Income Tax E-filling for AY 2024-25 & FY 2023-24

Let's see how we can file income tax return. This post will help you to go through step by step filling.

Please note ,

1) This post doesn't cover all scenarios.

2) This post cover normal or general scenario .

3) This post is for education purpose only , any financial loss, blog or author is not responsible. Consultant with Financial advisor for better visibility or refer income tax website for more details.

You can file your income tax return using Website - https://www.incometax.gov.in/iec/foportal/

Step 1) Click on Login button on top right corner

Step 2) Enter the PAN number

Step 3) Select /Tick - Secure Access Message

Select Login using = OTP on mobile number registered with Aadhaar

You can use password as well .

Click on Continue button.

Step 4) Click on Generate OTP

Step 5) Click on check box ☑️ . Click on "generate aadhar OTP".

Step 6) Enter the OTP and click on Login

Step 7) Login Landing Page and click on File Now as shown in screenshot .

Step 8 ) ITR Filling for Current FY 2023-24

Select Assessment year as 2023-24

Select mode of filing as Online

ITR Form

ITR1 -

For individuals being a resident (other than not ordinarily resident) having total income upto ₹ 50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto ₹ 5,000.

(Not for an individual who is either Director in a company or has invested in unlisted equity shares or in cases where TDS has been deducted u/s 194N or if income-tax is deferred on ESOP)

ITR 2 -

For Individuals and HUFs not having income from proﬁts and gains of business or profession

ITR 3 -

For individuals and HUFs having income from profits and gains of business or profession.

ITR 4 -

For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto ₹ 50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE
(Not for an individual who is either Director in a company or has invested in unlisted equity shares or if income-tax is deferred on ESOP or has agricultural income more than Rs.5000)als and HUFs not having income from proﬁts and gains of business or profession

Filing Section - 139(1)Return filed on or before due date . Since we are filling before 31 July .

Are you opting for new tax regime u/s 115BAC ?

Yes - if you want to file tax return based on New Tax regime.

No - if you want to file tax return based on Old Tax regime .

Bank Details - Provide bank details .Select one bank account for ITR refund .

1. Minimum one account should be selected for refund credit.
2.In case of Refund, multiple accounts are selected for refund credit, then refund
will be credited to one of the account decided by CPC after processing the return.
3.Please ensure that at least one preferred bank account is pre-validated.

[ Refer

Section 10(14)(i)

read with

Rule 2BB(1)

]

Certain Prescribed allowances or benefits which are granted specifically to meet expenses wholly, necessarily and exclusively incurred in the performance of the duties of an office or employment of profit are exempt to the extent to which such expenses are actually incurred

[ Refer

Section 10(14)(ii)

read with

Rule 2BB(2)

]

Certain prescribed allowances, which are granted either to meet personal expenses at the place
where the duties of his office or employment of profit are ordinarily performed by him or at the
place where he ordinarily resides, or to compensate him for the increased cost of living,
are exempt to the extent prescribed

[ Refer

Section 10(13A)

read with

Rule 2A

]

House Rent Allowance (HRA) is specifically granted to meet expenditure actually incurred on payment of rent in respect of residential accommodation occupied by you. The exemption is limited to lower of the following

(a) Actual amount of HRA;
(b) Excess of rent paid over 10% of the salary;
(c) 50% of salary if accommodation is located in Delhi, Mumbai, Chennai or Kolkata and

40% of salary in other cases.Exemption is not available if the residential accommodation occupied is owned by you or you have not incurred any expenditure for rent for such residential accommodation occupied by you.

Are you eligible to claim exemption in respect of Leave Travel Allowance?

[ Refer

Section 10(5)

read with

Rule 2B

]

The value of any travel concession or assistance provided for self and family in connection with proceeding on leave to any place in India is exempt from Income-tax subject to satisfaction of prescribed conditions.