How to File ITR Return?

Filing your Income Tax Returns ( ITR full form) can be a little overwhelming, especially if you are new to the process. Essentially, filing an ITR means reporting your income, claiming any eligible exemptions and deductions and your tax liability to the IT (Income Tax) Department.

The Income Tax Department of India has greatly simplified the ITR filing process for taxpayers. E-filing of income tax returns is available online and can be done in just a few simple steps. Furthermore, offline options are also available.

Here is a quick guide to help you understand how to file ITR Returns online and offline, along with other essential details.

How to File Income Tax Returns Online?

Step 1: Login into the e-filing portal

• Visit the official home page of the Income Tax Department for e-filing.
• Enter your User ID. It can be your PAN, Aadhaar Number or other User ID and depends on the category of taxpayer.
• Click on “Continue” and further provide your password to proceed.

Step 2: Choose to File Income Tax Return

• Under the “e-file” tab, find “Income Tax Returns" and select “File Income Tax Return.”

Step 3: Select the Assessment Year and Mode of Filing

• Select the appropriate assessment year from the dropdown menu. If the e-filing of Income Tax Returns is for FY 2023-24, your assessment year has to be AY 2024-25.
• Choose between the online and offline modes for filing your ITR.

Step 4: Start New Filing

• Click on “Start New Filing” to start the ITR filing process.
• You can also start filing your ITR and resume it later by clicking on the “Resume Filing” option.

Step 5: Select Status

• Select the appropriate status applicable to you. You have the option to choose between Individual, HUF and Others.

Step 6: Select the ITR form

• Select the appropriate ITR form to proceed from the dropdown menu. Seven different ITR forms, from ITR-1 to ITR-7, are available. Among these, ITR-1 is the most common form, typically chosen by salaried individuals.
• If you are not sure of which ITR form you need to file, click on “Proceed” below the “Help me decide which ITR form to file” option.

Step 7: Select the Reason for filing your ITR

• In the next step, you need to choose the reason for which you are filing your ITR and then click on “Continue”.
• It can be for the following reasons:
  • Your taxable income is greater than the basic exemption limit.
  • Due to certain conditions applicable under Section 139(1).
  • Others

Step 8: Validate your Pre-filed Return

• Most of the details, such as your name, address, contact details, bank account information, income, possible exemptions and allowable deductions, will be pre-filled. It will be based on the information provided by your employer and other financial institutions, such as your bank.
• Review each of these details carefully and ensure that they are accurate and complete.
• Add any additional information or modify the existing details, if needed, and complete the remaining sections.
• Click on “Proceed” to complete your e-filing of Income Tax Returns.

Note: For the AY 2024-25, the default tax regime is the New Tax Regime. You can opt-out and switch back to the old tax regime. Understanding the Old Tax Regime vs New Tax Regime is important to choosing the right option.

Step 9: Tax Computation

Upon completing the form, two outcomes are possible:

• If there is a tax liability- Based on your income, tax exemptions, deductions and income tax paid, a summary of your tax computation will be displayed.

If you are required to pay additional tax, the applicable amount and the option to pay now or later will be provided. You can click on “Pay Now” to complete the transaction and then select “Back to Return Filing”.

• If there is no tax liability or you are eligible for a refund- In this case, you can click on the “Review Return” option. You can review the details, provide the necessary declaration and proceed to preview and submit your return. Upon completing this process, you can “Proceed to Verification”.

Step 10: E-Verification

The last and most important step in the ITR filing process is to e-Verify your ITR. E-Verification is necessary to authenticate your Income Tax Returns. There are three options here:

• You can e-verify it instantly via Aadhaar OTP, a Prevalidated Demat Account or a Prevalidated Bank Account.
• Submit your return now and e-verify it later but within 30 days.
• Submit your return now and verify it by sending a physical copy of ITR -5 to the Income Tax Department by speed post or normal post within 30 days.

Once the e-verification is complete, a confirmation will appear on the screen. It will indicate that your return has been successfully filed and verified.

How to Submit Income Tax Returns Offline? 

The online ITR filing process is highly recommended. It is simple, easy and straightforward. However, if you still prefer the offline process, here is the offline process.

Step 1: Download Common Offline Utility

• Visit the official home page of the Income Tax Department for e-filing.
• Under the “Downloads” tab, click on “Income Tax Returns” on the left-hand side of the screen.
• Select the assessment year and the appropriate ITR form.
• Download the applicable ITR form. A ZIP file with the ITR form will be downloaded to your computer.

You can also choose offline mode in step 3 of the process explained in the previous section to download the utility.

Step 2: Fill out the Required Fields

• Extract the ZIP file, open the document and fill out the required information.

Step 3: Validate and Calculate Tax

• Click on Validate on the right-hand side of the sheet to review your details.
• Click on “Calculate Tax”.

Step 4: Generate and Save the JSON file

• Upon validating the information, generate and save the JSON file. Now, it is ready to be uploaded on the e-filing portal.

Step 4: Upload JSON File

• Visit the official home page of the Income Tax Department for e-filing.
• Login using your credentials and continue.
• Provide the necessary information and choose the “Offline” mode to proceed.
• Upload the JSON file and validate it.

 Step 5: Submit and Verify

• Submit your ITR and verify it using any of the methods described in the E-Verification step in the previous section.

Documents Required for ITR Filing Process

Your PAN and Aadhaar must be linked before filing income tax returns. You also need to have your Aadhaar registered mobile number for OTP verification.

