An income tax return is like a form or paperwork that people and businesses fill out and send to the tax authorities. It’s a way for you to tell the tax authorities about how much money you made, what expenses you had, and how much tax you paid in a specific year. By doing this, you’re sharing information about your financial activities with the tax authorities and figuring out how much tax you owe or if you’re eligible for a refund.
When you fill out an income tax return, you provide details about yourself, like your name and address. You also mention where your money came from, such as your job salary, any business you run, or any profits you made from selling stuff. You can also mention the things you spent money on that are allowed as deductions. Deductions are like special expenses that can reduce the amount of tax you have to pay. Some examples are expenses for health insurance or contributions to a retirement fund.
Once you’ve filled out the income tax return, you calculate the final amount of tax you owe or the refund you might get. This amount depends on your income, deductions, and any special tax benefits or credits you’re eligible for.
In India, you can file an income tax return online or offline. Taxpayers can file ITR1 and ITR4 online in 2023, and below, we have listed the steps that they need to follow for the same.
Steps to File Income Tax Return Online in India in 2023
- Visit the Income Tax e-Filing portal by going to https://www.incometax.gov.in/iec/foportal/Login.
- Log in to the portal by entering your User ID (PAN), Password, and Captcha code. Then click on ‘Login’.
- Once logged in, click on the ‘e-File’ menu.
- From the drop-down menu, select ‘Income Tax Return’.
- On the Income Tax Return page, your PAN number will be automatically populated.
- Select the ‘Assessment Year’ for which you want to view the uploaded ITRs.
- Choose the appropriate ‘ITR Form Number’ that you had used for filing the ITR.
- Select ‘Filing Type’ as ‘Original/Revised Return’.
- Choose ‘Submission Mode’ as ‘Prepare and Submit Online’.
- Click on ‘Continue’.
- Read the instructions carefully and fill in all the applicable and mandatory fields of the Online ITR Form.
- After filling in the required details, click on the ‘Preview and Submit’ button to review all the data entered in the ITR.
- Verify the information and if everything is correct, click on ‘Submit’ to submit the ITR.
- Once the ITR is submitted, you will have the option to e-Verify the return. You can choose the appropriate e-Verification method such as EVC generated through bank ATM, Aadhaar OTP, prevalidated bank account, or prevalidated demat account.
- If you have chosen the option to send the signed ITR-V to CPC, Bengaluru, make sure to do so within 120 days from the date of filing.
Please note that the steps provided are a simplified version of the process. It’s always advisable to refer to the official Income Tax e-Filing portal and follow any specific instructions or guidelines provided by the tax authorities.