How to file income tax return for ay 2023 24 online
ITR 1 Filing Online for AY 2023-24 (FY 2022-23) | Salaried Person Income Tax Return (ITR) कैसे भरें?
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Friends, it's time to file income tax returns.
31st July is the last date to file income tax returns.
So, before that, we have to file our income tax returns.
A lot of people take help from CAs or tax filing agencies.
Definitely, you can do that too.
But, if you are a salaried individual,
and you have a simplified income,
in that case, you can file your returns yourself
by going directly to the income tax website.
We are going to see the step-by-step process in this video.
Now, this process is very simplified.
But, in this video, we are not going to discuss how to save tax.
I have made a dedicated video on that.
You will find the link in the description below.
Along with that,
Financial Year 23-24,
that is, the financial year that is going on,
we should select New Tax Regime or Old Tax Regime.
I have made a dedicated video on that too.
You will find the link in the description below.
Let's go straight ahead.
Let's learn the step-by-step process
on how to file tax returns.
To file income tax returns, we can go to the website of incometax.gov.in
I will give you the link in the description below.
But before that, it is important for us to understand
which income tax return form we have to use.
So, we get it from here.
Like, we go to Individual, Individual HUF.
You come to Salaried Employees.
Then you click on Return Forms Applicable to Me.
So, you get these forms that which form is going to be applicable
to you.
So, let us first understand when and when ITR 1 is applicable
to us.
Because sometimes people make a mistake and choose the wrong
ITR form.
Sometimes you may have to fill ITR 2 or ITR 3.
Or you may just fill ITR 1.
In that, your filing will be wrong.
So, let us see in which cases we can use ITR 1.
First, your income should either come from salary or pension.
Second, if your income is coming from one house property,
i.e. a rental income is coming from a single house property,
then you can use ITR 1 in that case too.
But if your rental income is coming from two or three properties,
then you will not be able to use ITR 1.
In that case, you will have to use ITR 2.
Other sources, i.e. if you have an income of interest,
family pension or dividend.
Sometimes people get dividends from some stocks.
In that case too, you can use ITR 1.
And along with that, if your agricultural income is up to Rs.
5000,
In that case too, you can use ITR 1.
Apart from this, there are some cases when you will not be able
to use ITR 1.
All those clauses are written here.
Let us see them quickly.
You cannot use ITR 1 if you are a director in any company.
You will not be able to use ITR 1 if you hold equity shares of
an unlisted company.
i.e. suppose you have invested in a start-up.
If you hold shares of any private limited company.
Or if you have any assets located outside India.
If you get any income from outside India,
or if you have any assets there,
in that case too, you cannot use ITR 1.
Signing authority in any account located outside India.
If you have any account outside India,
in that case too, you cannot use ITR 1.
In any way, if you have any income outside India,
in that case too, you cannot use ITR 1.
Is a person in whose case tax has been deducted under Section
194 N.
194 N means that if you have more than 1 crore cash withdrawals
in a year,
i.e. if you have more than 1 crore cash withdrawals,
in that case too, you cannot use ITR 1.
Is a person in whose case payment or deduction of tax has been
deferred on ESOP.
If you get ESOPs in your company,
and if your payment or taxes have been deferred for any reason,
in that case too, you cannot use ITR 1.
Who has any brought forward loss or loss to be carried forward
under any head of income.
If you have any kind of loss,
whether it is your business income or many people trade in future
options,
if they also have losses, if there are losses in shares,
in that case too, if you are carrying forward losses,
then you will not be able to use ITR 1.
So, in all these cases, if you do not use ITR 1,
then either ITR 2 is applicable for you,
ITR 3 is applicable or ITR 4 is applicable as an individual.
ITR 2 is applicable for you when you have any capital gains,
for example,
if you have any capital gain from any property,
because of the transaction of shares,
if you have any capital gain from the transaction of mutual funds,
or because of your more than one house property,
if you are getting any rental income,
in that case, you use ITR 2.
