How to File New Income Tax Returns? (New E-Filing Portal)

The deadline to file your income tax returns is approaching. It’s 31^st July 2023. More importantly, the government has launched a new portal for income tax return (ITR) e-filing.

Naturally, you can feel confused about using the new portal. However, the new Income Tax Portal is very easy and convenient to use.

In this article, we will show you step-by-step details of the ITR filing process on the new Income Tax Portal.

Methods to File Income Tax Returns?

You can file your Income Tax Returns for the FY 2022-23 (AY 2023-24) in two different methods:

• Online method
• Offline method

Here, you will understand the online mode to e-file the Income Tax Returns on the new Income Tax Portal.

Step-by-step Process to File Income Tax Returns Online

Here is the stepwise process for filing Income Tax Returns Online:

Step 1: Log in to the Income Tax e-Filing portal, using PAN and login details.

Step 2: Select the ‘e-File’ menu and go to the “Income Tax Return’ link.

Step 3: Now, select Assessment Year as 2023 – 24 and then click Continue. 

Step 4: Now, choose “Mode of Filing” as “Online” and then click Proceed.

Step 5: Subsequently, a new window will open. Click on Start New Filing.

Step 6: Here, you have to mark the Status applicable to you as “individual” and then press the Continue button.

Step 7: Further, in the next window, you need to choose the type of ITR form. Next, click on Proceed.

Step 8: On the next window, carefully take note of the list of documents required. Thereafter, press the Let’s Get Started button. 

Step 9: Next, a window will appear with a few questions. You just have to tick the checkboxes applicable to you and then click Continue.

Step 10: Next,  check your pre-filled data and correct it if needed. Lastly,  press the Confirm button after each section.  

Step 11: Now, you have to put all your income details along with the deductions you want to claim in a separate section. Finally, click on Proceed.

Step 12: Next, You will see a summary of your tax liability based on the entered details. Press the “Pay Now” option below the page, to pay tax.

Notes:

1. While paying tax, carefully note the BSR Code and Challan Number. You need to enter them in the payment details.
2. In case you are eligible for a refund, click on Preview Return upon paying tax. Thereafter, you will be directed to the Preview and Submit Your Return page, as shown below:

Here you need to enter the Place, choose the declaration checkbox and finally, press Proceed to Validation.

Step 13: After you’ve validated, click the Proceed to Verification button. Verifying income tax returns is the mandatory step after filing. The easiest way to verify your ITR is e-Verification (Choose the e-Verify Now option shown below).

Step 14: After you have verified your return, you will see a success message along with a Transaction ID and an Acknowledgment Receipt Number. You have to save them.

You have successfully filed your ITR.

Documents Required to E-file Income Tax Returns

Importantly, you must keep all the required documents handy when you file your income tax return online.

Hence, you will require the following key documents while income tax return e-filing:

• Bank statement,
• Passbook of your PPF account
• Updated Salary slips
• Aadhar UID Number
• PAN number
• Banks & post office Interest certificates
• TDS certificate in Form-16
• Consolidated income tax statement in Form 26AS. This shows the details about the following TDS deducted and deposited by:
  • Your employer
  • Your banks
  • Any other institution from payments made to you
  • Advance taxes deposited by you
  • Self-assessment taxes paid by you

• Tax-saving investment proofs
• Proofs for claiming tax deductions u/s 80D to 80U (i.e. on health insurance premium for self and family and interest on education loan)
• Home loan statement from your bank.

How to Track the Status of the ITR Filed Online?

After you have e-filed and verified your income tax return, you must check whether the status of your ITR is ‘Verified’.

When you file your income tax return online, the status immediately shows as ‘ITR Processed’. However, when you e-verify your income tax return, after a few days it will show as ‘ITR Verified’.

Here’s how you can track the status of your ITR:

• Login to the e-filing portal.
• Select “View Returns/Forms”
• From the dropdown menu, select “income tax returns and assessment year”
• The status of your filing will be displayed on the screen.

This is how you can check whether your income tax return is verified by the Income Tax Authority. This is a very important step that you must not forget.