Registered users of the e-Filing portal can pre-fill and submit their ITR-2 forms. Individual taxpayers can use this service to file ITR-1 online via the e-Filing portal and by gaining access to the offline tool. This user guide describes the ITR-1 online filing procedure.
To File online visit the https://www.incometax.gov.in/IEC/FOPORTAL website.
Registered users with valid USER ID and password can file their ITR hassle-free online only if the status of PAN is active.
If the user is not registered then link PAN and Aadhaar and nominate an account for a refund by pre-validating one bank account. The verified mobile number associated with your bank, NSDL, CDSL, Aadhar, or e-Filing portal (for e-Verification). Also, download the offline utility or use a third-party application (If using offline mode)
Please follow the process to start filing your Income-tax Returns which is for (ITR1)
- First of all Login to the e-filing website with your login credentials.
- E-filing website is incometax.gov.in
- Click on the login tab – Now you have to enter your user ID.
- User ID is your PAN.
- Enter your PAN & Continue.
- Now you have to tick on PLEASE CONFIRM YOUR SECURE ACCESS MESSAGE and enter your Password. If you don’t know the Password, you can reset your password by clicking FORGOT PASSWORD through OTP and proceed by clicking on the continue tab.
- After logging in, on the left-hand side you can see your basic profile details and on the right-hand side, you can see FILE YOUR RETURN FOR THE YEAR ENDED 31-03-2022. So, now we can start filing by clicking on FILE NOW tab.
- Select the Assessment Year “2022-23”, select the Mode of filing returns “ONLINE” and Click on continue to proceed further.
- Now click on “START NEW FILING” and Select the status applicable to you to proceed.
- Click on “INDIVIDUAL” & Continue.
- And now select the ITR FORM …..Please select ITR -2
- After choosing the ITR that applies to you, take note of the list of required documents and hit Let’s Get Started.
- Select the checkboxes applicable to you and click Continue.
- Before submitting the ITR-2 form, you must complete the following parts, review your tax computation, pay taxes, and then submit the return for verification.
- Part A: General
You must double-check the information that has been pre-filled from your e-Filing profile in the Part A General part of the form. Some of your personal information cannot be changed directly in the form. You can, however, make the required adjustments by visiting your e-Filing profile. In the form itself, you can change your contact information, filing status, residence status, and bank information.
- Personal Information
- Contact Details
- Filing Status
- Bank Details
- Schedule Salary
You must review, enter, and modify Schedule Salary information regarding your salary, pension, exempt allowances, and Section 16 deductions.
- Schedule House Property
You must review, enter, and update information pertaining to the house property in Schedule House Property (self-occupied, let out, or deemed let out). The information includes information about the co-owner, the tenant, the rent, interest, pass-through revenue, etc.
- Schedule Capital Gains
Different kinds of capital assets’ sale or transfer-related capital gains have been separated. Make a combined calculation of capital gains for all such similar capital assets in cases where capital gains result from the sale or transfer of multiple capital assets of the same sort. However, it is necessary to submit the computation for each land or building in the event of a transfer of land or a building. You must describe your short- and long-term capital gains and losses for all capital asset classes in Schedule Capital Gains.
- Schedule 112A and Schedule-115AD(1)(iii) provision
You must check, enter, or amend information on the sale of equity shares of a business, an equity-oriented fund, or a unit of a business trust on which STT is paid in Schedule 112A.
The same information must be entered for Schedule 115AD (1)(iii), but it applies to non-residents instead of citizens.
Note: Under Schedule 112A and Schedule 115AD(1), it is required to record Scrip-wise details of each transfer if shares are purchased on or before January 31, 2018. (iii) provision
- Schedule Other Sources
You must review, enter, and amend the information for all of your other sources of income, such as income with special rates, deductions under Section 57, and income from racehorses, in the Schedule Other Sources section.
- Schedule Current Year’s Loss Adjustment (CYLA)
You can see specifics of revenue after the set-off of current year losses in Schedule Current Year’s Loss Adjustment (CYLA). The unabsorbed losses from this that are permitted to be carried forward are added to Schedule CFL and carried over to subsequent years.
- Schedule Brought Forward Loss Adjustment (BFLA)
You can examine the specifics of income after the set-off of brought forward losses from prior years in Schedule Brought Forward Loss Adjustment (BFLA).
- Schedule Carry Forward Losses (CFL)
You can examine the specifics of losses that will be carried forward to subsequent years in Schedule Carry Forward Losses (CFL).
- Schedule VI-A
Any exemptions you need to claim under Section 80 – Parts B, C, CA, and D of the Income Tax Act (subsections as described below) must be added to and verified in the Schedule VI-A.