If you are a director in any company,
in that case too, you can use ITR 2.
You use ITR 3 when you have any business income or professional
income.
ITR 4 is also applicable for business or professional income,
but it is a simplified version of that.
So, to file income tax return, we will need three more things.
First of all, we need Form 16.
You get Form 16 from your employer,
in which you get all the details of your income,
where you have claimed deductions,
and how much is your taxable income,
and how much tax they deducted.
Second, we need Form 26AS,
in which our TDS is deducted,
i.e. Tax Deducted at Source.
Third, we need AIS,
which we call Annual Information Statement.
Our income details are also given there.
So, our income match should be at all three places.
So, I will definitely tell you from where to get this information.
You definitely need to get Form 16 from your employer.
I will tell you how to download Form 26AS,
and how to see the information in AIS,
we will see that too.
So, first of all, let's go to the link of IncomeTax.gov.in.
You will also get this link in the description below.
Here, in the top right corner,
you get the option of Login and Registration.
If you are filing your income tax returns for the first time,
then you can register here with your PAN number.
Otherwise, if you have already registered,
then you can log in here.
Let's log in here with our PAN and our password.
So, I have entered my PAN.
Now, I will quickly enter my password too.
Let's click on Continue.
So, now we have logged in.
Here, you can also check your personal details.
If you want to update anything,
if you want to update your contact details,
then you can do it here.
If you want to update your bank account details,
then you can do it here.
I have already checked all these things.
My information is correct.
Then, we can go to File Now.
Now, you must check the assessment year.
We have to file for 2023-2024.
That means, the financial year was one year earlier than this.
Assessment year is 23-24.
That means, the financial year was 22-23.
So, we are filing the return for financial year 22-23.
So, this information is correct.
Let's click on File Now.
After this, the next step is our assessment year.
We have to select it.
We will select 23-24 here.
We are getting the mode of filing online and offline.
Offline means you have to download an Excel utility.
In that, you feed in all your information.
Then, you upload it.
There is a better way than that.
Online.
Here, you put all your information on the website.
It is filled very easily.
It is a recommended method.
Let's choose this.
Let's click on Continue.
Now, look here.
I will tell you Start New Filing.
But before that, let's download 26AS.
Let's look at Form 16.
And let's look at our information in AIS.
Whether our information is matching or not.
To download 26AS, go to E-File.
Go to Income Tax Returns.
After that, you will get an option below.
View Form 26AS.
Let's click on this.
Let's confirm here.
It has taken us to TDS i.e. Traces website.
After agreeing, let's click on Proceed.
After that, we have to click on this link.
View Tax Credit.
We will go to this.
After that, we will select our assessment year.
Our assessment year is 2023-24.
After that, we will select View as HTML.
Then, we will click on 'View and Download'.
After that, we will click on 'Export as PDF'.
So, your Form 26AS has been downloaded here.
I have already downloaded and kept this Form.
So, our 26AS has come to us now.
Apart from this, we also have to extract AIS.
So, for AIS, we can go here.
If we click on AIS,
we will click on Proceed.
AIS portal has opened here.
So, you are getting instructions here.
You will go to AIS here.
You will click on this tab.
Tax Payers Information Summary.
If you click on this TIS, you will get your information here.
So, you can see here that salary income is reflecting here.
6,56,700 interest from savings bank is coming.
Interest from the deposit is coming.
Now, we have to match all this information with our Form 16 and 26AS.
Let me open Form 16 here.
Let's check how much income is being reflected in Form 16.
See, the amount paid here is 6,56,700.
So, our salary income is being matched perfectly here.
So, here we can also see in Form 26AS,
the amount of salary is being reflected as 6,56,700.
So, this information is also correct.
Along with this, we had some interest of 27,310.
This is also reflected here.
So, we have matched this information here.
Now, let's go back to our portal.
So, we have come back to the portal of Income Tax Returns.
