Procedure for Filing ITR Online: A Step-by-Step Guide

Step 1: Register or Login on the Income Tax Portal

• Visit the official Income Tax e-Filing portal.
• If you are a new user, register using your PAN, Aadhaar, and mobile number.
• Existing users can log in directly with their PAN and password.

Step 2: Choose the Correct ITR Form

Different categories of taxpayers are assigned to different ITR forms. For example:

• ITR-1 (Sahaj): For salaried individuals with income up to ₹50 lakh.
• ITR-2: For individuals with income from salary, house property, or capital gains.
• ITR-3: For individuals/business professionals with income from business or profession.
• ITR-4 (Sugam): For presumptive taxation scheme users.

Choosing the correct form is crucial to avoid rejection of your ITR.

Step 3: Collect Necessary Documents

Keep these documents handy before filing:

• Form 16 from your employer (if salaried)
• Form 26AS and AIS (download from the portal)
• TDS certificates (if any)
• Bank account details
• Investment proofs (ELSS, LIC, PPF, etc.) for claiming deductions under Section 80C, 80D, etc.

Step 4: Select “e-File” Option

• After logging in, go to the “e-File” menu.
• Select “Income Tax Return”.
• Choose the Assessment Year (for example, AY 2024-25 for income earned in FY 2023-24).

Step 5: Fill in the Details

• The portal auto-populates most of the data from your Form 26AS and AIS.
• Cross-check salary, interest income, and TDS details carefully.
• Add income from other sources (rent, capital gains, etc.).
• Declare deductions and exemptions (Sections 80C, 80D, 24(b), etc.).

Step 6: Verify Tax Liability

Once you fill in all details, the system will calculate:

• Total Income
• Deductions
• Taxable Income
• Tax Liability (or Refund)

If additional tax is payable, you must pay it online through the “Pay Tax” option before submission.

Step 7: Submit and Verify ITR

• After reviewing, submit the return electronically.
• Verification is mandatory. You can verify using:
  • Aadhaar OTP
  • Net Banking
  • EVC (Electronic Verification Code)
  • Sending a signed physical copy (ITR-V) to CPC Bengaluru

Once verified, your ITR is successfully filed. The Income Tax Department will process it and issue refunds (if applicable).

Common Mistakes to Avoid While Filing ITR Online

• Entering incorrect bank account details.
• Not reporting all income sources (like interest on savings or FD).
• Claiming deductions without proper proof.
• Forgetting to e-verify the ITR after submission.

Avoiding these mistakes will ensure a hassle-free filing process and prevent notices from the IT Department.

Why Seek Professional Help for Filing ITR Online?

While the portal is user-friendly, tax rules can be complex and intricate. Many individuals and business owners prefer to consult experts to avoid errors and optimize tax savings. If you’re looking for professional assistance, you can reach out to the best tax consultants in Hyderabad who can guide you through filing ITR online, help with tax planning, and ensure compliance with all regulations.