Home > Finance > Know how to file ITR using the new tax filing portal

Know how to file ITR using the new tax filing portal

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In order to ease the tax filing process and tasks, the income tax department has launched a new web portal which is more interactive and user friendly. As per a circular issued by the tax department the new portal will help in faster processing and quicker refunds.

Right now, income tax returns (ITR) 1, and 4 are available for filing for individuals.

Let’s understand how you can file your ITR using the new portal.

Step 1: First you need to register yourself on the portal if you are a first-time user with your permanent account number as your user id and create a password. After that you need to login to the portal.

Step 2: Now click on the tab “e-file”. Then click on “File Income Tax Return”

Step 3: You will need to select the assessment year for which you are filing the ITR and then click on continue. It will ask whether you want to file ITR online or offline. You can choose online which is also the recommended mode of tax filing.

Step 4: Then you will have to choose if you want to file ITR as an Individual, HUF or others. Choose an individual.

Step 5: You need to choose the ITR you are eligible to file. There are different conditions attached to the ITR one can file. So, for example a salaried person with income upto 50 lakh, one house property and agriculture income of upto 5,000 can file ITR 1. ITR 2 can be filed by individuals and HUFs who don’t have income from business and profession. Right now, for individuals only ITR 1 and ITR 4 are available for filing. In case you are uncertain about the tax form, you can take the online help in case you are sure of which form to choose. Click on “Proceed with ITR 1″.

Step 6: Next you will be asked the reason for filing ITR- income above the basic exempted limit or because of the seventh provision under Section 139(1). Under this Section if a person has deposited an aggregate amount of more than 1 crore in one or more current accounts during the year, incurred more than 2 lakh on a foreign trip or paid more than 1 lakh electricity bill, he or she is liable to file ITR. You are required to select the right option.

Step 7: You will be asked to fill in all the details related to the bank account in which you want to get the refunds , if you have not done it already. You will need to prevalidate the bank account. You will need to pre-validate your bank account if you haven’t done so already.

Step 8 You will be guided to fill the ITR. A lot of information will be available pre-filled to you this year including bank’s interest, capital gains etc. Do check these details before you submit your ITR. You will need to confirm the return summary and validate it.

Step 9: You will need to verify the ITR. Remember that the ITR filing process is not complete without verification of ITR. It can be done by sending the hard copy to Bengaluru.

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