Income Tax News: A taxpayer can report his income, expenses, tax deductions, investments, taxes, and other information on an income tax return (ITR). The Income Tax Act of 1961 requires a taxpayer to file an income tax return in a number of situations. Even in the absence of income, there might be a number of additional reasons to file an income tax return, such as carrying forward losses, requesting a refund, claiming tax deductions, etc.
Introduction to E-filing
The process of submitting an Income Tax Return (ITR) online via the internet is known as “e-filing.” People can benefit from a number of features designed to make the process of filing taxes simpler by using the New Income Tax Portal. The ability to electronically file an income tax return is offered by the Income Tax Department. Prior to going over the procedures for electronically filing an ITR, a taxpayer must retain the following records in order to electronically file their ITR.
- PAN
- From 26AS, AIS
- Bank Statements
- Form 16
But, by simply adding your PAN, you can electronically file your ITR on Cleartax. Most of your information, including salary income, TDS, deduction details, etc., will be automatically filled in by the Income Tax Department. Here’s a comprehensive guide to filing your ITR electronically on Cleartax.
Easy E-filing with PAN
Recently, the Income Tax e-filing portal introduced a ‘Pay Later’ option that lets you finish filing your taxes without having to pay them right away. Once your filing is complete, you can pay your taxes. Please refer to this page for further details.
A Step-by-Step Guide to Using the Income Tax Portal to E-file an ITR
- Step 1: Visit the official Income Tax e-filing website and click on ‘Login’
- Step 2: Go to ‘File Income Tax Return’
- Step 3: Select the right ‘Assessment Year’
- Step 4: Select status
- Step 5: Select ITR type
- Step 6: Choose the reason for filing ITR
- Step 7: Add Bank Account Details and Other Information
- Step 8: e-Verify ITR
Why is filing an income tax return important?
The income tax department has mandated that individuals must file returns only if their income exceeds the basic exemption limit or if they meet specific requirements, such as spending more than Rs. 2 lakh on foreign travel, using more than Rs. 1 lakh on electricity, or depositing more than Rs. 1 crore in total into one or more current accounts in FY 2023–24 or later.
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