Due Dates?

For the financial year 2022–2023, the following categories of taxpayers have different Income tax e-filing deadlines.

Individuals, HUFs, AOPs, BOIs (books of accounts not audited): July 31, 2023
Businesses requiring audit: October 31, 2023
Businesses requiring transfer pricing reports (for international/specified domestic transactions): November 30, 2023
Revised return: December 31, 2023
Belated/late return: December 31, 2023

Significant Due Dates for Paying Advance Tax Installments for the Financial Year 2023-24

Due date Type of compliance Tax Rate
15th June 2023 1st Installment 15% of tax liability
15th September 2023 2nd Installment 45% of tax liability
15th December 2023 3rd Installment 75% of tax liability
15th March 2024 4th Installment 100% of tax liability
15th March 2024 Presumptive scheme 100% of tax liability

Presumptive Scheme - This scheme is for professionals who have gross revenue of up to RS 50 lakhs. Here, they are allowed to offer 50% of their total or gross revenue as their taxable income & can pay the tax as per the slab rate for that income.

Penalty for Late Filing of ITR?

There are penalties for filing your income tax return (ITR) late under the updated provisions of Section 234F of the Income Tax Act. The maximum fine for filing a late return has been decreased from Rs. 10,000 to Rs. 5,000 effective with the financial year 2021-22.

If you submit your ITR by the deadline of July 31, 2023 (September 30, 2023, for audited cases, and October 31, 2023, for transfer pricing cases), no penalties will be assessed for the financial year 2022–2023. However, if you file your ITR after the due dates, a penalty of up to Rs. 5,000 may be levied.

Note that the maximum penalty for late filing for small taxpayers with a total income up to Rs. 5 lakhs will be reduced to Rs. 1,000.


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