Quickest Way of E-Filing Income Tax Return in 2024

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When you hear about e-filing income tax, it is basically related to claiming Income Tax Returns online via a secured internet connection. This process is quick and saves a significant amount of your budget as it can be done without the intervention of any professional. 

In this guide, you’ll learn how to exactly file ITR online in simple steps. 

How to File Income Tax Returns Using the Official Portal?

First, refer to the latest regulations to assess your income tax liabilities. Then procure a Form 26AS to affirm TDS payments for that year individually for each quarter. Now, comes the most important part.

Depending on the demarcations published by the Income Tax Department, you need to select a specific ITR form. After this is done, follow the below-mentioned steps to execute e-filing:

Step 1: Search for the official website of Income Tax e-filing and click on the relevant site to access the login portal.

Step 2: Complete the ‘Login’ process by providing your ‘Username’ and clicking on ‘Continue’.

Step 3: Navigate to the tab mentioning ‘e-file’ and select the option ‘File Income Tax Return’ from the dropdown menu.

Step 4: Now, the portal will ask you to mention the ‘Mode of Filing’ followed by the ‘Assessment Year’. Kindly specify these details and click on ‘Continue’. 

Step 5: At this stage, you will need to mention an entity type. This can be the following options – ‘Individual’, ‘Hindu Undivided Family’, or ‘Others’. Select one option and press ‘Continue’.

Step 6: Choose the ITR type. For instance, if you have proceeded as an individual, you will either be required to choose ITR 1 or ITR 4. Similarly, option ITR 2 can be applicable to both individuals and HUFs. 

Step 7: Here you have to mention the reason for filing income tax returns. Additionally, an alert box will educate you regarding the exemption limit and certain regulations as per the 7th provision of Section 139(1).

Step 8: As one of the most important stages of e-filing income tax, you have to provide bank account details where you wish to get the amount back. Meanwhile, if a bank account had already been added then you will be asked to pre-authorise it once. 

Step 9: You will get redirected to a fresh page where most of the information will be already filled up. Go through the details thoroughly and validate the same to proceed to the last step.

Step 10: Procure a hard copy of the application and make arrangements for sending it to the Income Tax Department. This is a mandatory step to initiate the verification stage. Therefore, it should not be missed at any cost. 

What are Some Common Mistakes While E-Filing Income Tax Returns?

Several mistakes from the taxpayer’s end are noticed time and again while they attempt to file income tax returns online. Take note of these mistakes so that you can successfully avoid them:

• Not Choosing the Correct ITR Form

ITR-1 is meant for salaried individuals with one or more income streams and having 1 owned property. Also, this ITR type is suitable for people who earn up to Rs. 50 lakhs a year. Similarly, freelancers must select ITR-4 and business people should go for ITR-3. Knowing your ITR category is crucial to put forward a valid request.

• Not Supporting the TDS Specifications with a Valid 26AS Form

Taxes deducted from income generated from interests, salaries, and other immovable assets get recorded in form 26AS. Therefore, you must get this document verified before applying for IT Returns. 

• Not Declaring All Bank Accounts

Each of the concerned individual’s bank accounts has to be mentioned except those which are in a dormant stage. Failing to meet these criteria can lead to complications while issuing the refund. 

So, now you have a complete idea regarding e-filing income tax in India. Therefore, you can utilise this knowledge and share it with your peers to help them avoid the most common mistakes that may cost them the cancellation of refunds. 

FAQs on E-Filing Income Tax

• What is the difference between e filing and regular filing of return?

Among both the procedures the latter one is slower as the involved sub-processes are manual and thus involve possibilities of posting errors. 

• What is the late fee for IT filing?

Late ITR filings can cause you to pay Rs. 5000 as a penalty if your income exceeds Rs. 5 lakhs per year. In case you earn less than Rs. 5 lakhs, you’ll be required to pay Rs. 1000 for late filing. 

• What does Form 16A signify?

Form 16A is the certification of tax deducted at source by the employer. It includes all the details of the deducted. 

• Is interest on FD taxable?

Yes, the profit that you earn from fixed deposit investments is fully taxable. The interest earned must be added to the total annual income and thereby the tax amount will be calculated as per the applicable tax slab regulations.