• Aadhaar Card
• PAN Card
• Form 16
• Form 16A
• Form 16B
• Form 26AS (Contains details of tax deposited against your PAN)
• Bank Statements
• Pay Slips
• Payment receipts applicable to savings, investments and pension plans for claiming deductions under Section 80C
• Stock trading statements from brokerage agencies
• Receipts for premiums paid towards life insurance and health insurance plans to claim deductions under Section 80C and Section 80D.
• Interest Certificates from Post Offices or Banks
• Home loan statements

Who Should File Income Tax Return?

The ITR filing process is mandatory for all taxpayers with taxable income, including individuals, partnerships and companies.

Individuals whose gross total income is greater than the basic exemption limit are liable to pay income tax and file their ITR. You can determine who is eligible for ITR based on the basic exemption limit under the old and new tax regimes as follows:

The ITR filing process is also mandatory in the following cases:

• You have deposited more than ₹1 crore in your current bank account
• You have deposited more than ₹50 lakhs in your savings bank account
• You have used and spent more than ₹2 lakhs on travel to a foreign destination
• Your electricity expenses are more than ₹1 lakh.
• Your TDS (Tax Deducted at Source) or TCS (Tax Collected at Source) is more than ₹25,000
• Your business turnover exceeds ₹60 lakhs
• Your professional income exceeds ₹10 lakhs

Types of Income Tax Returns

Why Is Income Tax Return Filing Important?

• Legal Requirement- The ITR filing process for eligible taxpayers is mandatory by law.
• Avoid Penalties- Not adhering to the tax laws or delay in filing ITR can result in significant penalties.
• Tax Refunds- If you have paid additional tax, you will receive a tax refund.
• Visa Applications - Your visa application might be delayed or rejected if you have not filed your ITR promptly.
• Loan Approvals- Banking institutions need your ITR to process your loan applications for personal or business reasons.
• Carry Forward Losses- By filing ITR, you can carry forward your losses to the following years and set them off against your future income.

How to Save Income Tax?

While filing your ITR, you must have observed options to reduce your income tax liability.

Section 80C and Section 80D are two of the most common options that help you reduce your income tax liability under the old tax regime.

While Section 80C applies to payments made to life insurance plans, Section 80D offers exclusive tax deduction benefits to premiums paid for health insurance plans.

By purchasing a health insurance plan for yourself, including family and parents, you can benefit from a tax deduction* of up to ₹1 lakh.

Reliance General Insurance offers health insurance plans online that help you cover various medical expenses at an affordable premium. You can customise it even further by opting for additional coverages specific to your requirements, such as critical illness coverage, maternity coverage and more.

We also offer the Section 80D Health Insurance Certificate online for the ITR filing process.

Frequently Asked Questions

• How to submit Income Tax Returns?

Income Tax Returns can be submitted either online or offline. Refer to the sections mentioned above for detailed steps to file income tax returns using both methods.

• How do I check my ITR status online?
  1. Visit the official home page of the Income Tax Department for e-filing
  2. Log in with your user credentials.
  3. Under the “e-File” tab, select “Income Tax Returns” and further click on “View Filed Returns”.
  4. Provide the necessary information, such as the Assessment Year and click on “View Details”.
  5. You can see the status of your ITR displayed on the screen.
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• What is the due date for filing your ITR?

The due date applicable to filing your ITR is 31st July of the assessment year.

• Can I file my ITR after the due date?

Yes, you can file Income Tax Returns, (ITR full form) after the due date, but it must be done before 31st December of the same assessment year.

• How can I correct minor errors in my ITR?

You can use the ITR-U (Updated Income Tax Return) form to correct minor errors in your ITR and update them. However, this option is available only within two years from the end of the relevant assessment year.

• What happens if I don’t file my ITR within the due date?

If you miss the ITR filing deadline of 31st July, you can still file a return (belated return) before 31st December. However, a penalty of ₹5,000 (₹1,000 for taxpayers with income less than ₹5 lakhs) will apply.

In addition, an interest will also be charged for the delay in the ITR filing process.

Further delay or not filing ITR can result in further penalties, prosecution or imprisonment in severe cases.

• How do I download a copy of my ITR online?
  1. Visit the official home page of the Income Tax Department for e-filing
  2. Log in with your user credentials.
  3. Under the “e-File” tab, select “Income Tax Returns” and further click on “View Filed Returns”.
  4. Select the assessment year and click on “Submit”.
  5. A list of all the ITRs you have filed will appear.
  6. Click on the acknowledgement number you want to download.
  7. The PDF file will appear, and you can download it to your laptop or computer.  
• How long does it take to get my income tax refunds?

Income tax refunds are generally processed and settled within 30 - 90 days from the date of filing your Income Tax Returns.

• How can I track the status of my income tax returns?

The status of your income tax refund can be tracked online using your PAN and the relevant assessment year.

• What happens if I fail to e-verify my Income Tax Returns?

If you fail to e-Verify your Income Tax Returns, it will be considered invalid even if you have already submitted it online.

• Is it mandatory to attach the documents online during the ITR filing process?

No, it is not mandatory to attach the documents. However, it is essential that you secure the documents for any further investigations by the Income Tax Department.

• What are the benefits of filing an ITR?
  1. Ensures that you comply with the income tax laws and regulations.
  2. Provides refunds of tax paid, if applicable
  3. Avoids hefty penalties, interest payments and imprisonments.
  4. Makes you eligible for loan applications
  5. Helps you carry forward your losses
  6. Serves as proof of your income and tax paid
  7. Ensures a smooth visa application process​

Disclaimers:

*T&C Apply. For more details on risk factors, terms conditions, brochure, and exclusions, please read the policy wording and CIS carefully before concluding a sale.

Tax benefits are subject to conditions under the Income Tax Act and amendments thereof. The tax laws are subject to amendments/changes from time to time. Please consult your tax advisor for details.