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    Itr

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    varun rawat
    ITR stands for Income Tax Return, which is a mandatory form used by individuals and businesses in India to declare their taxable income and tax liability. Individuals and entities must file an ITR if their income exceeds a certain threshold. There are 8 steps to e-file an ITR on the income tax portal: select the assessment year, filing status, ITR form type, reason for filing, add bank and other details, review pre-filled information, confirm summary, and verify the return. Verification is a crucial final step to complete the filing process.

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    Itr

    Uploaded by

    varun rawat
    42 views9 pages
    ITR stands for Income Tax Return, which is a mandatory form used by individuals and businesses in India to declare their taxable income and tax liability. Individuals and entities must file an ITR if their income exceeds a certain threshold. There are 8 steps to e-file an ITR on the income tax portal: select the assessment year, filing status, ITR form type, reason for filing, add bank and other details, review pre-filled information, confirm summary, and verify the return. Verification is a crucial final step to complete the filing process.

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    ITR stands for Income Tax Return, which is a mandatory form used by individuals and businesses in India to declare their taxable income and tax liability. Individuals and entities must file an ITR if their income exceeds a certain threshold. There are 8 steps to e-file an ITR on the income tax portal: select the assessment year, filing status, ITR form type, reason for filing, add bank and other details, review pre-filled information, confirm summary, and verify the return. Verification is a crucial final step to complete the filing process.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    42 views9 pages

    Itr

    Uploaded by

    varun rawat
    ITR stands for Income Tax Return, which is a mandatory form used by individuals and businesses in India to declare their taxable income and tax liability. Individuals and entities must file an ITR if their income exceeds a certain threshold. There are 8 steps to e-file an ITR on the income tax portal: select the assessment year, filing status, ITR form type, reason for filing, add bank and other details, review pre-filled information, confirm summary, and verify the return. Verification is a crucial final step to complete the filing process.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 9

    What is ITR or Income Tax Return?

    ITR full form is Income Tax Return. It is a form used to


    declare the net tax liability, claiming of tax deductions, and to
    report the gross taxable income.
    It is mandatory for individuals who earn a certain amount of
    money have to File IT Returns. Firms or companies, Hindu
    Undivided Families (HUFs), and self-employed or salaried
    individuals must file ITR to the Income Tax Department of
    India.
    Steps To E-File on 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 tick-box.
     Enter your password
     ‘continue’
    STEP 2:- Go to income tax file return
     Click on ‘e-file’ tab > ‘Income Tax Returns ‘ > ‘File income
    tax Return’.
    STEP 3 :- select the right ‘Assessment year’
     Select ‘ assement year’ as ‘AY 2023-2024’ and mode of

    filing as ‘online’.

    STEP 4 :- Select Status


     Select your preferred filing status: individual, HUF , or
    others. Opt for ‘ Individual’ and ‘Continue’.
    STEP 5 :- ITR Type
     Now, select ITR type. The Taxpayer must first ascertain
    which ITR form they must fill out before proceeding to
    file returns. There are a total of 7 ITR forms available.
    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:
     Taxable income is more than basic exemption limit.
     Meets specific criteria and mandatorily required to file

    ITR.
     Others .
    STEP 7 : - Add Bank Account Details and Others Information
    Provide your bank account information. If you have already
    provided these details, ensure they are prevalidated.
    You will then be taken to a new page which will have most of
    your details pre-filled . Review the information carefully to
    ensure it is correct. Confirm the summary of your returns and

    validate the details.


    STEP 8 : - E- Verify ITR
    The last and crucial step is to verify your return. 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.

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