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Income Tax e Filing in India for FY 2022-23 (AY 2023-24) | How to Upload Form-16 for eFiling Income Tax Returns | ITR Filing

Team AckoFeb 16, 2024

It is important to file Income Tax Returns as it is a legal requirement for people with a certain income level. It helps in complying with the law and claiming tax refunds. Thanks to digitalisation, you can file taxes online. In this article, we will discuss how e-filing or electronic filing of Income Tax benefits you. Take a look!!

Contents

The new income tax slabs under new tax regime: Budget 2023-24
What is meant by Income Tax E-filing?
Why should you opt to e-file Income Tax Returns?
Steps to e-file your ITR
- Documents for e-filing your Income Tax Return
How to track the status of your e-filed Income Tax Returns
What are some common issues with e-filing your Income Tax Returns?
Contacting the Income Tax Department for assistance with e-filing
Frequently asked questions

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The new income tax slabs under new tax regime: Budget 2023-24

Salary Slab	Tax %
up to Rs 3 lakh	NiL
Rs 3 lakh- Rs 6 lakh	5%
Rs 6 lakh-Rs 9 lakh	10%
Rs 9 lakh-Rs 12 lakh	15%
Rs 12 lakh- Rs 15 lakh	20%
Over Rs 15 lakh	30%

What is meant by Income Tax E-filing?

Income tax can be filed electronically in India through the Income Tax Department of India's e-filing platform. E-filing is a simple and secure method of filing Income Tax Returns, and it is required for some taxpayers. To file electronically, taxpayers must first create an account on the e-filing platform and get a Permanent Account Number (PAN).

Once registered, taxpayers can use the site to file their returns, examine their tax credit statements, track the progress of their returns, and connect with the Income Tax department. You can file returns through the web until the due date, usually July 31st of each year.

Why should you opt to e-file Income Tax Returns?

You should consider e-filing your Income Tax Returns in India for various reasons. Here's a list for your reference.

1. Convenience

You can file your Income Tax Returns electronically from the comfort of your own home at any time.

2. Rapid processing

E-filing usually results in faster return processing because the Income Tax Department can quickly and readily access and process electronic returns.

3. Fewer chances of error

E-filing decreases the likelihood of errors in your returns because the software used for e-filing checks for inconsistencies and mistakes automatically.

4. Automatic tax calculations

Income tax calculators are embedded into e-filing portals, allowing you to calculate taxes quickly and accurately.

5. You can track returns easily

The e-filing portal allows you to conveniently track the status of your returns and receive updates on when your refund will be processed.

6. There is no paperwork

Paper returns, which can be lost or delayed in the mail, are no longer required with e-filing.

7. Safe and secure process

Because the entire process is done online and the data is secured, e-filing is secure and safe.

Steps to e-file your ITR

E-filing your Income Tax return is a simple process that may be done through the Income Tax Department's e-filing platform. Here are the steps to electronically file your Income Tax return.

Step	Process	Description
1	Register on the ITR e-filing portal	To e-file your returns, you must first register on the e-filing portal http://www.incometaxindiaefiling.gov.in using your Permanent Account Number (PAN) and other personal details.
2	Gather the required documents	Make sure you have all of the essential paperwork, such as Form 16 (if you're an employee), Form 26AS (tax credit statement), and other investment proofs, before you begin e-filing.
3	Login to the e-filing portal	Once registered, you can log in to the e-filing portal using your PAN and password.
4	Select the appropriate ITR form	Choose the proper ITR form from the alternatives provided on the portal based on your income and the type of assessee you are.
5	Fill in the details	Fill in all the required details on the form, including your personal information, income details, and tax deductions.
6	Upload the required documents	Upload the required documents such as Form 16 and investment proofs as per the form requirement.
7	Preview and submit your return	Preview your return to check for any errors or omissions. Once you are satisfied, submit your return.
8	E-verify your return	After you've submitted your return, you must e-verify it. You can do this by using an Aadhaar OTP, EVC via net banking or EVC via demat account.
9	Track your return status	You can track the status of your return on the e-filing portal.

Documents for e-filing your Income Tax Return

The documentation needed to e-file your Income Tax return (ITR) differs based on your source of income and tax filing status. The following documents may be needed for e-filing.

PAN (Permanent Account Number) card
Bank account details
Form 16 or Form 16A (if you are an employee and TDS has been deducted)
Form 26AS (to verify TDS details)
Investment proofs (such as bank statements, fixed deposit receipts, etc.)
Rent receipts (if you are claiming HRA exemption)
Business or profession-related documents (such as books of accounts, bills, etc.)
Capital gains statement (if you have sold any assets)

How to track the status of your e-filed Income Tax Returns

Once you have e-filed your ITR, you can track its status online through the Income Tax e-filing website. Here are the steps.

Step 1: Go to the official website of the Income Tax Department of India
Step 2: Click on the "Track Return Status" link on the homepage
Step 3: Select the appropriate assessment year for which you wish to check the status of your ITR
Step 4: Enter your PAN number and the captcha code
Step 5: Click on "Submit"

You can also use the Income Tax Department's mobile app, "Aayakar Seva," to check the status of your ITR. The procedure is identical to checking the status of your ITR on the website; you will need to enter your PAN number and assessment year, and you can see the status of your ITR.

What are some common issues with e-filing your Income Tax Returns?

While e-filing is generally a straightforward process, however there are a few issues that you may encounter. The following table lists some common issues and their solutions.

Issue	Solution
Incorrect PAN number	This is a common issue, as the PAN number entered in the ITR form must match the PAN number on file with the Income Tax Department.
Incomplete or incorrect bank account details	If the bank account details provided in the ITR form are incorrect or incomplete, the refund may not be credited to the correct account.
Incorrect TDS details	If the TDS details entered in the ITR form do not match the details in Form 26AS, the ITR may be rejected.
Inconsistencies in the ITR form	If there are inconsistencies in the ITR form, such as mismatches in the income, deductions, and tax liability, the form may be rejected.
Incomplete or missing supporting documents	If any of the required supporting documents are not provided or are incomplete, the ITR may be rejected.
Validation errors	Some common validation errors are related to Date, PAN, TAN, TDS, TCS statement, etc.
Missing e-verification	Your ITR has to be e-verified within 120 days of filing, otherwise it will be considered as invalid.

Contacting the Income Tax Department for assistance with e-filing

If you are having difficulty e-filing your ITR or have any other questions or concerns, you can contact the Income Tax department for assistance. You can use the following ways to contact the department.

Toll-free helpline: The department has a toll-free helpline that you can call for assistance with e-filing your ITR. Visit contact info page link for more info.
Email: You can send an email to the department with your query. The email address for e-filing related queries is [email protected]
Live chat: The department also provides a live chat service on their e-filing website to assist taxpayers with their queries.

Frequently asked questions

Here are some common questions and answers about Income Tax e-filing.

Who is eligible to e-file their Income Tax Returns?

Most individuals and businesses are eligible to e-file their Income Tax Returns. However, there may be certain restrictions or exceptions depending on your specific tax situation.

What is the deadline for e-filing my Income Tax Returns?

The deadline for e-filing your Income Tax Returns typically falls on July 31st of each year. However, the due date may be extended in certain circumstances.

Can I e-file my tax returns even if I am late?

Yes, you can still e-file your tax returns even if you miss the deadline, however, there may be penalties for filing late.

What happens if I make a mistake on my e-filed tax return?

If you discover a mistake on your e-filed tax return, you can submit a corrected return. You will need to pay any additional taxes that may be due and may be subject to penalties and interest.

Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet, and is subject to changes.