ITR Filing For FY 2023-24: How To File Your Income Tax Returns Online? A Step-By-Step Guide

It¡¯s that time of the year again when people and businesses hustle to get their taxes in order. For the unversed, if individuals or businesses have paid taxes exceeding their owed amount for a specific financial year, they are eligible to receive a tax refund.

A tax refund provides financial relief to individuals and businesses by reimbursing them for any excess taxes they have paid compared to their actual obligations for a particular fiscal year. This practice upholds the principle of fairness in taxation, ensuring that taxpayers are not overburdened with excessive contributions.

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What Are Tax Refunds?

An income tax refund occurs when you've paid more taxes than what you owe. This excess tax could include advance tax, self-assessment tax, and Tax Deducted at Source (TDS). You can claim this refund by filing your income tax return and verifying it within 120 days of filing.

How Can A Tax Refund Be Availed?

You can claim the excess tax as a refund by filing your income tax return. The refund will be credited to your bank account through an ECS transfer.

Individuals are required to file their income tax returns for the relevant assessment year by the specified due date set by the Income Tax Department. Generally, this due date falls on July 31st of the assessment year, although it may vary.

Following the submission of the income tax return, the Income Tax Department undertakes verification of the information provided and processes the return. This entails reviewing the calculations, deductions, and exemptions claimed by the taxpayer.

Upon assessing the taxpayer's liability using the information provided in the return, the department determines if the taxpayer has paid more taxes than necessary after factoring in deductions, exemptions, and credits. In such cases, a refund is issued to the taxpayer.

Once the assessment is finalized, and it's confirmed that the taxpayer qualifies for a refund, the Income Tax Department begins the refund procedure. Typically, refunds are disbursed via direct bank transfer, facilitated through Electronic Clearing Service (ECS) or NEFT, directly into the taxpayer¡¯s bank account.

Also Read: ITR Filing For FY23-24: All You Need To Know About Form 16

A Step-By-Step Guide To File ITR Online On Your Own:

Step 1

Go to the Income Tax e-filing website using this link - https://www.incometax.gov.in/iec/foportal/

Step 2

Register or Log in to the Income Tax e-filing website. You can log in to the website using your ID or PAN, password and captcha code.

Step 3

Go to the 'e-File' menu and click on 'Income Tax Return' to file your return. Doing so will redirect you to the Income Tax Return Page.

Step 4

You will find your Permanent Account Number (PAN) auto-filled in the form. Here are the other details that you will have to fill manually:

1. Assessment Year

2. ITR Form Number: You can file ITR 1 and ITR 4 online

3. Filing Type: Select 'Original/Revised Return' here

4. Submission Mode: Select 'Prepare and Submit Online' in this step

Step 5

Here you will have to select the mode of filing as ¡®Online¡¯ and then click ¡®Proceed¡¯.

Step 6

Select ¡®Status¡¯, from the given options - Individual, Hindu Undivided Family (HUF), or Firm/ LPP.

Step 7

Select the ITR form. For online filing, you have two options - ITR 1 and ITR 4.

Step 8

If you pick ITR 1, these are the 5 sections that you will have to fill:

1. Personal Information

2. Gross Total Income

3. Total Deductions

4. Tax Paid

5. Total Tax Liability

Step 9

If you select ITR 4, these are the six sections that you will have to fill:

1. Personal Information

2. Gross Total Income

3. Disclosures

4. Total Deductions

5. Taxes Paid

6. Total Tax Liability

Step 10

Summary of tax computation

On this step, it will display a summary of your tax calculation for the relevant year based on the details you've provided. It will indicate whether you owe any tax or are entitled to a tax refund. You can then review and submit your return by specifying your place of residence.

Step 11

Click on ¡®Proceed to Validation¡¯. If there are any errors, you can review and correct them at this stage. Otherwise, you can proceed to verification.

These are the verification options:

1. e-Verify

2. e-Verify later within 120 days from the date of filing

3. e-Verify via ITR-V through normal or speed post to "Centralised Processing Center, Income Tax Department, Bengaluru - 560 500" within 120 days from the date of filing

4. If you choose to e-verify yourself, you can complete the verification by generating the Electronic Verification Code (EVC) or One Time Password (OTP).

Step 12

Click on 'Submit' to end the process of filing ITR successfully. You will get an intimation via email citing that you have successfully uploaded the ITR.

Last Date For filing ITR

The deadline for filing your Income Tax Return (ITR) for the assessment year 2024-25 is July 31st.

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