- Please take notice that if the deduction for investments, deposits, or payments for the period of 1 April 2020 to 31 July 2020 was already claimed in the AY 20-21, it cannot be claimed again.
Part A – Deduction in respect of certain payments
Part C, CA and D – Deduction in respect of other income/deductions
- Schedule 80G and Schedule 80GGA
You must include information about contributions that are eligible for a deduction under Sections 80G and 80GGA in Schedules 80G and 80GGA.
- Schedule AMT
You must verify the calculation of the Alternative Minimum Tax due under Section 115JC in Schedule AMT.
- Schedule AMTC
You must enter information about tax credits under Section 115JD to Schedule AMTC.
- Schedule SPI
You must include in Schedule SPI the income of any specific individuals (such as your partner or minor children) who must be included in or combined with your income in accordance with Section 64.
- Schedule SI
You can see the revenue that is subject to tax at different rates in Schedule SI. The amount for each category of income is taken from the amounts listed in the applicable Schedules, such as Schedule OS and Schedule BFLA.
- Schedule Exempt Income EI
You must detail your exempt income, or revenue that is not included in total income or subject to tax, on Schedule Exempt Income (EI). Interest, dividends, agricultural income, any other exempt income, income not subject to tax through DTAA, and pass-through income that is not subject to tax are among the income categories covered by this schedule.
- Schedule Pass Through Income (PTI)
You need to provide details of pass through income received from a business trust or investment fund as referred to in section 115UA or 115UB.
- Schedule Foreign Source Income (FSI)
You must record the specifics of income that is accruing or arising from any source outside of India on Schedule Foreign Source Income (FSI). Only residents have access to this schedule.
- Schedule TR
You need to provide a summary of tax relief which is being claimed in India for taxes paid outside India in respect of each country. This schedule captures a summary of detailed information furnished in Schedule FSI.
- Schedule FA
You must detail any Foreign assets or income from any source outside of India in Schedule FA. If you are a Non-Resident or Not Ordinarily Resident, you do not need to complete out this schedule.
- Schedule 5A
If you are subject to the Portuguese Civil Code 1860’s community of property scheme, you must include the information required for dividing income between husband and wife in Schedule 5A.
- Schedule AL
You must include information about your movable and immovable assets, as well as any obligations you have accrued related to those assets, in Schedule AL if your total income is greater than 50 lakh rupees. Only the specifics of your assets that are located in India must be stated if you are a non-resident or a resident but not ordinarily resident.
- Part B- Total Income TI
You can view your computation of total income, which is auto-populated from all the schedules you filled out on the form, in Part B – Total Income (TI) section.
- Tax Paid
You must confirm your tax information in the Tax Paid section to ensure that it was actually paid by you in the prior financial year. TDS from Salary / TDS from Income Other than Salary, TCS, Deferred Tax, and Self-Assessment Tax are all included in tax information.
- Part B- TTI
You can see the overall computation of total income tax liability on total income in the Part B-TTI section.
- Review your pre-filled information and make any required changes. Type in any extra or supplementary data (if required). At the conclusion of each part, click Confirm.
- In the appropriate area, enter your income and deduction information. Click Proceed once you’ve finished and verified all of the form’s parts.
- In case there is a tax liability
Based on the information you provide, a summary of your tax calculation will be displayed to you. You have the choice to Pay Now or Pay Later at the bottom of the page if the computation indicates that tax is due and owing.
- In case there is no tax liability (No Demand / No Refund) or if you are eligible for a Refund
Click Preview Return once the tax has been paid. You will be directed to the Preview and Submit Your Return screen if there is no tax liability due or if there is a refund based on tax computation.
- Enter Place, check the declaration box, and click Proceed to Validation on the Preview and Submit Your Return screen.
Note: You can leave the textboxes pertaining to TRP blank if you did not use a tax return preparer or TRP to prepare your return.
- After validation, click on Proceed to Verification
- You must return to the form to fix any mistakes if there is a list of errors in your return. Clicking Proceed to Verification will take you to the e-Verification of your return if there are no mistakes.
- Choose your chosen option and hit Continue on the Complete your Verification page. Verifying your return is required, and e-Verification (recommended option: e-Verify Now) is the quickest, paperless, and safest way to do so compared to submitting a signed, physical ITR-V to CPC via speed post.
Note: In case you select e-Verify Later, you can submit your return, however, you will be required to verify your return within 120 days of filing your ITR.
- Choose the method for e-Verifying the return on the e-Verify page, then press Continue.
Disclaimer: The views expressed in the blog are purely based on our research and personal opinion. Although we do not condone misinformation, we do not intend to be regarded as a source of advice or guarantee. Kindly consult an expert before making any decision based on the insights we have provided.