Now, we are going to start our procedure of filing Income Tax Return
Here, we will click on Start New Filing.
As an individual, I am filing here.
So, I have selected this option.
We will click on Continue.
Now, which form should we select?
You can check here.
Although, I have already shared this information with you.
In our case, we are going to file ITR-1.
So, we will select ITR-1 here.
After that, we will click on 'Proceed with ITR-1'.
Now, see, we have to file these returns in three stages.
Let's get started.
We will click on it.
Taxable income is more than basic exemption limit.
So, in our case definitely, this is the option.
Because the exemption limit exceeds
If you have an annual income of more than 2.5 Lakhs.
So, we have to select this option here.
We will click on Continue here.
Let's click on OK.
Now, see, we have to confirm some of our information here.
And if there is a lack of information
We have to add additional information here.
So, here we have five steps.
We will go through these step by step.
First, we have to confirm our personal information.
Let's click on it here.
So, here you have to check your personal details first.
In my case, all these details are correct.
Otherwise, you can also edit it here
From below, we have to select the Nature of Employment.
See, you are getting different options here.
If you are a Central or State Government employee
then you can select a relevant option from here.
If you are a Pensioner of the Central Government/State Government/PSU
then you can also select all these here.
And if you work in a private company.
Then select 'Others' here.
So, in our case, I have selected 'Others'.
If we are filing the filing section before the due date.
Then this option will appear for us.
I have selected this.
We'll scroll down.
If you are selecting New Tax Regime.
So, you will select 'Yes' here.
Otherwise, you will select 'No' here.
In our case, we are selecting 'Old Tax Regime'.
You should select Old Tax Regime
If first of all you receive Taxable Income.
And along with that, you have claimed decent deductions.
That is, either you have claimed deductions in Section 80C,
which is the limit of 1.5 lakhs.
Or you have claimed deductions in HRA.
You have claimed deductions in Home Loan Interest.
So, if you come in a little higher tax bracket.
And along with that, you also claim decent deductions.
So, Old Tax Regime is definitely better for you.
We are talking about the last year
Financial Year 2022-2023.
But how do we select in 2023-2024?
So, as I told you earlier.
We have made a dedicated video.
New Tax Regime vs Old Tax Regime.
You can go and watch it.
You will get the link in the description below.
So, in this case, we have selected 'No'.
Because we're going to select 'Old Tax Regime' here.
You have to enter your bank details below.
So, add all your bank accounts here.
So, you will have to select a main account here.
If, by chance, your income tax returns are made.
So, your returns will come there.
So, in our case, this is the only bank account.
I have validated this.
And if you have any additional bank account.
You can add your other bank details here.
Then we will click on Confirm.
So we've completed the first step.
Personal information has been confirmed.
The next step is going to be a little important.
We have to confirm Gross Total Income here.
Let's click on this.
So, whatever exemption you want to take here.
Whatever you are eligible for.
You will select it here.
If your cost of travel is there.
For which you want to claim exemption.
Then you can click on Yes.
In our case, this is No.
Then Special Compensatory Allowance.
Children Education Allowance.
It's 'No' in our case.
Again, if you are eligible for this.
Then you can select this.
Many salaried employees get HRA exemption.
If this is in your case.
Then you can select Yes here.
In our case, this is No.
In fact, we can also confirm this thing.
If we go down here in our Form 16.
Then let's see our case.
Whether they took an HRA exemption?
See, HRA House Rent Allowance under Section 10.
This is Zero.
So, they have not claimed any HRA.
Let's go back.
So, here it is No.
Similarly, Leave Travel Allowance.
In our case, this is No.
Let's go down.
Are you eligible to claim any other exemption?
So, this is also No.
Click on Continue.
Now see, here we have all the bifurcations of the salary.
We can also match this with Form 16.
So, see gross salary is 6,56,700.
So, in our Form 16 also, this 6,56,700 is reflected.
Let's go back.
See, here after that.
Directly this deduction of 50,000.
