Last date for filing Income Tax Return approaching; here's how to file an ITR

New Delhi: The last date to file your Income Tax Returns (ITR) for the current assessment year (AY) 2022-23 and financial year 2021-22 is July 31.

Every individual in the country, whose salary is beyond a particular income slab, needs to pay tax to the government annually. Different tax rates are prescribed for different ranges of income, hence Income tax is levied on the basis of a slab system.

There are three categories of “individual” taxpayers

Individuals (aged less than 60 years) including residents and non-residents

Resident senior citizens (60 to 80 years of age)

Resident super senior citizens (aged more than 80 years)

Although individuals are allowed to file their ITR even after the expiry of the deadline, they can be subject to an interest penalty under section 234A of the Income-tax Act, 1961, and also have to pay a late filing fee.

The ITR filed after the deadline is known as a belated ITR and there is a penalty.

Also, the date for filing ITR varies for different individuals. July 31 is the last date for filing ITR for individuals, Hindu Undivided Families (HUFs) and taxpayers whose accounts are not required to be audited.

Taxpayers who have undertaken international transactions during the relevant financial year under Section 92E have to file ITR by July 30.

How to file an Income Tax Return?

Technology has made our life easy. Filing ITR now is super easy with no hassle of long queues and missing deadlines.

You can file your ITR online with e-filing which is very convenient at your comfort from your home or office and in a short time.

Steps to login and register on the e-filing Portal:

Step 1: Go to the Income Tax e-Filing portal https://www.incometax.gov.in/iec/foportal/

Step 2: Register or Login to e-file your returns

In case you have registered yourself on the portal earlier, click on the “Login Here” button.

In case you have not registered yourself on the portal, click on the “Register Yourself” button

Step 3: Click on “Taxpayer” and then enter the details of your PAN and click on “validate”. Next, click on “Continue”.

Step 4: Provide details such as your name, address, gender, residential status, date of birth, etc.

Step 5: Provide your Email ID and registered mobile number.

Step 6: Once the form has been filled up, click on “Continue”.

Step 7: You will have to verify the details following which a 6-digit One-Time-Password (OTP) will be sent to your registered mobile number and Email address.

Step 8: Enter the OTP and follow the instructions given to complete the registration process successfully.

Step 9: Once the OTP has been verified, a new window will open where you will have to verify the details provided by you. In case any detail given is incorrect, you can change it, following which another OTP will be sent to validate the change.

Step 10: The final step will be to set up a password and secure login message.

Step 11: Click on “Register” following which you will receive an acknowledgment message stating that the registration process has been completed successfully.

Once you have successfully registered yourself, file your income tax returns using the Income-tax e-filing portal:

Step 1: Visit the official Income Tax e-filing website and click on the “Login” button.

Step 2: Next, enter your username then click continue and enter your password.

Step 3: Once you have logged into the portal, click on the tab ‘e-file’ and then click on “File Income Tax Return”.

Step 4: Select the Assessment year for which you wish to file your income tax returns and click on “Continue”. For this year, the Assessment year would be 2022-23.

Step 5: You will then be asked whether you wish to file your returns online or offline. In this case, you need to choose the former which is also the recommended mode of tax filing.

Step 6: Choose whether you wish to file your income tax returns as an individual, Hindu Undivided Family (HUF), or others. Choose the option “individual”.

Step 7: Choose the income tax returns (ITR) you wish to file. For example, ITR 2 can be filed by individuals and HUFs who don’t have income from business or profession. Similarly, in the case of an individual, they can choose the option ITR1 or ITR4. Here you will have to click “Proceed with ITR1”.

Step 8: The next step will ask you the reason for filing your returns above the basic exempted limit or because of the seventh provision under Section 139(1). According to the section, if the aggregate amount deposited by an individual exceeds Rs 1 crore in one or more current accounts during the year, exceeds Rs 2 lakh on a foreign trip, or if payment of more than Rs 1 lakh is paid on electricity bills, then the person can file their income tax returns. Make sure you choose the right option.

Step 9: Fill in the details of your bank account. If you have already provided the details of your bank account, then pre-validate it.

Step 10: You will then be directed to a new page to file your income tax returns. The page will contain a lot of information already filled. Check them to make sure all the details mentioned are correct. Confirm the summary of your returns and validate it.

Step 11: The final step is to verify your returns and send a hard copy of it to the Income Tax Department. The verification process is mandatory.

Super senior citizens or individuals who are above 80 years of age are also given the option to file ITR offline during the financial year. ITR can be filed offline if an individual or HUF has an income of less than Rs 5 lakh and is not entitled to receive a refund.

In such scenarios, individuals must request a Form 16. Next, the individual would need to submit the ITR in paper form at the Income Tax Department. Once the form is submitted, you will receive an acknowledgment slip from the Income Tax Department, and your ITR will be filed.