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How to File ITR Online - Step by Step Guide to Efile Income Tax Return for FY 2023-24 (AY 2024-25)

An Income Tax Return (ITR) is a form that enables a taxpayer to declare his income, expenses, tax deductions, investments, taxes, etc. The Income-tax Act, 1961 makes it mandatory for a taxpayer to file an income tax return under various scenarios. However, there may be various other reasons to file an income tax return even in the absence of requisite income, like carrying forward losses, claiming an income tax refund, for availing the VISA, loan from banking institutions, term Insurance, etc.

E-filing refers to the process of filing an Income Tax Return (ITR) online, using the Internet. By accessing the new income tax portal using PAN-based login credentials, individuals can take advantage of a range of features that simplify the tax filing process. 

Step-by-Step on How to E-file ITR on the Income Tax Portal

Step 1: Login

  • Visit the official Income Tax e-filing website and click on 'Login'. 
  • Enter your PAN in the User ID section. 
  • Click on ‘Continue’. 
  • Check the security message in the tickbox.
  • Enter your password
  • ‘Continue’

Step 2: Go To ‘File Income Tax Return’

  • Click on the 'e-File' tab > 'Income Tax Returns' > ‘File Income Tax Return’

Step 3: Select The Right ‘Assessment Year’

Select ‘Assessment Year’ as ‘AY 2024-25’ if you file for FY 2023-24. Similarly, select ‘AY 2023-24’ if you are filing for FY 2022-23 and use the mode of filing as ‘Online’. Select the filing type correctly as original return or revised return.

Step 4: Select The Status

Select your applicable filing status: Individual, HUF, or Others.

For filing of persons like you and me, select 'Individual' and 'Continue'.

Step 5: Select ITR Type

Now, select ITR type. The taxpayer must first ascertain which ITR form they must fill out before filing returns. There are a total of 7 ITR forms available, of which ITR 1 to 4 is applicable for Individuals and HUFs. For example, individuals and HUFs without income from business or profession but with capital gains can use ITR 2. Find out which ITR you should be filing.

Step 6: Choose the Reason For Filing ITR

In the following step, you will be prompted to specify the reason for filing your returns. Select the appropriate option that is applicable to your situation:

Step 7: Validate Pre-filled Information

Most of the details, such as your PAN, Aadhaar, Name, Date of birth, contact information, and bank details will be pre-filled. Validate these details carefully before you proceed further. Also, provide your bank account information. If you have already provided these details, ensure they are pre-validated.
As you proceed step by step, ensure to disclose all relevant income, exemptions, and deduction details. Most of your information will be pre-filled based on the data provided by your employer, bank, etc. Review the information carefully to ensure it is correct. Confirm the summary of your returns, validate the details and make the payment of balance taxes, if any.

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Step 8: E-verify ITR

The last and crucial step is to verify your return within the time limit (30 days). Failing to verify your return is equivalent to not filing it at all. You have the option to e-verify your return using different methods such as Aadhaar OTP, electronic verification code (EVC), Net Banking, or by sending a physical copy of ITR-V to CPC, Bengaluru.

You can calculate your taxes by using EasyTax calculator.

Documents Required for Filing ITR

 The following documents/information are required for e-filing their ITR:

  • PAN and Aadhaar
  • Bank Statements
  • Form 16
  • Donation receipts
  • Stock trading statements from the broker platform
  • Insurance policy paid receipts related to life and health
  • Bank account information linked to PAN
  • Aadhaar registered mobile number for e-verifying the return
  • Interest certificates from banks

However, you can e-file your ITR on Easytax by just adding your PAN. We will auto-fill most of your details, like salary income, TDS, deduction details, etc, from the Income Tax Department. 

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Frequently Asked Questions

The income tax department has mandated to file the return to individuals only if their income is above basic exemption limit or if they meet certain criteria like expenditure on foreign travel being more than Rs.2 lakh, the electricity consumption of Rs.1 lakh or more, deposit an amount/aggregate of an amount above Rs.1 crore in one or more current accounts in FY 2019-20 or onwards.

ITR filing is also mandatory if business receipts exceed Rs.60 lakhs, professional receipts exceed Rs.10 lakhs and TDS and TCS amount exceeds Rs.25,000.

In the case of a resident whose asset is located outside India or who has signing authority for an account-based account outside India, It is always a good idea to file your ITR even if you are not eligible due to the benefits.

  • Filing of ITR creates a valid proof of income or net worth,
  • ITR is required for applying for any loan in the future
  • ITR is required by banks even for applying credit cards
  • ITR is required for VISA applications, etc.
  • ITR is required for obtaining Term insurance
  • ITR is required for obtaining government tenders

Hence it is advisable to file ITR even if your income is below the basic exemption limit.