A standard deduction has been claimed.
Apart from this, no other deduction has been claimed here.
So, let's go back to Form 16.
Let's check here also.
No other exemption has been claimed here.
Only under Section 16.
A standard deduction has been claimed.
And here also our income chargeable under head salaries
is reflected in the same amount.
So, let's go back to the portal.
Now see here,
one thing's value is not being entered here.
I am going to enter additional information here.
Here, income from house property was not declared.
It is not being reflected in Form 16.
We will enter these additional details here.
Because of this, it is possible that
there may be some changes in our taxable income.
So, here the type of house property
was let-out property.
They used to get a rental income from here.
So, here in this case,
this 90,000,
means their annual income
is around 90,000.
So, I have entered this information here.
30% of annual value,
for maintenance,
The income Tax Department automatically assumes it
We automatically get a rebate of 27,000 here.
So, this 63,000 will be added to our income.
So, this income will also become taxable.
So, let's come down here.
Let's add this.
Apart from this,
if you have taken a home loan under income from house property,
then you can also add its information.
If you are filling the interest,
then you can also claim that here.
And if by chance there is a loss in it,
then you will also get its benefit.
Let's come down now.
It is showing income from other sources.
This information appears is also auto-filled.
So, here interest from the deposit,
means the interest they got from FD s
in a year is around 31,496.
Interest from the savings bank account
is 1680.
So, total interest income is 33,176.
Now, this interest that has come,
we can also claim it in a section.
In section 80 TTB.
We will definitely add this information there too.
So, we have selected this information here.
So, our gross total income comes out to be
702876.
So, we'll confirm it here
So, we've completed the second step too
The third step is total deductions.
What deductions we have claimed here.
So, this is also very important.
Whatever tax saving you do,
it is because of these deductions.
So, all your deductions that are applicable,
please fill in all your information here.
Let's click here.
Now, we will go step by step here.
Are you eligible to claim any deduction for the donation paid?
In our case, it becomes No.
Scientific Research and Rural Development,
this is also No.
80GG, this is also No in our case.
Now see, this 80GG is applicable to you
when you have not claimed HRA.
That is, you haven't got the deductions
of HRA from your company.
And you are paying house rent together.
So, you can claim for that here.
Now, this is also not applicable in our case.
Then after this comes section 80C.
This is also No in our case.
In fact, we can also go and confirm this.
You can see this form 16 here.
There is no claim in section 80C as well.
And I know that in our case,
they have not made any investment in 80C.
Now see, the section of 80C is very important.
We get a limit of 1.5 lakhs here.
So, if you have any tax saving investment
under section 80C,
you should definitely claim it.
For example, there is a provident fund.
Our employee provident fund, public provident fund,
or our ELSS scheme.
Mutual funds that are tax saving.
If you have invested in that.
If you are paying an insurance premium.
Or if you are paying a premium of ULIP.
If you have a tax saving FD of 5 years.
Or if you have a National Saving Certificate.
Post Office FD.
Apart from this, there is a National Pension Scheme.
Sukanya Samriddhi Yojana.
These small savings schemes
come under section 80C.
If you have invested in any one of these,
then definitely claim it.
So, in this case, this is No.
They have not made any deduction claim in section 80C.
After this, there is CCD-2,
which is under National Pension Scheme.
This is also No in our case.
Section 80D.
This is our health expenditure,
medical expenditure, or our health insurance.
In this case, this is Yes.
So, here I am going to fill in some details.
So, I have made it Yes.
After this, if you have taken a loan for higher education.
The interest of that is also applicable
for our tax deduction.
This is No in our case.
After this, section 80TT also comes.
Where the interest we got,
we will claim the exemption here.
So, that information is definitely reflected here.
So, I have made it Yes.
After this, see,
Are you eligible to claim any other deduction?
After this also, see,
you are getting a lot of schemes here.
If you have invested in different types of electric vehicles,
you can also claim that.
