The document provides essential information about income tax return (ITR) filing, including its necessity for taxpayers, various forms of ITR for different income situations, and the online e-filing process. It emphasizes the requirements for filing ITR based on income levels, foreign assets, and expenses, and outlines the step-by-step process for e-filing. The deadline for ITR filing for FY 2023-24 is set for July 31, 2024, with an extended deadline of October 31, 2024, for certain taxpayers.

2. Income Tax Return is a self declaration is a form that
has been used by the public for the declaration of
their income. An Income Tax Return has to be filed
by every taxpayer every year. It is compulsory for
the taxpayers to file an Income Tax Return (ITR)
due to many reasons including carrying forward
losses, claiming an income tax refund, claiming the
tax deductions etc.

3. Income Tax Return Filing is the process by which
taxpayers (individuals as well as businesses) can report
their income, deductions, and credits to the government.
Tax authorities use this information to calculate the
amount of tax payable or the refund due. The process of
filing Income Tax Return online is called the E- filing.
The department of Income Tax has provided the option
of E –filing the income tax return. ITR Filing for
Salaried Employees is must so that they can claim for
the tax deductions.

4.  If your total income is more than the basic exemption limits of either
2.5 Lakhs, or 3 Lakhs, or 5 Lakhs depend on the taxable limit
applicable to you.
 If you pay the electricity bills of more than Rs. 1 Lakh then you must
have to file the ITR.
 If you have deposited an amount of over 1 Crore in your current
bank accounts in a financial year, then tax filing is must for you.
 If an amount of more than Rs. 2 Lakhs has been spent by you for
travelling internationally to foreign country in a financial year, then
you are required to file the ITR.
 If you have assets in foreign countries or have a source of income
from outside the country, or have signing authority for any account
outside the country, then you must have to file an ITR.

5.  The Income Tax Return Last Date for FY 2023-24 will
be 31st July 2024.
 However, for the taxpayers who have been required to
conduct an income tax audit and have business income,
ITR Filing last date in Delhi will be 31st October 2024.
Note: This date will remain as it is until government has
extended it.

6.  Loan Approval and Financial Transactions
 Claiming Tax Refunds
 Compliance with the Law
 Avoiding Audit
 Financial Stability
 Financial Responsibility

7.  ITR 1 (Sahaj): It is meant for the individuals having income
from salaries, one house property, and the other sources
including interest income. It is a simplified form for those who
have simple financial situations.
 ITR 2: It will be applicable to those individuals and HUFs
(Hindu Undivided Families) who are not eligible for ITR 1. It
covers the income from multiple sources, that include more
than one house property, capital gains, and foreign income.
 ITR 3: It has been specifically meant for the individuals and
HUFs having income from profession or business. This form
also includes the provisions to declare profits and gains from
the business or profession.

8.  ITR 4 (Sugam): This form is specifically designed for
the individuals, HUFs, and firms (except LLPs) that fall
under presumptive income from business or profession.
It offers a simplified way to report the income.
 ITR 5: This ITR form is meant for LLPs (Limited Liability
Partnerships), AOPs (Association of Persons), BOIs
(Body of Individuals), and artificial juridical persons.
 ITR 6: It has been meant for all the companies that
have been registered under the Companies Act 2013 or
previous Companies Act 1956.
 ITR 7: This form is specifically meant for persons,
including companies, who required to furnish their
return u/s 139(4A) or 139(4B) or 139(4C) or 139(4D).

9.  Step 1: Official website of e-filing
Firstly, you have to visit the official website of e- filing of
income tax return.
 Step 2: Register/ login
After that, register or log into the website of E-filing.
 Step 3: Selecting the option of ‘File Income Tax
Returns’
After logged in, you will see the e- file menu on the
menu bar. When you click on e – file menu then, you will
get the option of ‘Income Tax Returns’ on clicking which
you will see the option of ‘File Income Tax Return’ and
you have to click on that option.

10.  Step 4: Select the assessment year
After that, you have to select the ‘assessment year’ and
the ‘mode of filing’ for which you wish to file the income
tax return and then you have to click on ‘Continue’.
 Step 5: Select the status
Then, you have to select the status of filing ITR among
Individual, HUF or other and click on ‘Continue’.
 Step 6: Select the ITR type
After that, you have to select the type of ITR form.
 Step 7: Reason for filing ITR
You have to choose the reason of filing the ITR. You
have to select the correct option that has been
applicable to your situation-

11.  Step 8: Submit bank account details & other information
You have to add your bank details. If already submitted, then
you have to make sure that it has been pre- validated.
 Step 9: Tax Computation summary
Your screen will displayed the summary of the tax
computation according to your given information.
 Step 10: e-verification of ITR
E-Verification of ITR is the most crucial step. You have the
option to e – verify the ITR via Aadhaar OTP, Net banking
EVC i.e. Electronic Verification Code or by sending a
physical copy of ITR to CPC Bengaluru.
 Step 11: Submission of ITR
At last, you have to click on ‘Submit’ button to submit your
ITR.

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