All About Income Tax Return Filing
                     All About Income Tax Return Filing in FY 
2023-24
Process of Online Filing of Income Tax Return
Income Tax Return
    Income Tax Return is a self declaration is a form 
that has been used by the public for the declaration 
of their income. An Income Tax Return has to be 
filed by every taxpayer every year. It is compulsory 
for the taxpayers to file an Income Tax Return (ITR) 
due to many reasons including carrying forward 
losses, claiming an income tax refund, claiming the 
tax deductions etc.
Income Tax Return Filing
    Income Tax Return Filing is the process by which 
taxpayers (individuals as well as businesses) can report 
their income, deductions, and credits to the government. 
Tax authorities use this information to calculate the 
amount of tax payable or the refund due. The process of 
filing Income Tax Return online is called the E- filing. 
The department of Income Tax has provided the option 
of E –filing the income tax return. ITR Filing for 
Salaried Employees is must so that they can claim for 
the tax deductions.
Who is Eligible to File 
Income Tax Return?
 If your total income is more than the basic exemption limits of either 
2.5 Lakhs, or 3 Lakhs, or 5 Lakhs depend on the taxable limit 
applicable to you.
 If you pay the electricity bills of more than Rs. 1 Lakh then you 
must have to file the ITR.
 If you have deposited an amount of over 1 Crore in your current 
bank accounts in a financial year, then tax filing is must for you.
 If an amount of more than Rs. 2 Lakhs has been spent by you for 
travelling internationally to foreign country in a financial year, then 
you are required to file the ITR.
 If you have assets in foreign countries or have a source of income 
from outside the country, or have signing authority for any account 
outside the country, then you must have to file an ITR.
Due Date of Filing Income 
Tax Return
 The Income Tax Return Last Date for FY 2023-24 will 
be 31st July 2024.
 However, for the taxpayers who have been required to 
conduct an income tax audit and have business income, 
ITR Filing last date in Delhi will be 31st October 2024.
Note: This date will remain as it is until government has      
             extended it.
Benefits of Filing 
Income Tax Return
 Loan Approval and Financial Transactions
 Claiming Tax Refunds
 Compliance with the Law
 Avoiding Audit
 Financial Stability
 Financial Responsibility
Different Types of ITR Forms 
available for Online Filing of ITR 
 ITR 1 (Sahaj): It is meant for the individuals having income from 
salaries, one house property, and the other sources including interest 
income. It is a simplified form for those who have simple financial 
situations.
 ITR 2: It will be applicable to those individuals and HUFs (Hindu 
Undivided Families) who are not eligible for ITR 1. It covers the 
income from multiple sources, that include more than one house 
property, capital gains, and foreign income.
 ITR 3: It has been specifically meant for the individuals and HUFs 
having income from profession or business. This form also includes 
the provisions to declare profits and gains from the business or 
profession.
 ITR 4 (Sugam): This form is specifically designed for the 
individuals, HUFs, and firms (except LLPs) that fall under 
presumptive income from business or profession. It offers a 
simplified way to report the income.
 ITR 5: This ITR form is meant for LLPs (Limited Liability 
Partnerships), AOPs (Association of Persons), BOIs (Body 
of Individuals), and artificial juridical persons.
 ITR 6: It has been meant for all the companies that have 
been registered under the Companies Act 2013 or previous 
Companies Act 1956.
 ITR 7: This form is specifically meant for persons, including 
companies, who required to furnish their return u/s 139(4A) 
or 139(4B) or 139(4C) or 139(4D).
Process of E-Filing the Income 
Tax Return
 Step 1: Official website of e-filing 
     Firstly, you have to visit the official website of e- filing of 
income tax return.
 Step 2: Register/ login
     After that, register or log into the website of E-filing.
 Step 3: Selecting the option of ‘File Income Tax 
Returns’
     After logged in, you will see the e- file menu on the 
menu bar. When you click on e – file menu then, you 
will get the option of ‘Income Tax Returns’ on clicking 
which you will see the option of ‘File Income Tax Return’ 
and you have to click on that option.
 Step 4: Select the assessment year
     After that, you have to select the ‘assessment year’ and 
the ‘mode of filing’ for which you wish to file the income 
tax return and then you have to click on ‘Continue’.
 Step 5: Select the status
     Then, you have to select the status of filing ITR among 
Individual, HUF or other and click on ‘Continue’.
 Step 6: Select the ITR type
     After that, you have to select the type of ITR form.
 Step 7: Reason for filing ITR
    You have to choose the reason of filing the ITR. You 
have to select the correct option that has been 
applicable to your situation-
 Step 8: Submit bank account details & other information
    You have to add your bank details. If already submitted, then 
you have to make sure that it has been pre- validated.
 Step 9: Tax Computation summary
    Your screen will displayed the summary of the tax 
computation according to your given information.
 Step 10: e-verification of ITR
     E-Verification of ITR is the most crucial step. You have the 
option to e – verify the ITR via Aadhaar OTP, Net banking 
EVC i.e. Electronic Verification Code or by sending a 
physical copy of ITR to CPC Bengaluru.
 Step 11: Submission of ITR
     At last, you have to click on ‘Submit’ button to submit your 
ITR.
Conclusion
     It is nice that you enter the realm of online ITR filing. It 
is very important for the taxpayers to file Income Tax 
Return to claim the tax deductions. Let LegalPillers help 
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