If you are paying interest for a residential house property,
then you can claim that.
Whatever applicable deduction you get here,
definitely claim it.
In our case, this is also No.
So, I have made it No.
Let's click on Continue.
Now, see, I had selected two sections
where I had to add information.
80D and 80TTB.
Let's edit the information in section 80D.
So, see, it is asking here,
If you are an individual,
whether you or any of your family member
is a senior citizen.
So, here I am selecting Yes.
So, the income tax return that I am filing,
he himself is a senior citizen.
So I have selected 'Yes'
Let's scroll down below
I have to add Rs. 50,000 to medical expenditure.
So, I have added this information here.
Then, we come down here.
Let's click on Save.
So, the information in section 80D has been completed.
I have to make a small modification in 80TTB.
Here, I have to add the amount
of Rs. 33,176.
So, I have to add this here
and save it.
So, now my information is complete.
So, whatever deductions you have,
whatever information you had to change,
i.e. whatever information your employer
did not have earlier, you can add it here.
So, now see, my total deductions
are of Rs. 83,176.
Let's click on Confirm.
Now, see, our three information
have been completed.
Now, we have to click on Tax Paid.
Let's confirm this too.
So, see, the TDS that has been cut,
I have already checked it.
This is the TDS of salary,
this is the TDS of other income i.e. interest.
So, I have already checked this.
Let's now click on 'Confirm'
Now, see, our four steps have been completed.
Now, our total tax liability is this much.
Let's click on this.
Let's do this final step too.
So, here you can check all this information again.
You can confirm it.
Here, in our case, our total tax
is of Rs. 35,298.
Let me confirm this.
So, now our five steps have been completed.
Now, see, our tax paid is of
Rs. 35,325 i.e.
we have already paid this much tax.
But the total tax liability is of only Rs. 35,298.
So, there is a slight chance that
there will be some returns
So, let's click on Proceed.
So, see, it is showing
that you are eligible for a refund of Rs. 30.
Definitely, if there is a return,
then why not?
Let's go down.
Now, let's click on Preview Return.
Here, you can checkmark.
Check your information here.
After that, click on this checkmark.
After that, you will come down
and click on Proceed to Preview.
Now, see, your entire form has been filled.
You can check all your information.
In fact, I have already checked this.
Rs. 6,56,700.
Our standard deduction was of Rs. 50,000.
We have already checked all this information.
So, we will come down directly.
We will click on Proceed to Validation.
So, now see,
our validation has been successful.
By chance, if there is any error here,
then you can rectify that particular error.
If there is any error,
then it will give you a prompt here.
Let's go directly to Proceed to Verification.
Now, see, what options are coming here?
E-Verify Now, E-Verify Later,
Verify via ITRV.
This ITRV option used to work a lot earlier.
Then E-Verify Later option.
If you want to verify your E-Verify later,
then you can select this.
You will have to verify E-Verify
within 30 days of submitting in that case.
The best way to verify E-Verify Now
is that you can verify it
from your Aadhaar or bank account
or DMAT account.
I have selected E-Verify Now.
Let's click on Continue.
You can choose any option here.
If your Aadhaar is linked to your mobile number,
then this is the easiest way.
Your E-Verify is done immediately.
You can click here.
Otherwise, if you have a digital signature,
then you can also verify from that.
Or you can also verify from Net Banking,
bank account or DMAT account.
In our case, I have selected this.
Let's click on Continue.
I agree to validate my Aadhaar details.
Then click on 'Generate Aadhar OTP'
OTP will be sent
I will definitely file my return here after entering OTP.
This is our step-by-step procedure
for filing Income Tax Returns.
I hope you will not face any problem.
Along with this, it is your duty
to like this video
and share this video
so that it can help more people.
I think you won't get a more detailed video
on ITR 1 filing.
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See you in the next informative video.
Till then, keep learning, keep earning
and stay happy as always.
Related queries:
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can i file itr for ay 2020/21 now
