Thursday, May 23, 2024

New Online Methods for Filing Income Tax Return (ITR) Eliminate the Need for Chartered Accountants

For FY 23, all taxpayers in the country are required to file income tax return by 31 July 2023. The deadline of the last date to file ITR will not be extended, if you miss this deadline then you will have to pay penalty for filing ITR.

Where you are working, if that company has not yet given you Form 16, then you should take Form 16 from your company as soon as possible, because you must have Form 16 to file ITR. You should file ITR as soon as possible, so that last minute mistakes can be avoided.

How to file ITR?

You can file ITR through e-filing portal and app, or through a Chartered Accountant if you prefer. If you want to file ITR by yourself, then you have to file ITR online on the website of Income Tax Department.

What is the process to file ITR?

  • To file ITR, you must first go to the Income Tax e-filing portal.
  • After this you have to log in by entering your user ID (PAN), password and captcha code.
  • After this, you will have to click on the ‘Income Tax Return’ link by clicking on the ‘e-File’ menu.
  • In the next step, you have to choose the appropriate Income Tax Return (ITR) form based on your income and other factors.
  • If you have Form 16, you can use either ITR Form 1 or ITR Form 2.
  • After this you have to choose the Assessment Year (AY) for which you want to file ITR.
  • Let us tell you that the assessment year 2023-24 is going on now and you should choose this option.
  • After this, read all the information on the form thoroughly and submit it.
    After submitting your return, e-verify it using any of the available options like Aadhaar OTP, etc.
  • After this you verify your return.

These documents will be required for filing returns

  • Form 16
  • Form 16A
  • Form 26AS
  • capital gains statement
  • Tax Saving Investment Proof
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