Step-by-Step Guide to Filing Your Income Tax Return for FY 2023-24

How to File Your Income Tax Return for FY 2023-24: A Step-by-Step Guide

Filing your income tax return (ITR) can seem daunting, but with proper guidance, the process becomes manageable. This guide will help you understand the steps involved in filing your ITR for the financial year 2023-24.

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1. Determine Your Eligibility and Requirements

Before starting, ensure you know the following:

• Filing due dates: Typically by July 31st of the assessment year.
• Income sources: Salary, business, property, capital gains, other sources.
• Tax regime: Old vs. New tax regime – choose the one beneficial for you.

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2. Gather Necessary Documents

To file your ITR accurately, collect the following documents:

• PAN Card: Your Permanent Account Number.
• Aadhaar Card: Linked with your PAN.
• Form 16: Issued by your employer, detailing salary, TDS, etc.
• Form 16A/16B/16C: For TDS on income other than salary.
• Form 26AS: Annual tax statement, available on the Income Tax Department’s website.
• Bank Statements: Details of interest income.
• Investment Proofs: For deductions under sections 80C, 80D, etc.
• Home Loan Statement: For interest and principal payment details.
• Rental Income Details: If applicable.
• Capital Gains Statement: For investments in shares, mutual funds, etc.

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3. Register on the Income Tax E-Filing Portal

If you haven’t already, register yourself on the Income Tax Department’s e-filing portal:

• Visit e-Filing portal.
• Click on “Register Yourself.”
• Provide details like PAN, name, DOB, and create a password.

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4. Choose the Appropriate ITR Form

Select the correct ITR form based on your income sources:

• ITR-1 (Sahaj): For individuals with income up to ₹50 lakh from salary, one house property, and other sources.
• ITR-2: For individuals/HUFs not having income from business or profession.
• ITR-3: For individuals/HUFs having income from a proprietary business or profession.
• ITR-4 (Sugam): For presumptive income from business & profession.

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5. Login and Start Filing

1. Login to the e-filing portal using your credentials.
2. Select the Assessment Year (AY 2024-25) for filing the return for FY 2023-24.
3. Click on “Filing of Income Tax Return” under the e-file tab.
4. Select the ITR Form: Based on your income and download the utility (Excel or Java) if filing offline, or proceed online.

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6. Fill in the ITR Form

1. Personal Information: Verify and fill in your personal details.
2. Income Details:
   • Salary: Fill in details from Form 16.
   • House Property: Rental income or self-occupied property details.
   • Other Sources: Interest income, etc.
3. Deductions and Tax Payments:
   • Deductions: Under Chapter VI-A (80C, 80D, etc.).
   • Tax Payments: TDS, advance tax, and self-assessment tax.
4. Verification: Ensure all data is correctly filled and no discrepancies.

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7. Compute Tax Liability

After filling in the form, compute your total tax liability considering:

• Gross total income.
• Deductions.
• Tax payable as per the chosen regime.
• TDS and advance taxes already paid.

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8. Pay Any Remaining Tax

If you have any tax dues after computation:

• Use the Challan 280 on the e-filing portal to pay the remaining tax.
• Fill in the challan details and make the payment online.
• Note down the BSR code and Challan Serial Number for reference.

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9. Validate and Submit ITR

1. Validate: Use the “Validate” button in the form to check for errors.
2. Submit: Click on the “Submit” button to file your return.
3. Verification: After submission, e-verify the return using Aadhaar OTP, net banking, or by sending a signed ITR-V to CPC Bangalore.

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10. E-Verify Your Return

1. E-Verification Methods:
   • Aadhaar OTP
   • Net Banking
   • Bank Account Number
   • Demat Account Number
2. If unable to e-verify, send the physical ITR-V acknowledgment to CPC Bangalore within 120 days.

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11. Track Your ITR Status

After submission, regularly check the status of your ITR:

• Login to the e-filing portal.
• Go to “My Account” > “View e-Filed Returns/Forms.”

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Tips for a Smooth Filing Process

• Start early: Avoid last-minute rush.
• Double-check details: Ensure accuracy in all entries.
• Seek professional help: If your income sources are complex, consider consulting a tax professional.
• Keep records: Maintain copies of all documents and acknowledgment for future reference.

By following these steps, you can efficiently file your income tax return for FY 2023-24. Remember, timely and accurate filing helps avoid penalties and ensures compliance with tax regulations.